“One More Month”: Why Do We Always Promise to Save Money Next Month?

You thought you would begin saving in the previous month, but there was an issue, and so you decided that the next month would be better. Here you are again, waiting for the ideal moment to get started.

If this rings a bell, you are far from being the only person experiencing this problem. In fact, financial procrastination, as it is called, is among the most frequently experienced issues when it comes to money. And “One More Month” is its name and shame.

This blog post will explain some frequently asked questions on financial procrastination and show you how to deal with it once and for all.

Exactly What Is the “One More Month” Trap?

This “One More Month” trap occurs when you continue postponing the time to meet your financial commitments to some vague point in the future.

This kind of thinking goes something like this:

• “I will start making a budget after clearing this wedding expenditure.”
• “I will begin saving money after getting the pay raise next month.”
• “This month has been too hectic. I will organize my finances next month.”

The problem with this line of reasoning is that each of these excuses seems perfectly valid and reasonable at the very time. This is why this trap becomes so hard to break free from. You are not avoiding because you are lazy; on the contrary, you feel that next month will be better to handle your finances.

According to research on behavioral finance, however, “next month” turns out to be almost as hectic as “this month.”

Why Are Financial Objectives Postponed By Many People?

This happens to be one of the most popular queries made when discussing financial troubles faced by people, but the reasons are more profound than simple laziness.

Your Mind Treats Your Future Self As an Absolute Stranger

Many studies conducted on behavioral psychology reveal that when you think about your future self, your mind behaves the same way as when you think about a total stranger. In essence, planning finances for the future means giving away something that belongs to an unknown individual.

As such, your mind finds it logical to give preference to immediate spending rather than saving money for the future. This is referred to as present bias, and it is one of the major subconscious factors behind procrastination.

Illusions Regarding “Perfect Timing”

A number of individuals are of the opinion that there is an optimal time for beginning financial management – whether it be when income increases, debt is paid off, or everything else in life seems to calm down. However, the reality is that:

There is no perfect timing. There is only now.

It is perhaps one of the most cunning ways of procrastinating. Luckily, once you identify it, you will know what to do next.

The Overwhelming Nature of the Task

There is also an underlying reason why one may procrastinate achieving their financial goals. The realm of personal finance can be very daunting and confusing for anyone who does not have an extensive background in the subject matter. There are so many different things to think about – which of them should come first?

If there are several ways in which something can be accomplished, people are likely to get paralyzed by the decision. This happens when there are just too many choices and not enough time to analyze them. Moreover, the abundance of tips and information available on the Internet can actually work against you.

Aversion from Looking at Your Spending Habits

It is important to note that sometimes, the issue has nothing to do with timing but with the person’s emotions. People may decide to wait until next month to check how much money they have spent simply because they are too afraid to see the numbers.

What Is the Real Cost of Procrastination?

It is a question that few ever bother to ask themselves, but the reality is rather shocking indeed.

For instance, let us consider the scenario wherein you were planning to set aside ₹3,000 ($50) per month, but you continue to delay this decision by a period of six months. In essence, the real cost to you would have been ₹18,000 ($300) in lost opportunities even before you start your efforts.

In essence, financial procrastination is more than just a delay of your plans – it is actually working to undermine those very plans.

What Is the Proof That You Fall into the “One More Month” Trap?

The realization of the problem is a good start to solve it. These are the signs that show you fall into the “one more month” syndrome:

• Your financial goal (saving money, paying debts off, setting up an emergency reserve fund) has been the same for over three months now, without any action to pursue
• You think of this month as the exception and that the next month will be usual
• You do not want to check your bank balance and monitor your expenditures
• You feel guilty about your finance but do nothing to change it
• You constantly tell yourself that you will “sort everything out later”

Having two or more points in common means that you already fall into this trap.

What Is the Key to Breaking Out of Your Financial Procrastination?

Now comes the moment that everyone has been waiting for; here are some proven steps to take.

Do Something Ridiculously Small

The worst mistake anyone can commit is trying to do too much at once. This is why you need to start with something very small.

• Monitor only one expense for this week
• Savings of ₹100 or $5 for this month
• Note your top three expenses immediately

It does not matter how little it is. What matters is getting into the habit of starting.

Have a “Money Date” with Yourself

Rather than waiting around for that inspirational spark to occur, set aside a certain time each week – even just 10 minutes will do – to check on your finances. Make it a non-negotiable appointment.

That way, you will not have to wonder when you should be doing it; you will simply know.

Get a Simplicity Tool for Yourself

Another major cause for procrastination in dealing with finances is their seeming complexity. But what if there were an easy way?

DollarBook, for instance, is an uncluttered money manager app that allows you to register your money flow, without having to jump through too many hoops or go through extensive training to figure out how to use it. All you need to do is fire up the app, enter the transaction, and move on. That act of seeing your money in a clear way for the first time may come as a revelation. Suddenly, you will find that the mystery surrounding your finances is lifted and replaced by clear figures.

Simplicity equals motivation.

Let Someone Know About Your Financial Intention

By telling a friend, spouse, or relative about your financial intentions, you will give yourself an added sense of responsibility. There is no need to mention any figures; merely stating something like, “I am going to start watching my finances this month,” will dramatically increase your chances of success.

The Importance of Your Personal Identity Rather Than Your Willpower

Rather than focusing on things like, “I need to save more money,” one could start by saying that “I am someone who saves money responsibly.” As strange as it might sound, this minor shift from doing to being will bring about greater behavioral changes in the long run.

This means, in order to act accordingly, you first need to believe that you can.

Is It Too Late to Start When You’ve Been Procrastinating For Years?

Of course not. One of the critical questions you should think about is that many individuals get embarrassed by the amount of procrastination that occurred over the years.

It is simple – the right time to start saving or changing something else about your personal finances was yesterday. The second right time is now.

Regardless of whether you have been procrastinating for 3 months or 3 years, beginning now will definitely be better than starting the next month. Early decisions give your money enough time to multiply through savings, pay off debt, etc.

No matter what, moving forward is better than procrastinating.

Key Points That You Have to Know

• “One more month syndrome” refers to a type of financial procrastination driven by psychological factors, not laziness
• Present bias, number anxiety, overwhelm, and perfect timing are among the primary culprits behind it
• Postponing the realization of financial aspirations will come at a tangible price – lost money, missed opportunities for growth, accumulated debts
• Overcoming it begins with taking incredibly minor steps
• Use tools such as DollarBook to eliminate the feeling of being overwhelmed and facilitate the start of your journey
• It is never too late; there is no such thing as tomorrow when it comes to finances

Final Thoughts: Next Month is Not Going to Save You

The appeal of “one more month” lies in the fact that it is associated with an assurance that in the future, everything will become better, easier, and clearer, but the reality is far from the promises it offers.

Financially stable people did not wait for a suitable moment to begin; rather, they started right away, even when their actions were flawed.

Instead of waiting for next month, just open your notes app and start jotting down expenses and earnings of the current day or install DollarBook app to do it.

Whatever you decide to do, just take a step and start, as your financially stable future self needs you to make the effort this month, not next.

Want to start tracking finances and building a future that will leave you relaxed about money? Use DollarBook – a clean app that can help you track your money easily.