One other side effect of procrastination is that it makes us spend time redoing things.
To explain, lets us imagine you have procrastinated until the last minute to submit a proposal. By hurriedly completing it, rest assured that the proposal would come back either to you seeking clarifications or with pointers asking for corrections.
In essence, you will have to redo the whole proposal. This means you are spending much more time on a proposal than you would have spent doing it diligently with care the first time.
Therefore, do it right the first time and save time.