“Financial faffing” could be more expensive than people think, with experts estimating it could cost Brits some £43,000 over their lifetimes.
Essentially, this refers to when people delay dealing with issues due to the stress, cost or effort involved. This can range from not paying bills on time to neglecting often overlooked house maintenance tasks.
Boiler experts at BOXT Life have warned that failing to get your boiler serviced regularly could cost you around £665 a year.
A survey by the all-in-one boiler plan provider revealed that a quarter of Brits delay fixing heating issues and their annual boiler services until their hot water stops working.
The cost of avoiding these timely services can often skyrocket when they turn into repair bills. It was found that 58% of Brits leave things until the last minute, even when it has cost them financially in the past.
This is usually through unpaid bills, which 36% admitted they often stuff in a drawer hoping they’ll disappear.
Regrettably, debtors have a better memory than those who can shut out their drawers, and this financial faffing method can cost up to an average of £114 a year in late fees.
Roof leaks, electrical issues and malfunctioning appliances were also taking up some substantial headspace and budget as Brits continue to put it off.
Psychologist Dr. Lalitaa Suglani explained how to cut the faff, which for many also add to the “sunday scaries” phenomenon: “Setting up small, automated reminders for routine tasks, like booking annual checks for boilers and appliances; this can help spread the cost and prevent emergency situations.
“These reminders remove the mental load of remembering, ensuring that things get done before they become critical problems and impact your mental wellbeing.”
She explained that faffing often comes from feeling overwhelmed by a high-stake task, and that breaking into smaller actions can go a long way in driving your motivation to confront it.
She added: “For instance, scheduling a single call to book an inspection may seem much easier than tackling a long to-do list, as our brains work best when we break things down, otherwise we end up procrastinating.”
