Is the high cost of procrastination threatening your budget? You might not even realize it. We explore just how expensive procrastination can be.

If you are trying to pinch pennies, cut corners, and stretch a dollar as far as it will go, you can’t actually afford to let procrastination become a threat to your budget.

Here are the numerous ways that procrastination can cost you money.

The Costs of Procrastinating on Home Maintenance and Repairs

Procrastinating about some minor home maintenance and repair projects can be draining your budget.

Your electric bill may be higher than necessary simply because you have put off projects like insulating doors and windows. You could save money if you took a little time to put energy-efficient light bulbs throughout the house finally. Replacing old, worn-out, or outdated window treatments with thermal window treatments can help save you money year-round. Changing the heating or air conditioning filter is often a task on which people procrastinate. However, leaving a dirty filter in place increases your monthly power bill.

Take a moment to look around your house and list the small energy-saving projects you’ve been putting off. Start working your way through the list. Each energy-saving improvement may actually inspire you to complete another one without procrastinating.

The Costs of Procrastinating on Clearing Out Clutter

Clutter combined with procrastination can really dent the budget.

If your cabinets, closets, garage, basement, office, or any other area of your home is cluttered, you probably don’t actually know everything you have in there. You may waste money buying something you already have but simply didn’t see underneath the clutter.

If you have procrastinated about cleaning the refrigerator or organizing the pantry, you may throw away food that becomes outdated before you get around to using it.

Late charges are definitely an unnecessary budget breaker. It wouldn’t take very long to establish a system of organizing incoming and outgoing mail so that important pieces of mail or bills do not get buried under an accumulation of stuff.

Taking time to get organized should be an immediate priority on your list of things on which to stop procrastinating.

The Costs of Procrastinating on Painful Expenses

Some expenses are not only detrimental to the budget, but they are also painful.

If you’ve been planning to put a non-slip mat or stickers in the tub or shower but haven’t done so, in an instant, you could find yourself with a painful injury and high medical bills due to a fall. The same is true if you have things like broken steps or loose handrails that are an accident waiting to happen.

These are things you should not procrastinate about repairing. The cost of the repair will be far less than the cost of recovering from an accident.

The Costs of Procrastinating on Budget Issues

You may have read that one way to save money is to compare insurance rates and find the lowest cost available for the coverage you need. However, if you keep planning to compare but don’t follow through, you will continue to pay higher premiums and make stretching your paycheck more difficult.

The same is true if you keep intending to research and locate the best phone plan, internet service, and any other monthly service that has companies competing to be your provider.

Procrastinating about setting up a budget can cost you in many ways. If you see where your money is going, you will be able to make adjustments that will help you reduce certain costs and spend more wisely.

The Costs of Procrastinating on Retirement Savings

Do you keep telling yourself you really need to start putting more into your retirement accounts these next few decades if you want to retire by a certain age? If you’re over 50 and eligible to make catch-up contributions to these accounts, you’re missing out on a great opportunity to boost your retirement savings and help ensure the comfortable retirement you imagine, especially if you know you haven’t saved nearly enough.

So, what are the costs of not prioritizing retirement savings in the last few decades before retirement? For some, it can mean working past your full retirement age or into your 70s. For others, it might mean running out of money or trying to get by on a small fixed income during your retirement years.

Almost everyone has been guilty of procrastination at one time or another. It’s easy to put aside certain activities, such as home repairs and retirement planning, in favor of doing things you find more enjoyable.

But, when you consider how much your procrastination is costing, you might quickly decide that home repair, budgeting, clearing clutter, and establishing a system of organization are matters that deserve your immediate attention.

• How Much Is Clutter Costing You?
• Could Debts Ruin Your Retirement?
• When You’re Really Late to the Retirement Planning Game
• 10 Benefits of Organization
• 12 Key Benefits of Financial Organization

Reviewed October 2023