Budget Burnout: What To Do When You Are Sick of Saving
Written by
Heather Taylor
Edited by
Levi Leidy
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What comes to mind when you think about saving money? You might think of sticking to a budget, diligently paying off debt and being careful to avoid making expensive splurge purchases. As time passes, you may find yourself getting fatigued and a bit annoyed. When do you get to buy what makes you happy again?
If you think you might be burning out with your budget, there are some moves you can make now to strike a balance between saving money and enjoying spending what you earn. Here’s what to do when you feel sick of saving.
Go Back and Review Your Budget
Does saving money feel increasingly like a chore to you? Caitlin Earle, CFEI and financial coach at Budget BFF, said this is a sign your budget is not realistic or functional for you and your unique financial situation.
It’s time to go back to your budget for a review. Aside from setting realistic goals, your budget should also reflect your values. Earle recommends getting started by asking yourself the following questions:
- What are you currently saving for?
- Do you have short, medium and long-term financial goals?
- How can you make space for spending in the present so life is enjoyable and not all about saving money?
Budgeting for the life you want to live includes life in the present. “When it comes to budgeting and financial happiness, it’s important to remember the journey is just as important as the destination,” said Earle. “Savings are meant to be spent, whether now or later, and it’s important to remember that.”
Build a Fun Fund for Splurges
Chris Yancey, head of integrated sales and advice at TD Bank, said there should always be some fun money set aside in your savings plan for splurges. Use the money accumulated in this fund to reward yourself for a job well done and treat yourself to a worry-free splurge purchase. (Just make sure whatever you’re splurging on doesn’t become habitual or set you too far behind on your financial goals.)
William H. O’Donnell, president and wealth manager at Heartland Financial Solutions, said building rewards into your budgeting and savings efforts helps strengthen disciplined habits in those areas. The key is to build the appropriately proportioned reward into your plan and take it when you’ve successfully executed your budget or savings plan.
See Every Move You Make as Progress
Here’s where it becomes paramount to link your financial goals and values to your savings efforts. O’Donnell said this gives you the opportunity to see how your budget and savings will move you toward reaching your goals. This will give you even more incentive to succeed.
O’Donnell uses the example of paying a bill. This may seem like a routine expense, but there’s a lot about it which feels satisfying. You were able to pay the bill, pay it on time and improve your credit score, so you should feel good about being able to do it.
Establish a Support Group To Stay on Track
Don’t feel as though you need to go it alone. Yancey recommends finding and putting together a good support group made up of friends and family to stay on track for success.
For your financial needs, explore the idea of bringing on a “financial Yoda,” as Yancey calls it. See if you can meet with a mentor or a relationship manager at your local bank to ensure you have achievable financial goals and who will keep you motivated to reach your end target.
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