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How Procrastination Can Hurt Your Finances

You’ve probably heard the saying, “Why put off until tomorrow what you can do today?” When it comes to your money, that phrase is good advice as procrastination can hurt your finances.

Procrastination is a nasty habit that can have many negative effect on your finances. In case you haven’t broken your procrastination habit yet, here are a few reasons why you should so it doesn’t harm your finances.

Credit Card Fees

Almost everybody has a credit card these days. Just try booking a hotel room or renting a car without one and you will find out it isn’t easy to do (some one even accept debit cards as an alternative).

But after your vacation is over, you should pay off your credit card as soon as possible. The interest and late payment fees applied to your credit card bill can cost you more than the original price for the items you purchased.

Instead of getting in a habit of procrastination, try paying off your credit card bill immediately after you’ve used it. You can save ahead for your purchases so you already have the cash on hand to pay the credit card bill.

Late Fees

Another way procrastination can hurt your finances is by racking up late fees. Late fees can be applied to almost any bills you owe, like utilities or mortgage payments. Even things like movie rental or books from your local library can cost your late fees if you procrastinate.

Pay attention to the due date listed on the bills you receive and on items you rent or borrow. Then, mark your calendar to pay bills and return items at least a few days before they are due. This should allow enough time for mailed payments to reach their destination without being late and suffering the consequences of late fees being applied to your account. But if you do procrastinate now and then, most companies will accept online payments the day before or maybe even the day of your bill’s due date. Just don’t get in a habit of relying on this service because of procrastination.

Higher Repair Bills

We have all put off calling the plumber for that annoying leak under the sink. But some minor repair jobs can turn into major ones if they aren’t taken care of timely. For instance, if the leaky pipe breaks while you are away at work, you could end up with a flooded home that costs thousands of dollars to fix. Keep up with repairs and regular maintenance to prevent situations like this from costing you more in the long run.


The more times you pay late fees and high repair bills, the more you are robbing yourself of money you could be saving for the future. No matter what you are trying to save for, the more money you throw away on interest, late fees, and high repair bills, the less you will have for your future wants and needs.


Putting off paying your bills can have a ripple effect that eventually trickles down to your retirement savings. With less money to put toward your investments, you could be costing yourself a secure financial future.

I don’t know about you, but I picture my retirement-aged self sitting with my feet propped up and a cool drink in my hand. Not standing on my feet holding a mop as someone yells, “Clean-up on aisle 7,” over an intercom. 😉

Do you procrastinate? Can you think of other ways procrastination can hurt your finances?

About Kayla Sloan

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.


  1. I have finally gotten accustomed with less procrastination nowadays. I wake up an hour earlier to start working on my tasks, and I noticed that I am able to finish more tasks than my usual, which has resulted in more income.

  2. Yes! Yes! Yes! Procrastination always ends up costing you more. This is an awesome list of reasons why you should not wait.

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