A lot of people, as usual, started the 2022 financial year on a clean slate and with the motivation to smash some audacious financial goals. Some of those goals that would have included making more money, buying more assets, and generally thriving financially seem to have become an uphill task and generally unachievable.
With about 2 months remaining in the year, a lot of people have lost enthusiasm, not just about their finances but in other areas of their lives as well.
A lot of people are experiencing what I call “financial fatigue.”
What exactly does it mean to be fatigued?
Fatigue is a word that is used to describe a feeling of tiredness or lack of energy. It also means a loss of motivation or energy to do the things you are meant to do. I will restrict this conversation to just the financial issues that have led to fatigue for a lot of people.
Financial fatigue is a feeling of financial overwhelm, and this is a state where a person has lost energy with regard to taking care of their financial health.
When financial fatigue hits, you are all over the place with your finances. You throw caution to the wind by spending carelessly. You are not exactly fired up to deal with your challenges. You do not track your finances as you used to do. You lose the zeal to make more money, and you avoid talking to those you used to be accountable to about your finances.
Does this seem like what you are going through?
Financial fatigue messes up a lot of things if it is not properly dealt with.
Here are a few causes of financial fatigue, especially in 2022:
1. The Current State of the Global Economy
The entire world is experiencing high inflation rates, devaluation issues in Nigeria, insecurity, political brouhaha, a constant flow of unhealthy social media news for the soul, and whatnot. The world has experienced a lot since COVID happened, and whilst we are still dealing with the aftermath of COVID, newer issues of concern continue to spring up.
Read also: You need to stop self-sabotaging your finances
2. Loss of Income.
A lot of people have lost their means of livelihood over the last 2 years. Some people in business have experienced reduced or no income at all, some as a result of bad business moves and some because of the global economic issues described above.
3. Investment Failures
Almost all asset classes are struggling in a year such as this. When the funds you invest do not come back when they should, there is a likelihood of not wanting to invest again. Trust is eroded, and financial plans are messed up.
4. General Issues Affecting Business
A lot of businesses are failing in 2022 for various reasons. Some of these reasons include the impact of national and global economic chaos; peculiar sector issues, lack of funding, and increased cost of doing business, the brain wave that hit the Nigerian economy, especially small business owners who were trying to find their feet, have had high levels of staff turnover, and are now dealing with incompetent staff.
Other causes of financial fatigue may include:
Social Separation.
This applies to people who have moved away from their families and friends and are emotionally estranged from them.
2. Emotional and other relationship issues, such as loss, divorce, or separation.
3. Medical issues: Especially for those who have had to spend a lot of money dealing with a medical diagnosis or challenge.
4. Unmet expectations: unfulfilled goals, broken promises, and so on.
How do you deal with financial fatigue?
-Don’t shy away from your feelings. Have a conversation with yourself and admit what you are going through.
-Talk to a trusted person in order to unburden. If you have an accountability partner, have a conversation with them.
-Review your finances and rework your budget where necessary.
Look at areas of your budget you need to take instant action on. You may need to take a financial literacy course to help you understand a specific area of your finances that you need help with.
-Get on a call or work with a financial coach or advisor for them to help you review your personal financial circumstances.
-Set some money aside, and keep it in a no-touch account. It will boost your overall confidence.
-Review your debts and credit and consider how to rework them. Talk to a professional where necessary.
-Remain optimistic
Remember that 2022 is a unique year, and what you are going through is not peculiar to you. Make efforts to overcome financial fatigue and improve the way you feel about your finances.
