3 Ways to Increase Happiness by Decreasing Financial Stress
Three Ways to Increase Happiness by Decreasing Financial StressWhile some would agree that money can’t buy happiness, it’s safe to say there can be a correlation between the two since research shows financial security can lead to a positive outlook on life. In life, we strive for balance, control and to be comfortable with managing our finances. But did you know that eliminating financial stress and elevating financial stability can also result in an overall increased sense of happiness and well-being? Here are three simple things you can do to help reduce financial stress and ultimately, live a happier life.
- Stay Organized- Whether you want to save for a vacation, new car or emergency fund, creating a budget and keeping track of your funds is the foundation for good financial health. Tracking your income and expenses helps you monitor how much money you are spending versus how much is coming in, and can help you reach your savings goals. Decide what your major or long-term goals are, as well as short-term goals. Try different saving and budgeting methods that work best for your lifestyle. Get a piggy bank, open a savings account or talk to your financial institution. The important part is to start now, because financial health plays a critical role in overall health. Having your finances in order can decrease your stress levels and can empower you with options for spending your money and creating the life you want.
- Eliminate Additional Expenses- There are many ways to cut costs in our daily lives, and no matter where you start, over time the savings can really add up. Whether you want to start cooking at home, cutting subscriptions and memberships that you no longer use or find ways to save when shopping, here are a few tips:
- Cooking at home can save you money and is also a healthier option than eating out. Whether it’s buying food in bulk to last longer and save money or cutting coupons and buying local and fresh, you can eat healthy while helping your bottom line.
- Some retailers price match and this can apply to both grocery stores and retail stores. Don’t hesitate to purchase the off-brand/store brand version of items. They are often the exact same product, materials, ingredients and taste, just a different label.
- Review subscriptions and memberships you are no longer using, close these accounts to eliminate monthly fees.
- Set weekly or monthly budget amounts for groceries, entertainment and eating out to hold you accountable and make sure you are not overspending.
- Take Advantage of Free Activities- Entertainment has dramatically changed since the onset of the pandemic, but there are still many free and socially-distanced activities to do! Take advantage of local no-cost activities or offers and put that cash back into your savings account instead. Many companies and organizations have transitioned to all-virtual platforms. For example, libraries allow you to rent books including audio books and movies online or via an app. Social media has provided many different avenues to participate in free networking events, concerts, Q&As, webinars and more. Gyms and fitness trainers are providing free online workouts or classes outdoors that are safe and socially distanced. Now is a perfect time to get outside, get fit and explore new areas in your city, not to mention, the weather is typically beautiful in SoCal. Start something new and get out of your comfort zone to explore new avenues and increase your happiness.
Remember proper money management helps eliminate financial stress, puts money back in your bank account and gets you closer to achieving financial freedom, ultimately putting a smile on your face and increasing your happiness.
Visit our Financial Knowledge Blog to learn more tips on setting up a solid financial future or join us for free Financial Wellness Wednesdays webinars.