Conquering the Dread of Completing Your Taxes? Here's a Few Tricks to Beat That Procrastination
With a gamut of strategies at your disposal:
Ever found yourself putting off the task of filing your taxes until the last possible second? It's not just you - procrastination is a common culprit for many individuals. But why is it so hard to get motivated? Let's chat with Dr. Thomas Mathar, a renowned behavioral economist, to get the inside scoop.
Why do people procrastinate on filing their taxes, Mr. Mathar?
Dr. Thomas Mathar: Well, it's all about avoiding the unpleasant or complex tasks that life throws at us. Despite it being financially sensible to submit your taxes early and possibly receive a refund, the fear of making mistakes or the sense of complexity in the system can deter many from diving in. Plus, there's usually no immediate reward or social pressure pushing us to get started.
What triggers the fear of filing taxes, and how can one conquer it?
The dread is usually rooted in past experiences or misconceptions, so it's important to approach the situation with a fresh perspective. Instead of dwelling on how burdensome the task is, try focusing on the satisfaction you'll feel when it's finally done! Tax preparation can be seen as an opportunity for a financial check-up, providing insight and control over your financial status.
Here are some practical tactics for beating the procrastination:
- Make it Pleasurable: Link the process of filing your taxes to a rewarding activity, such as treating yourself to a delicious dessert or taking a well-deserved break once you complete each section.
- Break it Down: Divide the task into smaller, manageable chunks, instead of tackling the entire return all at once. Start by collecting all your receipts and organizing them before diving into the details.
- Encourage Accountability: Set up a date with a friend or family member to work on your taxes together, or join a local tax preparation support group. It's always more enjoyable to accomplish tasks when you've got a buddy by your side!
- Use Technology: Embrace digital solutions, such as cloud-based accounting tools, to streamline the tax filing process and minimize the emotional burden.
- Reward Yourself: Celebrate your progress as you work through each step, as this will help maintain your motivation and reinforce positive behaviors.
Remember, many people around you have already filed their taxes, so don't let the weight of the task hold you back. By adopting these strategies and adjusting your mindset, conquering your tax dread and wrapping up this annual chore earlier in the year becomes achievable.
Thomas Mathar serves as the Director of the Center for Behavioral Research at Aegon UK, a leading provider of investment and financial services. In his role, he helps people make better long-term financial decisions by studying instincts, motivations, abilities, and environmental factors that influence decision-making.
Sources: ntv.de, Christoph Jaensch, dpa
Related Terms: Income Tax, Tax Office, Tax Assessment, Tax Return, Consumer, Taxpayers' Association, Employee, Tax Tips
- Procrastination in filing taxes can be largely attributed to the dislike for complex tasks and the fear of making mistakes, as revealed by Dr. Thomas Mathar, Director of the Center for Behavioral Research at Aegon UK.
- To conquer procrastination when it comes to taxes, consider linking the process to a reward, such as vocational training, education, or personal-finance workshops that provide knowledge and skills to better manage your business and personal finances.
- By breaking down the task into smaller, manageable sections, individuals can alleviate the sense of overwhelming complexity, making it easier to tackle each part and ultimately submit their tax return.
- Encourage accountability by submitting your tax return in conjunction with your local community policy, such as taxpayers' associations, which aim to provide support and resources to those in need of assistance with their taxes, thus fostering a sense of shared responsibility and motivation.
