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Facing The Elephant in The Room

Q: I just don’t seem to care about my financial future or present for that matter. I know I should be more involved. I make a good living and I’ve tried to be responsible with my finances in the past, but lately, I’ve just stopped caring. I don’t really look at my credit card statements, and I haven’t really had saving on my mind. I know that everyone should be involved with their finances but I just can’t seem to get into it. Have you seen this before or am I on my own private island?

A: No need to panic. You don’t need to make your own Wilson yet. What you have is the burn, or should I say the burnout. We know that burnout is a real issue. From a Deloitte study*, 77% say they have experienced burnout at least once at their work. 83% say that burnout can negatively impact their personal relationships. Well, it has, in your case. It’s affected a relationship with yourself and your money.

Financial burnout is a topic that isn’t widely discussed but it can happen just as easily as it can at work, without the risk of getting fired. It often comes from feeling overwhelmed by having to handle your finances. This could be anything from managing bills and debt repayments, looking at your credit card statements, and even just looking at your bank account. People with financial burnout tend to just put everything on automatic payments and just ignore our financial lives.

You might have financial burnout if you:

  • Are not interested in saving money and let your emergency fund run dry

  • Have no regard for what you are spending.

  • Ignore your money, like not looking at what you are spending or your bank accounts

  • Justify every purchase with saying to yourself, “It’s just $30. No biggie.”

  • Thinking about your finances makes you anxious and feel guilty

  • Don’t have any goals regarding your finances.

  • You feel hopeless and therefor don’t see the point of putting in the effort

Continuing to live in financial burnout can lead to bigger problems like wracking up debt, skipping payments, and not allowing yourself to build for your future. It can lead to financial destruction.

Looking at and be responsible for your finances can be scary and overwhelming. We often don’t know where to start. Here’s a few things you can do to start your journey into financial independence and away from financial burnout.

  • Look at your bank account every day over coffee. Just look and become aware. Nothing more.

  • To curve financial anxiety, read one financial article a week. Type in the word “money” into favorite search engine and just read. Knowledge will help curve the level of confusion and anxiety with money.

  • On Sunday evening, just take five minutes to think about financial week ahead. Will you be going out to happy hour with friends? How much do you think you might spend? How much do you want to spend? Is that new book coming out you’ve been waiting for? How much will that be? Just think about your week in a different way.

Tackling financial burnout too quickly can be overwhelming and push us back in the blackout stage. Just ease your way in. The water is fine, and your future self will thank you. Eat that elephant one bite at a time.

We at One Vision Retirement are happy to have a no obligation call to go discuss your situation and questions.

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Investment advice offered through Integrated Financial Partners, doing business as One Vision Retirement, a registered investment advisor. The information in this material is for general information only and is not intended to provide specific advice or recommendations for any individual. Integrated Financial Partners does not provide tax advice or services. Please consult a qualified tax advisor regarding your specific situation.



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