Last week we discussed the importance of Social Wellbeing and the impact it makes in our relationships.
Have you been working on your 6-hours a day of social time?
If so, have you seen improvements?
Have you noticed a difference in your stress level?
It's important to recognize how vital each one of these ingredients plays into our overall wellbeing and why it’s so imperative to maintain balance in our lives.
Today, we’re going to talk about the third ingredient: Financial Wellbeing.
Have you ever heard the saying, “Money buys happiness”? According to Gallup’s wellbeing data, they found that although money doesn’t guarantee happiness, living in a wealthy country does increase the odds of having a good life. Makes sense, right?
If we are one of those fortunate people living in a wealthier country, knowing we have better odds of having a good life, then what is the secret to THRIVE in Financial Wellbeing?
Let’s put your Financial Wellbeing to the test! Answer these questions honestly:
1. Are you satisfied with your standard of living?
2. Do you stress over money and paying your bills?
3. Do you spend money on buying products or experiences?
Gallup found that it’s not about how much money you have but about what you do with it. Here’s a few things these people did:
· Harvard researchers found that spending money on yourself does not boost wellbeing but spending money on others does. Interesting concept, huh?
· People with thriving wellbeing also manage their money wisely by living within their standard of living. They have enough money to meet their needs and therefore do not focus their energy on the worry of making ends meet. They set defaults or limits on what they could spend which in turn creates financial security.
· They buy experiences more than buying consumable products. How many of you have had a bad day and have done a little “retail therapy”? I know I have. Actually, quite frequently. Gallup found that a bad mood can lead to a waterfall of bad decisions which is actually the worse time to shop or make a major purchase. As Gallup would say, “we spend the most money when we feel the worst.” On top of that, the satisfaction of material goods doesn’t last as long as buying experiences. We are satisfied longer and less remorseful when we don't make emotional purchases which increases our wellbeing. If you think about it, we’re actually spending money on memories we can cherish for a lifetime.
Here are some recommendations Gallup has for boosting Financial Wellbeing:
1. Buy experiences such as vacations and outings with friends or loved ones.
2. Spend on others instead of yourself.
3. Create some default systems (auto payments and savings) that will decrease the amount of worry on money.
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If you're curious of where you rank in your wellbeing, take the Gallup Wellbeing Finder: Click here!
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