Being frugal is one of the clear pathways to financial stability because it helps you cut expenses, prioritize how you spend money and get the best value for your money. However, if you have been consistently frugal, you might start noticing some signs of weariness in your as you count and account for every dime that you spend. Frugal fatigue is simply the mental and emotional stress that people undergo in the process of taking time to consciously make smart financial decisions.
Many people suffering from frugal fatigue tend to become overwhelmed with the whole idea of being frugal. If you are suffering from frugal fatigue, you may want to throw in the towel and stop budgeting for a couple of months. In extreme cases, people suffering from frugal fatigue might make become rash to go on a spending splurge where they blow out all the savings from the last couple of months. This piece provides 3 insights for preventing frugal fatigue.
1. Make budgeting a fun activity
The first way to avoid frugal fatigue is to inject some fun into your budgeting process so that you look forward to creating a budget and prioritizing your expenses. You may want to start by scheduling your budgeting time to the start of each new week when you are still energetic instead of weekends when you are already worn out.
You should also consider getting creative with how you name the items in the expense column on your budget. For instance, you can turn entertainment expense to hanging out with buddies, you can turn housing expenses to I refuse to be homeless, and debt payments can be changed to even the U.S owes China some money.
2. Connect your frugal efforts towards specific goals
The second way to prevent frugal fatigue is to connect your frugal efforts to specific personal goals. When you connect your frugal lifestyle towards specific goals, saving money won’t feel like a chore. More so, you can also share your frugal goals with your friends so that they can understand when you ask to split bills when next you eat out.
For instance, being frugal can make it easier for you to save up money towards a down payment. While saving up for the down payment, keep the goal of owning a house in your mind, start looking through neighbourhoods – you’ll be less overwhelmed by the frugal lifestyle than if you were only saving up money for the sake of saving.
3. Create a splurge expense to reward yourself
You should learn to reward yourself when you reach your financial goals – rewarding yourself helps to reinforce the importance of being frugal and it stops you from giving up on your frugal living. You can reward yourself through various means such as buying gifts for yourself or giving yourself a treat.
A smart way to reward yourself and also avoid frugal fatigue is to start setting some money apart for splurging. There’s no rule for a splurging expense account and you can “waste” the money as you deem fit without being apologetic or remorseful about it.