4 Critical Financial Decisions You Should Not Procrastinate On

Critical Financial Decisions

We all procrastinate; but there are just certain things you should not put off doing, regardless of how bothersome they are.  You can procrastinate on getting a hair cut or changing your oil, but there are 4 financial decisions that you should not put off doing.   You should not delay in getting a will written up, preparing a budget, buying life insurance and selecting the investments in your 401k account,  Let’s analyze the top 4 financial decisions that people put off making, but shouldn’t.

Top 4 Financial Decisions That People Procrastinate On:

#1) Preparing a will.

  • There are legal consequences that your loved ones will encounter if you die without having a will in place.  The number one consequence of dying without a will is that you give the state in which you live authority over deciding how your assets are distributed.
  • If you die without a will, you die intestate and state law governs how your estate is processed.  Is that what you want; do you really want the state deciding on the distribution of your estate, or do you want to decide who gets what?  Then stop procrastinating. Contact an attorney and have a will drawn up.  You will feel a sense of relief knowing that your family will be taken care of the way you want it done.

#2) Budgeting.

  • Critical Financial DecisionsPeople just don’t take budgeting seriously, but it is a very serious matter and should not be put off.   During an economic turmoil budgeting is crucial because money is tight.    When times are hard you need a method to personally monitor your spending, and that’s exactly what a budget will do for you.
  • Budgeting seems tedious and elementary, but when times are tough it is the basics that will get you through the tough times.   Following a budget is a financial exercise that you should not procrastinate on.

#3) Buying life insurance is a critical financial decision you should not procrastinate on.

  • Do not procrastinate on buying life insurance.    If you procrastinate you risk passing financial burdens onto your loved ones if you should die a tragic, unexpected death.
  • Everyone needs to own some amount of life insurance – even if it’s just a small amount, enough to cover for funeral expenses.
  • If you have a mortgage, buy enough coverage to pay off the mortgage in the event you die prematurely; otherwise your family is saddled with that large expense.   I
  • If you have small children, buy enough coverage to pay for their upbringing all the way through their college years.
  • Buying life insurance is easy to do.   Call your auto and homeowners insurance company for a quote or you can go online for a quote; either way, don’t procrastinate, just do it.

# 4)  Making investment selections in their 401k account

  • People put off making their 401k  investment selections because of fear.   Most people are afraid that they will make the wrong selection and they will lose money; they are scared that they will make a financial mistake.
  • By procrastinating on investment decisions you don’t avoid the decision, you just delay it.   By waiting to make your decision, you miss investment opportunities.    While you are waiting to make up your mind, the mutual fund price could have hit an all time high or the stock could have declared a dividend and you will not benefit from it.
  • If you are worried about making a financial mistake, talk with a financial advisor, they will talk with you about what types of risk you can handle, what types of investments you are comfortable with, and help you make good investment decisions.


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