A recent study showed that 73% of Americans rated money as the number one stressor in their life. However, there’s a minority of people who simply don’t care about money and feel completely indifferent toward their finances. This mindset is known as financial apathy and can cost you a lot of money. If you aren’t motivated enough to create a budget and reign in your spending, you may have trouble meeting important financial goals.
Here are three ways to combat financial apathy so you can regain control of your finances.
3 Ways to Combat Financial Apathy
Find a Goal That Resonates With You
If you’re financially apathetic, it may help to reframe the way you think about money. Studies have shown that people who neglect their finances can benefit from viewing money as a pathway to their ideal lifestyle. Picturing the personal goals and dreams that money can help you achieve will make it easier for you to form a financial plan.
Understandably, you aren’t motivated by the zeroes in your bank account. Instead of thinking about money in terms of dollars and cents, focus on the lifestyle financial responsibility can afford you. Sticking to your budget could help you buy your dream home or get that car you’ve always wanted. Viewing money as a tool to get what you want rather than an end in itself can help you overcome your apathy and start caring about your finances.
Consume Fun Financial Content
Back when you were a student, having a cool teacher could probably make you enjoy a subject you previously hated. So if you dislike personal finance, try to consume fun, money-related content to change your opinion of the subject.
There are dozens of engaging money influencers on social media such as Your Rich BFF and Her First $100K. Finding a personal finance blogger or podcaster you love can help you learn about important financial concepts and get motivated to improve your spending habits.
Financial apathy can also be caused by fear. If you’re scared you’re going to mess up your finances, you may put off important financial decisions. Improving your financial literacy will help you feel confident in your money management skills so you can take control of your finances.
Use Automation To Your Advantage
When you have a million things on your to-do list, money management can fall by the wayside. Many people are apathetic about their finances because they’re simply too stressed out and busy to care. If that sounds like you, automating your finances could help.
For example, instead of forcing yourself to sit down and balance your checkbook, consider using an app like Mint to track your spending. It automatically syncs with your bank accounts and credit cards so it can record your transactions and compile them into a report for you.
Paying yourself first can also help you achieve your financial goals without much thought or effort. Consider setting up an automatic transfer to your savings account so you don’t have to remember to do it yourself. Putting money in savings on payday will also prevent you from mindlessly spending your whole paycheck.
If you tend to overspend, it may also be a good idea to set up separate checking accounts for discretionary spending and bills. That way you don’t accidentally waste money you need for essentials on frivolous purchases.
Wrapping Up
Have you ever dealt with financial apathy before? How did you overcome it? Share your tips in the comments below!
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.