347. Conquer Financial Procrastination: Start Your Journey to Debt Freedom

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In today's episode, we're tackling the 'Someday' mentality - the habit of putting off important financial actions for an undefined future. Learn why this mindset is a form of procrastination that can sabotage your journey to financial freedom, and discover practical strategies to overcome it. We'll discuss the importance of connecting with your future self, setting SMART goals, starting small, automating financial tasks, and breaking big tasks into manageable pieces. Take action today to kick 'someday' to the curb and start building real financial progress. Join us for actionable advice and step-by-step guidance to help you achieve your financial goals. 

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Episode Transcript

Ryan Nelson (00:00):
So today we're diving into something that
plagues a lot of us the somedaymentality.
You know what I'm talking about.
Someday I'll start that budget.
Someday I'll get serious aboutinvesting.
Someday I'll finally tacklethat credit card debt.
We tell ourselves these things,thinking someday is a magical
time when everything will beeasier, clearer or we'll just

(00:23):
feel more like doing it.
But here's the hard truthSomeday is a dream stealer and
it's quietly sabotaging yourjourney to financial freedom.
My name is Ryan Nelson, and mywife and I paid off $160,000 in
debt over eight years while wewere raising three kids.
So what exactly is this somedaymentality?

(00:46):
Well, at its core, it's reallya form of procrastination, a way
of putting off importantfinancial actions for this
undefined future.
It's basically saying I'll dealwith it later, without ever
defining what later really is.
So let's think about it for asecond.
What later really is?
So let's think about it for asecond.
I know I need an emergency fund.

(01:07):
I'll set that up someday.
My company has a 401k match.
I should really sign up someday.
We really need to talk about ourlife insurance someday.
Why do we do this?
Well, a big part of it is justour human psychology.
Our brains are often wired forimmediate gratification and we

(01:27):
tend to value smaller rewardsnow more highly than a larger
reward in the distant future.
That someday, when you'refinancially secure, feels a long
way off, and that Netflix bingeor the new gadget or toy, it
feels good right now.
It feels good right now.
There's also a concept calledfuture self-continuity and for
many of us, our future self, theone who will benefit from the

(01:50):
smart financial decisions wemake today, can feel like a
completely different person,almost like a stranger.
So making sacrifices for thatstranger, that person you don't
even really know today, todaydoesn't feel very urgent or
important.
But the dangers of living insomeday are very real and

(02:13):
they're impacting your financialhealth right now.
When we constantly pushfinancial tasks to someday, we
face some serious consequences.
First, there's the missedopportunity of compound interest
for saving.
You've probably heard it calledmaybe the eighth wonder of the
world.
It's where your interest startsearning interest.
But here's the catch Compoundinterest needs time to work its

(02:34):
magic.
If you put off investing $100 amonth for 10 years, you don't
just lose $12,000.
You didn't invest, you lose allof the potential growth on that
money.
So, for example, delayingstarting your retirement savings
by just a few years can meantens, even hundreds of thousands
of dollars left in your nestegg.
Second, while you're waitingfor some day to deal with that

(02:59):
debt, that debt isn't waiting.
It's growing.
Interest charges pile up,making the mountain of debt even
harder to climb.
What might have been manageablecan become very overwhelming.
And then there's the financialstress and anxiety, that nagging
feeling in the back of yourmind that you should be doing
something about your finances.
That takes a toll on yourmental health and physical

(03:21):
health.
Studies show that it takes atoll, and living in a state of
financial inaction is stressful.
And ultimately, the biggestdanger is that someday often
translates to never.
Those dreams of a debt-freelife, a comfortable retirement,
the ability to provide for yourkids' education or simply just

(03:42):
having some financial peace ofmind, they remain just dreams
because someday never arrives.
So don't take my word for it.
Listen to some other voices ofwisdom.
Karen Lamb famously said a yearfrom now, you wish you would
have started today.
And this was me and my wife.

(04:03):
For years we would promiseourselves that that someday was
at tax time, or that someday waswhen we came into a little bit
of money or we got a raise, andthat someday just never
materialized.
And every year that passed bywe would be frustrated, like if
we would have just committed andstarted a year ago.
Think of how far we come,committed and started a year ago

(04:24):
.
Think of how far we come.
Or Benjamin Franklin you maydelay, but time will not.
Time is our most valuable assetin finance and it's always
slipping away.
So you may delay decisions, youmay delay doing anything about
your finances, but time moves on, and I've said this before in

(04:51):
our podcast and I'll continue tosay it but time moves on.
And I've said this before inour podcast and I'll continue to
say it If you do nothing,nothing changes.
Like if you do nothing, chancesare it's.
It's not about a massiveoverhaul overnight.
It's about taking intentional,consistent steps, starting today
.

