As a Financial Advisor, I know it can be challenging for busy people to take pause and think about the long-term and retirement planning. Today’s hectic world is full of busy people. If you’re one of them your lifestyle could be costing you money.
Late Fees - Often when you forget to pay a bill you will have a late fee. Credit cards are a common late fee example that will cost you money. Using auto-pay or a reminder on your calendar can help. Late credit card payments can cost you money beyond the late fee itself because they can hurt your credit score. If you have a lower credit score it can be more expensive to borrow money because you could have a higher interest rate.
Last Minute Mail - The Holidays and tax season are two of the biggest times for last minute mailing. If you are too busy to mail packages or your tax return it can cost you. Overnight, 2-Day or Express Mail is expensive. Paying up to 10 times the cost of regular postage feels foolish because it’s such an unnecessary cost.
Neglecting Your Health - Neglecting your health today might mean big medical costs in the future. So making the time to exercise and tend to your personal wellness will save you money overtime. And if you believe “time is money” then preventive health and wellness measures can save you money by avoided down-time due to illness. If you are too busy to take care of yourself today you might miss out on opportunities later in life due to health problems.
Not Shopping Around - When most people are busy then tend to look for short-cuts. From insurance rates to credit card rates, not shopping around can cost you money. It’s easy to settle for the first solution to a problem when life is hectic. But if you shop around it can help save money over months and years. Research online is obviously a great way to shop around. If you take the time to learn about a purchase before shopping that knowledge can help you avoid paying too much.
Missing 0% Financing Deadlines - Businesses with the 0% financing business model loves busy people. Because when you are too busy to remember the 0% financing terms you will make them a lot of money. Of course the key to preventing unwanted costs is paying attention to the length of time you will have that special financing deal. Don’t get caught off-guard. This can cost you big time when a high interest rate is applied for each month you had the 0% financing.
Neglecting Car or Home Maintenance - Being without your car or starting a project in your house are inconveniences so it’s easy to postpone maintenance. But we know that delaying maintenance can cost us. Lack of car maintenance can lead to costly major repairs. Lack of maintenance in a home can potential cost you thousands of dollars. Taking care of your car and house can save you money long-term.
Forgetting Rebate Offers - Some rebate offers aren’t a big deal. But some are just silly to pass up because you are too busy. Expensive appliances and electronics can have significant rebates worth your time. Rebates for $25, $50, $100 are not uncommon. You just have to sit down and fill out the rebate form and mail it in by a certain deadline date. It’s easy money in your pocket.
Over Spending on Food - If you are too busy to plan meals or make meals at home, you’re likely to over spend on food. Eating at restaurants and ordering take-out is expensive. When life is hectic it can be difficult to plan meals and grocery shop. But it saves you money and time. Plus, you will likely eat healthier.
Failing to Plan for Retirement - If you are too busy to set up a retirement fund you can potentially lose money you will need when you are older. It can be extremely difficult to make up for lost time when it comes to retirement funds. Make retirement planning a priority and find the time needed to learn about your options. Failing to prepare for retirement because you are too busy could be a big mistake you regret when you are older.
Pushing Career Goals Aside - If you feel overwhelmed and too busy at this moment then thinking long-term can be difficult. But there is a price to pay when you are so busy worrying about today that you push your career goals aside. How will your income grow without career development? Losing time that you could invest in career goals is costly because you can’t get the time back and you aren’t making progress towards higher income.
Not Negotiating - Can it be uncomfortable to ask for a lower price? Maybe, but if you choose to avoid negotiating you could be spending more money than necessary at times. Most people feel more confident negotiating if they are more knowledgeable about the purchase. So if you are too busy to do a little research you might not feel comfortable asking for lower pricing.
Relationship Problems - If your busy life is taking time away from your relationship it can be expensive. If your relationship with your wife or husband is strained because you are too busy then you might have to deal with counselling costs or detrimental divorce expenses.
Being Unorganized - Being disorganized is expensive. Some people will say that organization is the fundamental issue when it comes to changing your hectic lifestyle and avoiding unnecessary costs. If you are more organized then you can find the time to pay more attention to daily life and long-term challenges.