Financial Burnout: Strategies for A Healthier Money Mindset

Financial burnout is more than just a shortage of funds; it’s a state of mental, emotional and physical exhaustion resulting from prolonged financial stress. The constant worry about money matters seeps into every aspect of life. Not only does it affect us as individuals, but can also impact our relationships, workplace and communities. To help mitigate the burnout, we’re sharing strategies proven to foster a healthy money mindset so you can build slack and reduce financial stress.

Be realistic with your spending plan. When making your spending plan, be realistic about your spending habits. It can be helpful to reduce the number of categories in your spending plan, so it maintains its flexibility and doesn’t seem so rigid. Instead of having separate categories for dining out, movies and concerts, put these funds into one “entertainment” category.

Avoid extreme frugality. A quick way to lose motivation is by getting rid of too much, too fast. Contrary to what most of us have been taught about saving money, cutting out every small purchase that brings you joy does not work for most people and ultimately leads to a failed attempt at saving. Start small with non-necessities, but if you need a morning coffee to maintain your sanity (we totally understand), just make sure to work that into your spending plan to stay in control and reduce the uncertainty that often leads to burnout.

Track your expenses. What was once a time-consuming task, often quickly abandoned due to its inconvenience, is now easy to do with the help of financial apps. Tools like Spending Analysis and Spending Forecast make tracking your spending and saving easy, convenient and accessible. Learn more about these features, and if you’re a Credit Human member, log into digital banking to start taking advantage of them.

Prioritize self-care. Recognize the importance of self-care in maintaining your overall well-being. Allocate time and resources for activities that bring you joy, relaxation and fulfillment. Whether it’s exercise, meditation or spending quality time with loved ones, self-care is a crucial antidote to burnout.

Talk to a friend or family member. If you find yourself feeling overwhelmed, consider reaching out to a trusted friend or family member. Financial stress is a feeling most of us have experienced before or are currently dealing with, and with current inflation-related concerns, it’s a topic that’s on a lot of our minds.

Visit a Financial Health Center. Consider making an appointment at a Financial Health Center. Our Member Relationship Specialists provide personalized guidance on financial planning, debt management and more every day, helping members make informed decisions and regain control over their unique financial situations.

We serve thousands of members just like you every day. Visit a Financial Health Center and let us know how we can help.