I subscribe to a US based investment adviser, specifically designed for women, and they’ve just posted an interesting article quoting research from US Ivy League Universities, Penn and Princeton, that proves that there is a very strong correlation between more money and happiness.
It doesn’t literally buy the feeling of being happy but it does have the ability to seriously influence our overall well-being. This includes our ability to buy quality food, invest in health care, take holidays, buy a home and set ourselves up for the future.
This is something that I feel so strongly about and I truly wish more people would get on the bandwagon of saving and investing rather than impulsive spending.
Notice I’ve said “impulsive spending”. This is wildly different to “mindful spending” – which is something we all need to do if we’re going to have that quality food, health care, holidays, etc. Mindful spending is a necessity of life. We can’t just store all our money away for a rainy day. What we can do is create a budget or a plan for our money so that we allocate money to each personal “cost centre” and, most importantly, also allocate money towards savings or investing.
This is how we create the security and future that we all want. Impulsive spending gives us a momentary thrill which can quickly jump to regret and stress if it derails us from our savings goals or leaves us short to pay for the essentials.
Having an effective budget is a gamechanger and if you don’t already have one, schedule some time into your calendar to make one.
