The hidden cost of putting things off

Life is busy and it can be hard to find time for everything we want to do. It’s no surprise, then, that it can sometimes be even harder to fit in the things we know we should do, but perhaps don’t want to quite as much. When it comes to your finances, sometimes taking your time over decisions and letting things play out a bit can be a sensible strategy. Occasionally, though, it can add up and become something you need to tackle.

Why we put financial decisions off

Lots of us are carrying so much life admin in our brains that the things we don’t absolutely have to tackle right here and now get pushed off for a later date. Anything that feels a little boring or uncomfortable, or potentially a bit expensive, can get shunted even further down the to-do list. That’s totally understandable, and often isn’t really a problem. We get to things when we need to and life goes on. 

The quiet cost of waiting

Sometimes, though, putting things off can add a cost. It could be financial, or it might just be that nagging feeling that sticks in the back of your mind, constantly reminding you that there’s something you really ought to be doing.

With cost-of-living pressure high, lots of New Zealand households might be holding back from making bigger purchases, like replacing a vehicle, for example. But if you know you need to, and you’re putting it off, you may be paying more for repairs in the meantime, and spending more energy worrying about the reliability of your current vehicle. Or maybe you know you need to review your insurance, but it’s hard to find the time. While you’re waiting to do so, there could be other options that might be a more suitable or affordable fit.

Delaying your decisions may feel easier in the short term, particularly if it’s a habit you’re used to. That’s a very natural thing. It just pays to check from time to time whether you’re paying a longer-term cost for it.

When delay becomes expensive

Sometimes delays can become a real drain on your finances. You may be letting better interest rates, or better deals on your utilities float by while you wait for the right time to look at your options. If you have high-interest debt that you know you need to do something about but can’t quite get around to refinancing, you may be paying much more than you need to for that lending.

Putting off your financial admin can have both a mental and a financial cost, particularly if you’re carrying stress with you that you could reduce by tackling a few of the items on your to-do-list.

The difference between patience and avoidance

It’s great to be able to be patient when it comes to lots of life decisions because rushing can often result in a less-than-optimal outcome. But it helps to know the difference and be honest with yourself. Are you patiently waiting for a better deal to come up? Or are you actually just avoiding dealing with it because it all feels a bit difficult?

It’s not a failing to be a person who tends to put things off, and it’s probably more common than you think. Many New Zealanders have a pragmatic approach to finance that can sometimes start to feel a bit like avoidance. You could be surprised, though, at how easy it is to make some progress once you take the first steps.

A good time to take a look

Sometimes a quick review is all it takes to find out whether things could work better for you. If you have things you’ve been putting off, now could be the perfect time to delve a little more deeply into them. Better Finance™ are here to help you, whether you’re making decisions or just understanding where you currently sit.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.