Burnout was a problem even before the pandemic – do you remember “work hard, play hard”? – but the orders from home made it worse.
People worked harder but with no work-life balance or separation and fewer opportunities to relax and relieve stress. Burnout was almost inevitable for some.
And if you quit your job while you were mentally bottomed out, your cash flow would screech to a halt – likely your already exhausted self would be causing even more stress.
So we hope we never experience burnout, but the possibility is very real – and making sure your finances are able to handle the lack of income is very important. Here are the best ways to buffer your money while giving your mind and body a chance to recover.
1. Find out your bare bones budget and start saving
If you’re burned out and quit your job (or take unpaid vacation), how long will it take to recover? The answer is, you just don’t know. But a good rule of thumb is that you have enough money stashed away for six months.
But don’t panic – it’s not six months of your usual expenses. There are six months in which you will meet your basic needs and give you the freedom to relax. Think of it as your emergency mental health fund.
So how much is that? It holds your most important items – groceries, rent, medical expenses, utilities, and minimal debt payments – and waives the things you can live without. You don’t need all of your subscriptions or a clothing line item. Your mortgage lender may have forbearance options, so consider this too.
After you’ve created that monthly budget for just the essentials, multiply it by six. This is how your savings goal should be. Hopefully it will give you enough time to relax, recharge, and realign your career if you ever need it.
2. Start your burnout emergency savings account on a high-interest account and earn 16 times the average interest
If you don’t have an account for your Emergency Burnout Fund, get one. Keeping cash under the mattress or in the sock drawer isn’t very safe, and it won’t earn you any interest – which, frankly, is not much less than your average savings account.
However, with an account with Aspiration, you can earn up to 16 times the national average interest on the money in your account. And get up to 5% back every time you use the debit card.
Not too shabby!
Enter your email address here to receive a free Aspiration Spend and Save account. After you’ve verified your email, securely link your bank account so they can help you get extra money. Their money is FDIC insured and they use military grade encryption which is nerd talk for “this is perfectly safe”.
3. Stop paying your credit card company
Your credit card company is putting insane interest rates on you – some as high as 36% – so you’re paying extra money every month that could go towards your burnout emergency savings instead.
But a website called AmOne wants to help.
If you owe your credit card company $ 50,000 or less, AmOne will provide you with a low-interest loan that you can use to pay off every single one of your balances.
The advantage? You have to pay an invoice every month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you can get out of debt much faster. Plus: No credit card payment this month.
You don’t need perfect credit to get a loan – and comparing your options won’t affect your score. Plus, AmOne keeps your information confidential and secure, which is why after 20 years in business it probably still has an A + rating from the Better Business Bureau.
It takes less than a minute and only takes 10 questions to see which loans you qualify for – you don’t even have to enter your Social Security number. You need to give AmOne a real phone number to qualify, but don’t worry – they won’t spam you with phone calls.
4. Get money back every time you shop for groceries
They know couponing is a guaranteed way to save more money while shopping – but it is downright time-consuming. Instead, you could simply be rewarded for buying what you are already shopping for. No clipping is required and you can add more money to your emergency fund every month.
A free app called Fetch Rewards rewards you with gift cards just for buying toilet paper and more than 250 other items in the grocery store.
Here’s how it works: After you’ve downloaded the app, simply take a photo of your sales receipt showing you purchased an item from one of the brands listed in Fetch. For your efforts, you will receive gift cards for places like Amazon or Walmart.
You can download the free Fetch Rewards app here for free gift cards. Over a million people already have it, so they have to be into something …
5. Earn up to $ 225 on your burnout prep fund just for walking down a rabbit hole with your phone
We’ve all been through this. You sit down at the end of the day to relax on your phone and suddenly it’s two hours later and you’re back to the weird part of YouTube. How did I get here in the first place?
But you don’t have to feel guilty about it anymore. Research companies will actually pay you to search these video rabbit holes.
You can top up up to $ 225 per month by signing up for a free account with InboxDollars. They present you with short video clips every day to choose from and then ask you a few questions about them.
All you have to do is answer honestly and InboxDollars will continue to pay you every month. That may sound too good to be true, but it has already paid its users more than $ 60 million.
It takes about a minute to sign up and get paid for your nightly zone-out.
6. Cut off your bills now to save for later
There are some bills that you can now bring down without sacrificing anything.
By reducing these monthly payments, you can save more money instantly and worry less if you ever need a break from everyday life. It’s a win-win situation.
Start with your auto insurance. When was the last time you checked car insurance rates?
You should buy your options every six months or so – this could save you quite a bit of money. But let’s be honest. It probably isn’t the first thing you think about when you wake up. But it doesn’t have to be.
A website called Insure.com makes it super easy to compare car insurance prices. All you have to do is enter your zip code and age and your options will be displayed.
With Insure.com, people saved an average of $ 489 a year.
Yup. That could be $ 500 straight into your emergency fund just to take a few minutes to consider your options.
7. Find out if you are paying too much
Think of all the times you paid too much … and how much money you could have saved in your emergency fund if someone had just told you before you stole.
This is exactly what this free service does.
Just add it to your browser for free, and before you check out, it will check other sites including Walmart, eBay, and others to see if your item is on sale for a cheaper price. You can also get coupon codes, set up price drop notifications, and even see the item’s price history.
For example, let’s say you buy a new TV and assume you’ve found the best price. Here you will get a pop-up letting you know whether this particular television is available for a cheaper price elsewhere. If coupon codes are available, these will also be automatically applied to your order.
Last year, this saved people $ 160 million.
You can get started with just a few clicks to see if you are overpaying online.
Capital One Shopping will compensate us if you receive the extension using the links provided.