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Don’t let burnout derail your budget

Following a budget can be restrictive, tiresome and grows old really fast. Unfortunately, budgeting is the best way to stay in control of your money, live within your means and have less financial stress in our lives. Don’t worry, there are ways to avoid budget burnout especially if you recognize the causes of being overwhelmed by your budget.

What is the number one cause for budget burnout?
Living on a budget requires self-control and commitment and it is not just from one person in the household but everyone has to be on board and do their part.  Often times the stress of this dynamic can be overwhelming and cause people to abandon their budget.
Are there other reasons that people stop being committed to their budget?
There are two other main reasons, first, they don’t have realistic goals. It could be that they set too high of goals for saving or paying down debt or that they set too many goals that are not realistic to be accomplished in their time horizon.  Regardless, having goals you can’t reasonable reach is a huge turnoff for using a budget.
Besides setting unrealistic goals, what is the other main reason people give up on budgets?
They don’t use the correct budgeting method for their situation and the goals they want to accomplish.  Budgets can be detailed to tracking daily expenditures or they can be monthly where only certain types of expenditures are tracked.  Finding the budgeting method that is most relevant to the goals one is wanting to attain is extremely important for success.
What are ways to avoid budget burnout?
Be realistic with what you intend to cut out of your expenses and make sure your partner is part of the decision process.  Part of this is having a splurge budget for fun. It doesn’t have to be a large budget but you do need one for long term budgeting success.
How does one guard against the budget taking over their lives?
There are a few keys to help with this. First, automate as much as you can with savings goals so those happen without your involvement.  Next, don’t track all of the expenses if that is stressful.  Just track expenditures in the categories that are the biggest problem for you when it comes to overspending.
Can switching your budgeting methods help avoid burnout?
Yes in fact it is one of the most effective methods. As your follow a budget and meet your goals, your goals with change.  Often times a different budget method can be just as or more effective in meeting your new goals and it helps keep the process fresh for you. 
How long should you stay with a budget method, switching often could be problematic?
If a budgeting method is working for you, sticking with it for at least a year is a good practice.  It does take a little time to set up a new budget and constantly switching might make your budgeting efforts even more frustrating.  If a particular method isn’t working for you, by all means change it quickly.
If budgeting can become so stressful should we just avoid having a budget to de-stress our life?
Well, there are a few people in the world who probably really don’t need a budget but for the most part, all of us live on some type of budget whether it’s formal monthly process or just the way we choose to allocate our money we are all constrained in some manner.  And the stress of the other financial problems will be significantly more than any budgeting stress would ever be.

Posted: 1/29/2016 with 0 comments

Categories: Budgeting, Financial, Money Matters

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