(05:11):
Here's a few ways that you canconquer someday.
Number one is connect with yourfuture self.
Remember that future selfcontinuity idea.
Let's strengthen thatconnection.
Take a few minutes this weekand really visualize your future
, your financially secure self.
What does that life look like?
How would it feel?
What did your present self dotoday?

(05:32):
That your future self isincredibly grateful for Making
that vision clear andemotionally compelling can
provide powerful motivation toact now.
Make someday specific with SMARTgoals.
Someday is vague.
Actionable goals are specific.
Instead of I'll save more moneysomeday, make it a SMART goal.

(05:53):
And SMART stands for specific,measurable, achievable, relevant
and time-bound.
So here's an example.
Let's make it specific I willopen a retirement account or
contribute to my employer's 401k.
Measurable I will save $200 amonth.
Achievable look at your budget.
Is this realistic?
Adjust if needed.

(06:14):
Maybe you can only do $100 amonth to start.
Maybe it's only $50 a month tostart.
Is it relevant?
Does this goal align with yourvalues and needs Like?
Again, looking back at yourfuture self what do you want to
do?
What does your future self looklike?
Does this align with what yourretirement goals might look like
?
And then time bound.
I will start this on June 1st,july 1st, august 1st.

(06:36):
Suddenly, someday has a planand a deadline.
It's not just this wishy-washyin the future, maybe I'll do it.
Number three is start small, andby small I mean ridiculously
small, if necessary.
Overwhelm is a major reason weretreat to someday, so break it

(06:58):
down.
If tackling all your debt feelslike climbing a mountain, focus
on paying an extra 10 bucks onone card this month.
If investing seems complicated,start by researching one
low-cost fund for 15 minutes, orjust do some research on
retirement funds in general.
The act of starting, no matterhow small, will build momentum.
Number four is automate.
Automate.
This is your secret weaponagainst the some day debate.

(07:20):
Set up automatic transfers fromyour checking account or to
your savings account on payday.
Automate your investmentcontributions.
You can a lot of times.
If you have an employer thatdoes this, they'll just take it
out of your check every week.
Automate extra debt payments.
Once it's set up, you don'thave to decide to do it every
month.
You don't have to go throughthe every month, you know,

(07:40):
trying to figure out what youshould do or how you should do
it.
You just have a plan in place.
It takes the willpower out ofthe equation.
Number five break big tasks intobite-sized pieces.
Financial planning, getting outof debt it can feel huge.
You want to create a budget.
Step one track your spendingfor one week.
Step two categorize thatspending.

(08:00):
Step three identify one area tocut back.
Each small win makes the nextstep easier.
The someday mentality is a realbarrier to achieving your
financial goals, but it's notinsurmountable by understanding
why we fall into this trap andby taking small, consistent and
specific actions, we can kicksomeday to the curb and start

(08:23):
building real financial progress.
Your challenge for this week ispick just one thing from this
episode, just one.
Maybe it's setting up thatautomatic transfer.
Maybe it's starting yourretirement fund.
Maybe it's defining one smartgoal.
Maybe it's just having thatlong, put-off-money conversation
with your partner.
Whatever it is, make acommitment to do it.

(08:44):
Not someday Today.

Brad Nelson (08:47):
Now listen if you're ready to break free from
living paycheck to paycheckwhich, if you're listening, I
hope you are.
You want to reduce financialstress.
You want to build savings.
You want to finally pay offdebt for good, but you're not
sure where to get started.
Don't worry, we've got youcovered.

(09:08):
Here at Defridat, simplify myMoney is sent each Sunday to
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We make it easy and Simplify myMoney.
It's your step-by-step roadmapto better financial control, and
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You're going to get stress-freemoney decisions that will help
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You're also going to gain thetools and the confidence to
tackle your financial goals headon.
You can sign up for Simplify myMoney by clicking the link at

(09:29):
the top of the show notes.
Thanks for joining us ontoday's show and we will see you
guys on the next episode.