6 Things You Shouldn’t Put Off Until Tomorrow

You've heard the saying, now it's time to start living it. Here are a few things you shouldn't put off for later. By taking these smart steps today, you'll set yourself up for a bright financial future.For many of us, procrastination is a habit that’s all too easy to perpetuate. Of course, normally it’s because you’re putting off a task you simply don’t want to do.

Whether you’re avoiding a difficult work project, a time-consuming home repair, your taxes, or even certain financial steps in favor of spending in the here and now, procrastination doesn’t make the task go away.

More often than not, the job we so adamantly push to the back of our mind is one that’s usually required or important. Ergo, waiting until you’re down to the wire probably isn’t the best decision regarding important life choices and jobs.

Of course, when it comes to major financial decisions, usually, the sooner you make them, the better. Completing those financial tasks now, only serves to set you up better for your future.

So, instead of procrastinating in order to use your money for yet another unnecessary expense, here are six things you shouldn’t put off until tomorrow.

1. Setting Up Investments

Investments don’t grow magically overnight, well not usually anyway. Whether you’re investing in your 401(k) or other retirement plan, or setting up a college fund, any money placed in your investment accounts needs time to grow.

That being the case, any financial advisor would tell you that the longer your retirement has to grow, the better. This also means that you don’t have to put away quite as much initially, as it’ll have a longer period of time to accrue interest.

There’s no doubt items you’d like to buy now and putting away that money for later by depriving yourself now isn’t always an easy feat. Nonetheless, if there’s one financial decision you shouldn’t put off, it’s investing your money.

Related Post: Stockpile: Easy and Budget-Friendly Investing Options for the Beginner

2. Creating an Emergency Fund

There will likely be moments in your life when you have to pay for something that your normal paycheck either doesn’t allot for or that’s extremely far outside the budget. One of the defining aspects of life is its uncertainty.

You might get in an accident, become unexpectedly ill, lose your job, have home damages, or need to replace your car. Whatever the reason, the time will come when the unexpected equals an unexpectedly large cost.

Instead of having to take on extra debt to accommodate said cost, start saving now to build up your emergency fund. Furthermore, start immediately, so that by the time an accident happens, you’ll have more than enough to cover it.

3. Paying Off Debt

No one really wants to accrue debt, however, there are some times when you simply have no choice. Unfortunately, credit cards and loans aren’t free money and that amount will have to be paid back at some point.

Overtime your debt will sit and build interest, which means even if it was manageable at one point, it could grow to a number far larger than you imagined. Hence, you’ll be paying off debt a lot longer than you’d like.

By not waiting to pay off your debt, you’ll pay a smaller bill now, and be able to invest the things you really that much sooner.

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4. Creating or Evaluating Your Insurance Policies

Insurance is one of those things you have to have but hope you don’t really need. It’s all too easy to establish your policies once and then forget about them, especially when a change of coverage or additional coverage could mean more money out of your pocket. Even so, don’t put off evaluating the policies you have in place.

Make sure you’re not paying for more than you need, and if any of your expenses have gone up, make sure you adjust your coverage accordingly as well. Furthermore, if you haven’t taken the time to invest in life insurance, do so now. Ensure you’re contributing an amount best suited to your life; putting it off could put your loved ones in a bind.

5. Start a Budget

Every financial blog, financial advisor, or all-around financially savvy person will emphasize the importance of a budget.

It might not seem like a big deal, as long as you don’t go into debt constantly or even live paycheck to paycheck. However, you’d be surprised at the financial impact a budget can have.

A proper budget isn’t simply about creating spending categories, instead it allows you to examine just where every cent of your income goes. By providing you with the full picture, you’ll gain insight into any areas that you’re spending too much or too little on or even categories that could be eliminated all together.

Moreover, a good budget can help keep you from overspending or going into debt by providing you with a clear and well-thought out plan for your money.

6. Investing in Your Financial Goals

When you’re young or new to the workforce, things like a home, kids’ college funds, or even your dream vacation, might seem like lightyears away. That being said, if you hope to reach those goals before retirement age, like many other investments, it’s never too early to start saving.

In life there’s never a perfect time to start saving or make that major change, and if you try to find one, you’ll find excuses that’ll just hinder you. Even if it’s a little bit at a time, don’t wait until you feel like you’re in the perfect place, job, or season of life to start working towards your financial goals. Once you’ve got your mind set on one, do your best to start investing in it.

Summary

Many of the things on this list are big financial steps, and as mentioned, too often the timing doesn’t feel right to begin them. Other expenses or wants might come up that cause you to keep pushing these tasks to the back-burner.

Still, your important financial steps in life are nothing to procrastinate. No matter where you think you are financially or if you think it can wait until tomorrow, make a point to make these a priority.

What are some steps you shouldn’t put off? What can you do today to work towards these financial and life steps?