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BUSINESS Thursday 26 sepTember 2019
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Millennial Money: Sneaky ways burnout hurts your bottom line

By AMRITA JAYAKUMAR tize what you’re willing to
Associated Press spend money on and cut
Millennials are a burned- back on.
out bunch. Millennial work- Values aren’t the same as
ers are more likely than goals. Paying off a credit
older generations to report card is a goal, but achiev-
being burned out at work, ing financial freedom is a
according to a 2018 Gallup value, Stevens says.
study. The gig economy, — BUDGET STRATEGICALLY.
the temptations of social Budgeting isn’t about cut-
media and the high ex- ting out the small things that
pectations millennials have give you joy, like the oc-
of themselves contribute casional Uber or your latte
to this trend, behavioral fi- habit. Taking a big step to
nance experts say. save money — think mov-
Add to that record stu- ing into a cheaper living
dent debt levels, the cost situation, refinancing your
of health care, slow wage student loans or cancel-
growth and little work-life ing subscriptions — is more
balance, and you have a sustainable in the long run
recipe for emotional ex- than, say, resolving to eat
haustion. “Millennials have out less, Beasley says.
this double whammy of In this June 21, 2019, file photo commuters walk through a corridor in the World Trade Center “Every day when you’re
anxiety coupled with a re- Transportation Hub in New York. making a decision to spend
ally strong work ethic,” says Associated Press less, it’s hard to keep go-
Kit Yarrow, a consumer to its handbook of recog- multiple jobs, long hours or Social networks and the ing,” she says. “We natural-
psychologist and professor nized health conditions being available for work all ease of online shopping ly bounce back to our old
emerita at Golden Gate this year, says symptoms the time — and because it make it harder to resist habits.” After you’ve identi-
University. “Before they include “feelings of energy makes mundane tasks eas- temptation, says Mariel fied your values, a budget
even get started, millen- depletion or exhaustion; in- ier, says Theresa Stevens, Beasley, co-founder of the is a tool to help you live
nials approach their tasks creased mental distance 26, a financial coach who Common Cents Lab, a be- them. The 50/30/20 bud-
in life with a (base) level from one’s job, or feelings works with millennials at De- havioral science research get, which divides spend-
of anxiety, which depletes of negativism or cynicism clutter Your Money in Provi- lab at Duke University that ing into needs, wants and
their resources for manag- related to one’s job; and dence, Rhode Island. focuses on improving finan- savings, is a good place to
ing stress.” reduced professional ef- — YOU SPLURGE AS A RE- cial well-being for low- and start.
This is not to say “adulting” ficacy.” Burnout is linked WARD. “Treat yourself” isn’t middle-income house- — CHANNEL MONEY MOTI-
is especially difficult for to your job, but it can also just a hashtag; it can be a holds. VATION: When you’re feel-
this generation, or to as- affect your financial deci- coping mechanism. When HOW TO BREAK THROUGH ing motivated, take a one-
sume that all millennials are sions outside of work in the it comes to rewarding our- BURNOUT time action that will save
struggling. But understand- following ways: selves, “our mind tricks us You can’t fix the economy you effort, Beasley says.
ing how burnout harms fi- — YOU PAY MORE FOR into taking us off the hook,” or wish away debt. But by Set up a small transfer —
nancial decision-making CONVENIENCE. You could Yarrow says. recognizing burnout, you perhaps 5% of your income
can help you or a loved be spending money regu- “You might think: I already can make things easier on — to a savings account so
one break through it and larly on takeout, Uber rides have student loans and yourself. Here’s how: the money is out of sight,
achieve goals. or grocery delivery, for ex- credit card debt and my — KNOW YOUR “WHY.” out of mind. Or cut up a
BURNOUT TRICKS THE MIND ample. rent is half my income so I Your values motivate you credit card (but don’t close
Burnout isn’t the same as People are often willing might as well go out and when you’re paying off the account) to make it a
stress. to pay more for conve- eat, because what differ- debt or saving money for little harder — but not im-
The World Health Organiza- nience because they’re ence will it really make?” a dream vacation. They possible — to buy things
tion , which added burnout exhausted — from working Stevens says. can also help you priori- you don’t value.q