Beating Budget Burnout
A budget might restrict your spending, but it’s one of the best ways to stay in control of your finances. You’re able to save more and live within your means, which means less financial stress. Even if you understand the importance of budgeting and you’re making progress; pinching pennies, depriving yourself, and tracking every dime you spend gets old after a while. We are here with helpful tips that you can use to beat budget burnout and make managing your money a lot less painful.
What Causes Budget Burnout?
Budget burnout stems from feeling fatigued or overwhelmed by your budget plan. This can happen from a few different factors:
- Being extremely frugal – While living frugally isn’t a bad plan for buffering your savings and building financial stability, living extremely frugally can put a lot of pressure on you.
- Living “bare bones” – Much to the previous point, going bare bones with your budget has a time and place, but if you’re too restrictive with your budget all the time, you’ll likely find your energy quickly drained.
- Cash flow problems – If your expenses total up to as much as your income – or worse, more – you’re in a sticky situation that can inevitably lead you to burn out and take on debt. It’s a difficult situation to be in, and requires finding ways to reduce your expenses.
Change the Way You Budget
What sort of budgeting system do you use to keep track of your finances? Does it work for you or fit your personal needs and lifestyle? If not, you may consider looking into other budgeting options such as the 50/30/20 rule. This system allows you to break your budgeted funds into percentages with 50% going to needs, 30% going to wants, and 20% going to your savings for future financial goals. Changing up your budgeting plan to better suit your needs can help you feel more in control of your finances and less like your finances are controlling you.
Figure Out What's Important
The quickest way to burnout is not leaving yourself some leniency. Creating a monthly budget helps you find places where there’s a little extra money to treat yourself sometimes. Allocating a few extra dollars each month for a day trip, nice dinner out, or clothing purchase can keep you happy and on track. While staying within your monthly budget is top priority, you should still leave yourself some room to do the things you love and get some enjoyment out of the money you make.
Give Up Budgeting Control
In some relationships, one person manages all aspects of the money, including the budget. If this works for you and your partner – great! But if you’re the person responsible for keeping the family budget and you’re feeling overwhelmed, ask your partner to develop your budget as a couple. Talking to your partner about finances may feel intimidating, but it can also help improve communication and give you someone to bounce numbers and ideas off of. Just be sure that your partner is as responsible with finances as you are otherwise you may find yourself more stressed than before.
Manage Your Finances
Beating budget burnout comes down to changing your financial routine and mindset. Routine changes can be a challenge, but we’re here to make it easier for you. With our Financial Tools system, we make it easier than ever to manage your finances. This tool allows you to link your account across multiple financial institutions, manage your budget, see trends in your spending, and so much more. Taking advantage of this tool is great way to get started on reevaluating your current budget and get you on the path to some financial relief!
How To Recover From Budget Burnout
If budget burnout has caused you to blow your budget, getting back on track can take a bit of initial planning. Here are some tips on how to move forward:
- Assess your current situation – Before you can get back on track, you need to ask yourself what sort of damage you need to handle. Did you dip into your savings? If so, you’ll need to make a plan of how you will replenish the funds. Did you take on credit card debt? If so, make a plan to pay it off as soon as possible.
- Cut back temporarily – Evaluate your spending to find areas you can cut back in until you get back on track. For instance, you may want to cancel some of your streaming subscriptions or stay in and cook rather than eating out a few times a month.
Budgeting is the most straightforward way to track your money and work toward reaching your financial goals, but that doesn’t mean that traditional budgeting is the only way to go. With a little creativity and our helpful tips, you can have financial peace of mind and avoid budget burnout.
At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.