5 ways to break the habit of ‘financial faffing’ – according to a psychologist
Always leaving money admin tasks until the last minute? Here are some expert tips to help improve your habits and your finances.
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Your support makes all the difference.When it’s time to get down to some financial admin, thoughts of other “must-do” tasks can easily creep in and take over, whether it’s taking the dog out for a stroll, checking for phone messages, or completing the final episode of a TV series.
Such delaying tactics can leave “financial faffers” significantly out of pocket.
More than half (58%) adults admit leaving things until the last minute has cost them financially, according to a survey of 2,000 people across the UK for boiler plan BOXT Life.
Over a third (36%) confess to stuffing unpaid bills in a drawer, while one in six (16%) has ignored early warning signs of malfunctioning household appliances.
Monday mornings are the prime time for putting things off, with 10am on that day of the week pinpointed as the peak faffing hour.
Common activities scuppering financial admin include TV and streaming binges, snacking and walking the dog, according to the survey.
Scrolling social media, browsing for items online, checking phones and tidying are also regular delaying tactics, researchers found.
To help people overcome their faffing habits, BOXT has teamed up with psychologist and leadership expert Dr Lalitaa Suglani, who explains that faffing is often “driven by feeling overwhelmed”.
Here are her tips to break the habit:
1. ‘Future message’ yourself.
Suglani suggests writing a message to your “future self” for routine tasks.
She says: “Use these messages as reminders and say things compassionately like: ‘You took care of this last month, well done. Time to do the same again.’
“This helps remove the mental load of remembering without being self-critical.”
2. Use the ’30-second start’ rule.
Suglani says: “Tell yourself you’ll spend only 30 seconds to get started with the process – be that finding the phone number, writing down a bill or opening the app.
Once you start, divide tasks into smaller manageable actions and you’ll likely keep going until it’s done.”
3. Work in short bursts.
“Aim to tackle your to-do list in 25-minute intervals, followed by five-minute breaks,” suggests Suglani.
“This prevents burnout and works within our brain’s natural attention span. During each interval, commit to one task to help concentration and productivity. Use the short breaks in between to rest your mind and do something you enjoy.”
4. Create a distraction-free environment.
“Watching TV and snacking are common avoidance tactics, so when you’re tackling your to-do list, do it in a space with minimal distractions,” Suglani adds.
“A decluttered, quiet environment can significantly enhance your concentration and efficiency, making it easier to start and complete tasks without succumbing to procrastination.
5. Finally, reward yourself.
Suglani suggests: “Set an earlier ‘joy date’ rather than a ‘due date’ for things such as paying bills, associating it with a reward. Instead of thinking of it as an obligatory deadline, treat this date as the time you’re ‘gifted’ with the chance to clear the expense.
“After ticking it off your list, reward yourself with a small ritual – a favourite coffee, a walk, a sweet treat or a podcast break.”