How to Keep Procrastination From Draining Your Time and Money

Until science develops the perfect app for circumventing procrastination, the secret to nipping your own bad habit is to establish mechanisms to control your deadlines.

How costly is procrastination? For those who put off refinancing their mortgages during the financial crisis, the median amount squandered was around $11,500. That's a lot of change tossed down the drain due to weak wills and propensities for inactivity. 


Ben Steverman from Bloomberg recently penned an article detailing the above and other examples of how procrastination defies "traditional economic models that assume everyone acts rationally." Steverman explains how delaying an activity sacrifices long term goals in favor of immediate satisfaction, even if that satisfaction stems from simply not doing anything at all. The urge to procrastinate doesn't just emerge amidst trivial matters. Steverman cites multiple studies that show how even those suffering from diseases require electronic reminders to keep them on their treatment schedule.

What's the best way to avoid procrastination pratfalls? Outside of buying a calendar and forcing yourself to keep it updated, the most effective methods seems to be the use of reminders and the establishment of task automation systems. The former refers to alarms, e-calendar reminders, and other nudging devices. One of the biggest reasons why procrastination comes back to haunt people is because they forget the duties they put off. Continuous drumming up of "to-dos" will alleviate that.

The other option is to take the responsibility for tasks out of your hands altogether. Setting up automatic bill pay is an example. Another is to have retirement savings taken directly out of your paycheck. Automating as much as you can now will prevent procrastination from really hurting you later.

For more on procrastination and how to overcome it, check out this clip from the Big Think interview with psychologist and behavioral economist Dan Ariely, then of MIT but now a professor at Duke University:

Read more at Bloomberg

Photo credit: Brian A Jackson / Shutterstock

LinkedIn meets Tinder in this mindful networking app

Swipe right to make the connections that could change your career.

Getty Images
Sponsored
Swipe right. Match. Meet over coffee or set up a call.

No, we aren't talking about Tinder. Introducing Shapr, a free app that helps people with synergistic professional goals and skill sets easily meet and collaborate.

Keep reading Show less

4 reasons Martin Luther King, Jr. fought for universal basic income

In his final years, Martin Luther King, Jr. become increasingly focused on the problem of poverty in America.

(Photo by J. Wilds/Keystone/Getty Images)
Politics & Current Affairs
  • Despite being widely known for his leadership role in the American civil rights movement, Martin Luther King, Jr. also played a central role in organizing the Poor People's Campaign of 1968.
  • The campaign was one of the first to demand a guaranteed income for all poor families in America.
  • Today, the idea of a universal basic income is increasingly popular, and King's arguments in support of the policy still make a good case some 50 years later.
Keep reading Show less

Why avoiding logical fallacies is an everyday superpower

10 of the most sandbagging, red-herring, and effective logical fallacies.

Photo credit: Miguel Henriques on Unsplash
Personal Growth
  • Many an otherwise-worthwhile argument has been derailed by logical fallacies.
  • Sometimes these fallacies are deliberate tricks, and sometimes just bad reasoning.
  • Avoiding these traps makes disgreeing so much better.
Keep reading Show less
Videos
  • Facebook and Google began as companies with supposedly noble purposes.
  • Creating a more connected world and indexing the world's information: what could be better than that?
  • But pressure to return value to shareholders came at the expense of their own users.
Keep reading Show less