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Stop Procrastinating with your Finances - It Can’t Wait!

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Stop Procrastinating with your Finances - It Can’t Wait!

Are you the one always waiting until the last minute to do… well, everything? Typically, it’s probably no big deal. Sure, you can hit up Target for just about anything you need before a party, school or work. But, when it comes to the financial side of life, even a little procrastination can cost you… a lot, actually.

So, if you’ve got financial goals, like buying a home, paying off a mortgage or making some home renovations, it may be a good idea to end your relationship with procrastination. Just in case you’re not convinced that your procrastination could be costing you money, here are five reasons why we disagree:

1. You may be incurring financial penalties.

It may not seem like a big deal to routinely use another bank’s ATM, because you can’t seem to remember to visit your own branch. It may not even be too big of a deal if you pay a little more for an airline ticket or hotel room, because you miss an early booking deadline. But, if you’re constantly waiting until the last minute on things like this, even those “little” service charges quickly can add up!

2. Your interest rates may be rising.

The chances are good that if you’re constantly postponing your credit card payments, you may have paid late before or even missed a payment here and there. While paying up a couple days late or skipping a month or two may not seem like a big deal to you, those types of actions set off a chain reaction when it comes to creditors. Initially, you may notice only a late fee; but, eventually, you may see your interest rates drastically rise due to your late or missed payments. When you’re paying more in interest, you’re simply losing money!

3. You may be ruining your credit.

As your credit card late fees and interest rates go up due to what ultimately boils down to procrastination, your credit score could start to spiral down. Though it may not seem like a low credit score could cost you money, it certainly can cost you the opportunity to buy your own home or refinance your current mortgage. And, let’s not forget those inflated interest rates that accompany a low credit score.

4. You may be paying more for things that should cost less.

Of course, financial procrastination doesn’t only apply to service charges, late fees, high interest rates and bad credit; when you consistently put things off, you probably pay more for them when you get around to completing them. Take home maintenance, for instance. Though routine home maintenance tasks like cleaning the gutters and sweeping the chimney should be on a seasonal schedule, waiting to hire a professional during peak season will undoubtedly cost more than it would during the off-seasons. The same goes for home improvements, too. If you wait until the middle of summer to decide you’re ready to install a pool, you’ll likely pay more!

5. You may think you’re simply not saving, but you’re actually losing!

It is never too early or in the case of the procrastinator – too late – to invest in your retirement. Or is it? If your company offers a retirement savings plan where they will match your contribution to a certain percentage and you didn’t sign up for it when you were immediately eligible, you’ve already lost money that you simply cannot get back. When it comes to these types of investments, procrastination can end up costing you thousands!

OK, procrastinators – what are you waiting for?! Stay on top of your financial goals by saying goodbye to this potentially hampering habit – today!

This post is sponsored by PA Preferred Mortgage:

Pennsylvania Preferred Mortgage is a full service mortgage banker and is a member of the Prosperity Home Mortgage, LLC family. Specializing in residential and refinance loans, Pennsylvania Preferred Mortgage offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and renovation financing. Learn more at www.papreferredmortgage.com.