Work burnout could be costing you money

09 Dec 2019

Work burnout could be affecting the way in which you make financial decisions. A 2018 Gallup study showed that Millennials (aged 22-37) are more likely to suffer from work burnout. High student loans, expensive healthcare, slow wage growth, high cost of living and little work life balance is a recipe for emotional burnout. 

The World Health Organisation , which added burnout to its handbook of recognised health conditions this year, says symptoms include "feelings of energy depletion or exhaustion" increased mental distance from one's job, or feelings of negativism or cynicism related to one's job" and reduced professional efficacy." - Gulf news

So, you might ask how does burnout affect your finances?

•    People pay more for convenience – if you are always tired, work long hours and constantly available for work, then it’s much easier to order in. The thought of cooking when you get home is just not an option. This also applies to using services to do the things you just don’t have time for like renewals, walking your dog etc. This convenience costs more.
•    People who suffer from burnout are more likely to spoil themselves as a reward.
•    Temptation of online shopping – Online shopping and social media makes it too easy to buy luxury items online.

Vicious circle syndrome – you spend to make yourself feel better because you are depressed, and you get depressed because you spend too much.

Solutions for burnout

The best solution is to recognise that you are in burnout mode.

•    Firstly, make adjustments to your work life balance. Give yourself more time to relax and refresh your mind.
•    Get rid of your guilt – spend more time with your family and walk your dog yourself, you will reconnect with your children and ‘man’s best friend’ and get some healthy exercise in the process.
•    Identify where you spend more money on convenience – the next time you cook, make enough for two or three days, so you have food when you don’t feel like cooking instead of ordering in.
•    Budget, budget, budget - Add up all your ‘convenience’ expenses. The total amount will surprise you. It could, help you pay off your debt quicker, allow you to save up for a dream vacation, save more for retirement etc. Set up a direct transfer into a savings account. This will give you the feeling of accomplishment and taking control of your finances. 

The point is not to deprive you of your creature comforts, but to make you aware of expenses.

Speak to deVere Acuma adviser to help you take control over your spending and plan a budget that suits your individual financial needs. [email protected]

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.

* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.