Sometimes I worry about financial burnout. I like to absorb myself in the world of personal finance.
On my daily commute, I listen to Pat Flynn’s podcast.
I am constantly updating my financial goals for the short term and long term. I read a bunch of other personal finance blogs as well as started this blog!
Learning and reading as much as I can about money has pretty much become my main hobby in my spare time.
I am so involved and invested on my journey to financial independence, but I started to wonder what had caused me to fail in the past. I realized it was a combination of things that ultimately lead to my financial burnout.
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Stop analyzing your finances every second of the day
Ok, I know you aren’t really looking at your finances all day, every day. But if you are anything like me, take a break from looking at your financial savvy spreadsheets or all your bank account balances.
I used to check every financial account I had on a daily basis, sometimes multiple times a day! This can cause a lot of anxiety and unnecessary stress.
I now limit myself to checking my bank account and budget spreadsheets once a day.
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Organize your life
If you don’t know how much money you have in the bank or if you just paid a late fee on a bill, it’s time to get financially organized.
You should know all your bill due dates and how much income you bring in each month.
You should also develop a plan for an emergency fund, savings, and getting out of debt.
Don’t compare yourself to the Joneses
It is easy to overspend and waste money when you are trying to live someone else’s lifestyle. It can be easy to give in to temptation and try to fit in by purchasing things you can’t afford.
Once you realize that you have different wants and needs than your neighbor or friend, your life will become much easier and your wallet will thank you.
While it can be tempting to want to live a more lavish lifestyle, no one really knows if the Joneses are millionaires or living a life of debt.
Have realistic goals
If it took you five years to accumulate debt, be prepared that you might not be able to pay it off right away.
It is more realistic to develop a long term plan for how long it will take rather than assume you will be able to pay it off in a short amount of time.
It is very easy to create a plan that can be too unrealistic and then feel like a failure when you don’t meet your goal. Having a realistic goal will help you better plan for your financial future.
Reach out to others
There is no rule that says you have to go on your financial journey alone.
It can be very therapeutic to have someone to talk to when you have questions. Communicate with your partner if you share finances or even sign up for a Dave Ramsey class.
While I wasn’t ready to share my financial journey with my friends and family (they don’t even know I have a blog), I was ok with lurking on the internet and discovering there were other people who wanted to write about money.