57% of Young Adults Dread Budgeting. Here's How to Take the Stress Out of It

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KEY POINTS

  • 1 in 3 young adults would rather deep clean their bathroom than check their savings account.
  • While many young people dread budgeting and money management matters, these tasks don't have to be stressful.
  • Using budgeting apps and automation tools can make managing your budget easier.

Would you rather deep clean your bathroom than check your bank account balance? According to a recent study, you're not alone.

For many young people, budgeting can feel like a chore. A recent study found that 57% of young people dread the thought of budgeting. But that doesn't have to be the case. Once you get comfortable with budgeting, it can feel like a simple task and help you have more control over your finances. Find out how to take the stress out of budgeting.

Fidelity Investments surveyed young adults ages 18 to 44 to better understand their money mindset. Many of those surveyed have anxieties around money.

Here are some notable findings of the study:

  • 54% of young adults think it's easier to follow a strict food diet than a monthly budget
  • 57% of young adults dread the thought of budgeting
  • 1 in 3 surveyed would rather deep clean their bathroom than check their savings account
  • 1 in 4 surveyed would rather run a 5K on Thanksgiving morning than cut back on spending

Do you find yourself agreeing with the above stats? Would you rather run a 3.1-mile race on a holiday instead of confronting your spending habits? If so, you're not alone.

The good news is you may be able to change your thinking and feel more confident about financial matters by getting into a better money management routine. When you have the right tools and a system in place, it can be easier to take charge of your money.

4 tips to make budgeting less stressful

If you're brand new to budgeting, it can feel like a dreaded chore, like doing the laundry and cleaning the bathroom. But it might be easier than you assume.

Here are some tips to make budgeting less stressful:

1. Use budgeting apps

One way to make the process easier is to use budgeting apps. The best budgeting apps allow you to monitor your spending, make it easier to find areas to cut back on spending, and set goals. Many of these apps can be used on your computer, tablet, or phone, so you can check in on your budget whenever it's convenient for you.

2. Give yourself time to learn and change

When you first begin to set your budget limits, give yourself some extra wiggle room. You may want to start with more generous spending limits while learning to make adjustments. Doing this can make cutting back on spending feel less drastic. Eventually, when you feel more confident, you can alter your budget and put more money towards savings goals.

3. Don't deprive yourself

It's okay to have some fun. You can prioritize your financial goals and also treat yourself. When you set your budget, designate a set amount of money for fun money -- whether that's a takeout fund, an entertainment allowance, or leaving room in your budget for a monthly pedicure.

When you leave room in your budget for expenses that are important to you and make you feel good, you won't feel deprived. It will also give you something to look forward to, and you won't feel like all your money is going only towards bills.

4. Don't be afraid to automate some tasks

You can automate some of your money management tasks if it's helpful. For example, automating your savings can save you time and ensure you don't forget to prioritize your savings goals.

You can set up automatic transfers with your bank to regularly send money from your checking account to your savings account.

You may also want to explore automatic bill pay for some of your bills -- especially if you're forgetful. For some people, automation is a big time-saver and also reduces anxiety.

Learning to set spending goals and follow a budget may seem difficult at first, but it doesn't have to be. You can find ways to make managing your money simple so you feel less stress and have better control over your personal finance matters.

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