A lot can happen when you are managing your money and one of them is going through a financial burnout. This is when you are going through a lot of struggles and challenges that you start to feel overwhelmed with everything you have to do. You might start to feel powerless over your financial situation.
This could also be a time when you start to doubt yourself and your capability in managing your finances well. As doubt feels your mind, your self-esteem would begin to suffer as well and you can slowly lose the desire to fix the problem. You start to think that you are better off with all the problems you have because you deserve it.
Financial burnout can be difficult to navigate through but you should not stop trying your best to get out of it. This is important because even Gallup shares that a survey revealed that 23% of employees report feeling burned out. Once you give up, it will be a lot harder to climb out. If you find yourself in this situation, here are a few things that might be able to help you get back on track.
Pause and identify the source
Financial burnout can be a challenging situation to go through and one of the things you can do to address it is to actually stop and identify the problem at its cause. When you are experiencing something severe, it would be difficult to find out why you are where you are. You could be quick to put the blame on the first thing you see not knowing that the reason is deeper than that.
If you have ever lost your footing while running, some people would say that running faster would help you balance your weight and bring you right back up. However, the faster you run, the harder your fall would be. That is if you do not run into a wall head-on at full speed where you might wake up the next minute on a hospital bed.
This is why it is important to slow down or pause and identify where the problem is coming from. Are you burning out because of too much work on your hands? Are you having a hard time with all the responsibilities you have at home and at work? It is also possible that you have so many debt payments every month that they are already overwhelming you.
Tackle the problem head-on
One of the best ways to solve a financial burnout is to face it head-on. Once you have identified the problem, you start working on it. If you are burning out because of too much work, consider cutting down on your hours or looking for a new job that offers fewer hours but pays more. It might be challenging but it will be worth it.
If you have too many responsibilities at home, try and start delegating to other people in the household. Ask your children to help out, talk to your partner about it. If you have too much debt payments, look at consolidating your debt payments. This can give you fewer payments to worry about and even lower your monthly payments.
The idea is to identify the root cause of your problem and start looking for solutions to get you over your situation. Remember that solving the problem will not always be in an instant because there will be situations that will take time to iron out. The important thing is that you are making small steps in the right direction.
Ensure you minimize a repeat of the problem
Financial burnout can be a dark time in your life and you wouldn’t want to go through it again. The problem is that you cannot really predict the future and what it holds. However, you can work on minimizing or totally taking out the possibility of another burnout in the future for the same reasons you had them in the first place.
If you already went through it because you did not have any form of an emergency fund to help you when you lose your job, you might want to prevent the same thing from happening again by saving for emergencies. This is a good idea as Bloomberg shares that 4 out of 10 adults would have difficulty with a $400 emergency. You need to figure out how much you would need if the same thing was to happen again and start saving for it. If you are consistent with it, you will soon reach your target.
It might be challenging to completely erase the possibility of another burnout from happening again but going through one should make you smarter and stronger. Not only can you prepare for it but you can also identify another burnout before it runs over you and your finances. You can start addressing the small problems before you reach the point where you are already burned out.
Do not be afraid to do these things
It is tough to go through a financial burnout and once you are in one, the process can be slow and challenging. If you are going through one or just got out of it, here are a few things to consider to further help you in your journey to financial recovery.
Take a break
One of the best antidotes, when you are going through financial burnout, is to take a break. You need to rest and relax when you just went through a very stressful time in your life. Your mind and body need to recuperate much like when your body gets sick. After seeing a doctor and taking your medicine, your body needs time to get better.
The same concept applies when you are burning out financially or you just went through one – you need a break. You can go out and reconnect with old friends, take a mini-break at the beach, or even just stay home and binge-watch your favorite series with popcorn and drink at the ready. The choice is entirely up to you just make sure that whatever you decide on will not put avoidable stress in your finances.
It might surprise you to know that turning people and events down can do you a lot of good. There might be times when you are asked by family and friends for favors and it is hard to decline. However, you also need to look after yourself and decide which is best for you. If you are asked by a relative if they can borrow money and you are also in a tough situation, it is acceptable to say no.
There is a good chance that you might hurt their feelings but if it means that you get to pay your bills, they should be able to understand your situation. Besides, you can also look for other ways to help. Why not offer to take the kids on certain days so they can look for ways to manage their finances. Refer them to friends so they can get a side hustle started.
It is tough to go through a financial burnout that it might seem easier to just give up but you shouldn’t and know that there is a way out. It might not be a walk in the park but the challenge and struggle to get out of your slump can also be a learning ground for you to strengthen your finances and help you face big money problems in the future.