Savings Fatigue: When Saving Money Gets Boring

Savings Fatigue: When Saving Money Gets Boring

Picture this: You're on the fast track to saving money and building real wealth. Your savings account is responding very well to your new budget, which is very exciting. Tracking your expenses is helping you eliminate the junk you never needed anyway. You've even made progress in destroying your debt, which is fantastic!

Everything is going very well, so you keep repeating the process…

…each month…

…on…

…and more…

…and one more time.

Your enthusiasm diminishes. Your motivation decreases. You look around and think, “Man, this saving money thing is incredibly boring.”

CAREFUL!!!

Stop right there and stay away from the ledge! That's it... just back up... there you have it.

What you're experiencing is savings fatigue and you're dangerously close to destroying all the progress you've made.

What is savings fatigue?

At some point, savings fatigue hits all super savers. The bright, debt-free lifestyle we long for doesn't seem so bright when seen in the mundane light of the daily routine it really takes to achieve it. The repetition of good financial habits, the constant attention to details, the money piling up in our bank accounts month after month… it all gets a little, well, boring. The novelty wears off, our original motivations lose their strength, and we are tempted to give up before reaching the goal.

I mean, once we've cut our expenses, paid off our debts, and moved forward with our well-thought-out plans, what else can we do, right?

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Plenty. That is what.

You've come so far! Don't let savings fatigue trick you into taking your foot off the pedal now. It's time to recognize the problem and fight!

Three ways to fight savings fatigue

When saving money gets boring, take a step back and use these three techniques to rekindle your financial fire:

  1. Set financial goals. – Setting financial goals is a great way to stay motivated. Challenge yourself and save an extra $500 this month. Make it a game to reduce your expenses even more. Increase your retirement savings goal from 10% to 20% of your income this year. Or set a goal of saving enough money to buy a rental property. By creating concrete financial goals, you will have specific goals to aim for, giving you incentive and motivation to stay on the right financial path.
  2. Create a “wish list.” – Take out a sheet of paper and start writing your dreams. Maybe you want to buy a house. Maybe you want to pay for your children's college. Or maybe you want to retire early, travel the world, or donate generously to your favorite charity. Whatever your goals are, write them down…then check them off after you achieve them. Once you've finished your wish list, create a new one. We've been through several reviews of ours , and these lists continue to inspire us every day. Just like setting financial goals, the more specific you are with your dreams, the more they will motivate you to save.
  3. Enjoy the little things. – Sometimes, it is the little things that help us enjoy the process. For example, payday is a good time in our house. Normally, we plan our budget a few days in advance. (Exciting.) Then on payday, we review our budget based on our actual paychecks. (Even more exciting). After that, we pay the bills and allocate the savings according to the plan we agreed upon. (Super exciting). The point is to enjoy every little victory. Celebrate the little things and use them as motivation to keep going.
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Saving Fatigue Is Actually a Good Thing

When you've followed a financial plan for as long as we have, things tend to get pretty boring. I never wake up and think, “Wow, that was so great that I didn't spend a damn penny yesterday. Damn heat!" No, it just doesn't happen because spending money isn't really that exciting.

But for all its dangers, savings fatigue is actually a good thing. It means you're doing it right. You sleep soundly at night because little by little you are saving for the future. You don't have to worry about where the rent is coming from or how you're going to put food on the table this month. There are no financial surprises or emergencies to worry about because you are prepared for the worst things that can happen to you. Yes, by completing the simple, mundane tasks of daily savings, you removed the excitement and replaced it with stability. That may not be exciting, but it's a hell of a lot better than fighting.

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Enjoy the trip

I hate to break it to you, but there are no ribbon parades or confetti-filled streets waiting for you at the end of this journey. Fireworks will not explode. No one is going to jump out from behind your desk and sing congratulatory songs. Still, this is where you want to be.

As you watch others struggle to pay off that car loan… and that house… and that credit card… and that furniture… you'll have the flexibility to pursue the dreams you wrote on your wish list. You will have the freedom to make decisions that others can afford. You'll have financial options that other people simply don't have.

That's when you will realize that your efforts have been worth it, that you made a great decision to save on the things that don't matter and now you can spend on the things that do matter. You made small temporary sacrifices and they turned into huge long-term gains. It may seem boring, but it works. As for me, I'll be bored and broke any day... and you can take that to the bank!

Have you experienced savings fatigue? What have you done to combat it? Let us know in the comments below!

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