Managing multiple bills, accounts and investments can lead to burnouts, something we all want to limit as much as possible. Financial fatigue acts as a blinder that limits our vision. This “limited vision” acts as a sort of temporary mental blindness that prevents us from seeing the full picture, hence causing us to make bad financial decisions.
Fortunately, there is a game plan to counteract this common predicament:
- Get Organised
Get a clear picture of your monthly expenditure, and get to know where your money goes each month. Preferably you could make a list of essentials vs non-essentials. For example, an essential expenditure would be food, bills and loans, whilst a non-essential expenditure would be something more along the lines of buying A-grade football boots when you’re not Ronaldo or Messi.
- 1,2,3…Action!
Once you’ve got a clearer picture of the issue at hand, put a plan in motion to ensure you keep within the margins of your budget. You can do this by setting up an autopay system for your bills and loans and knowing your credit utilisation.
- Hold Yourself Accountable
Consider both long and short-term expenditures, keeping them both in view ensures that they don’t sneak up on you. Set clear, workable goals and stick to them.
In the event that you do fail to meet these goals, don’t panic! Sift through the debris of the financial wreck to determine the cause of said incident. This allows you to hit the brakes the moment you’re able to sniff out a potentially bad financial choice.
