By Douglas Goldstein, CFPâ

When it comes to managing money, procrastination is one of the most common causes of failure. Postponing investing can actually mean losing money. As many financial decisions aren’t fun and can be stressful, they are readily pushed off. But while ignoring your finances may be tempting, the longer you ignore them, the further behind you get. Have you ever procrastinated balancing your checkbook, so that by the time you get around to it, the scribble on the check stub and/or receipt is a total mystery?

Depending on your situation, financial procrastination could either make or break your bank account.

Rule of 72

The “Rule of 72″ is a simple way to estimate how your money may grow. Divide 72 by the interest rate you expect to earn. This number will tell you how many years it will take to double your money.  Then, divide 72 by the number of years in which you want your money to double. This figure is an estimate of the interest rate you’ll need to earn in order to double your nest egg within your desired time.

The horizon is always in front of you

Don’t be discouraged if the path to saving seems long. Take a look at the horizon – doesn’t it seem as if you can just reach out and touch it? Yet, as you get closer, it appears to move further away. But, when you turn around, you can see how far you’ve come. It’s the same with investing: the end goal may seem unreachable, but regular contributions to your accounts can build up rapidly. It may be difficult to see your progress if you only look forward. Periodically re-evaluate your savings program, and hopefully you’ll be able to measure your concrete movement toward achieving your goals.

Douglas Goldstein, CFPâ, is the director of Profile Investment Services. He is a licensed financial professional both in the U.S. and Israel. He offers securities through Portfolio Resources Group, Inc. Member FINRA(formally NASD), SIPC, MSRB, SIFMA. Accounts carried by National Financial Services LLC. Member NYSE/SIPC, a Fidelity Investments company. His book, Building Wealth in Israel: A Guide to International Investments and Financial Planning, (with a guest chapter on taxation by Leon Harris, International Tax Partner, Ernst & Young) is available in bookstores, on the web, or can be ordered at: www.profile-financial.com (02) 624-2788 or (03) 524-0942. Building Wealth in Israel, ISBN 193268784X 308 pages