How to end procrastination and start investing

One of the most important things you can do for your finances is to develop a savings habit. The difficult part though, is actually getting started. This is especially so when you’re already dealing with a procrastination habit. Here are some ideas that can help you stop procrastinating and start investing.

Have a goal — short, medium, and long-term

If you struggle with putting things off, having a goal usually helps because you’re more likely to start investing when you have something you’re working towards achieving. There needs to be a reason why you want to start investing — a goal. Your goals can be short, medium or long term.

When defining your goals, be as clear as possible with what you’re aiming to achieve through investing. Instead of saying “I’d like to save more money”, you should aim for something you actually want and say “I want to save R20 000 for a holiday in December” or “I want to have saved R100 000 for retirement”. Once you know what you need, it becomes a little easier to begin working toward your goal.

Start right where you are

One of the reasons people use when procrastinating is that they will start saving when they have enough money. Does this sound familiar to you? Whether your goal is to finally renovate your home, have enough money saved for your dream car, or even just preparing to start a family — you can start investing with small amounts. So start small, save what you can every month. Even if this is only R100 every month, it is a start.

If you’re wondering what to invest in, African Bank offers a Tax-Free Investment account that allows you to invest up to R33 000 each year without paying income tax on the interest earned. This is the perfect investment vehicle because with a minimum deposit of R100, you can make additional deposits from as little as R100 into this account each month.

Automate savings

It’s human nature to make impulse purchases, spending money we know is available on worthless items. However, if you automate payments into your investment accounts, you don’t have to decide between buying that item on sale or investing for your future — the decision is already made. Regardless of what you’re investing for, set up a debit order on your account to automate your investing.

Start today

Don’t delay any further. If you wait until you have more money, or even if you decide to wait until next week, you might find that you can always put off investing. Instead, start saving right now. Get online, start reading up about the best way to invest and find the best interest rate. Once you’ve found a smart investment vehicle for your goals, open an investment account today. Putting off investing and saving can become a habit too. The only way to break that habit is to start saving immediately.

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