INTRO:
Can money buy happiness? How does it affect our wellbeing? And how to manage it in a thoughtful way?
This is what we will talk about in this episode.
Welcome to minutes of facts podcast.
WHAT:
Money has a direct effect on your wellbeing; when I talk about ‘wellbeing’bI’m actually referring to six types of wellbeing: physical, mental, spiritual, social, emotional and financial.
‘Financial Wellbeing’ simply refers to your ability to support yourself (like paying your bills) and potentially also being able to achieve financial goals that are aligned with your priorities.
We have to remember that ‘money’ is just some concept that we human beings came up with ages ago, and it only exists because we believe it exists; it’s not actually real, and you can’t take it with you when you depart this world.
WHY:
Our relationship with money matters because we are constantly bombarded with messages from society, from social media, from our loved ones, telling us that we need to earn more and spend more in order to find fulfilment…
But, really? Do we? Says who? Because the last time I checked, buying more stuff just means that we have to work more to pay for all that stuff — most of which just ends up in sitting in storage or going to landfill anyway — and so, honestly, why are we doing that to ourselves?
Because we want to be happy right?
And, If I tell you money cannot buy happiness, you certainly be one of these groups:
Group 1 will agree, because they’ve seen the light.
Group 2 will argue until the end of days because they’re so caught up in the system of greed that underpins our economic system that they can’t (and won’t) see beyond that.
And Group 3 are the ones who agree but are terrified of not keeping up with what everyone else is doing.
And so, to Group 3 (or any of you, really), I say this:
Stop comparing your life to everyone else, and stop letting other people dictate what you do or do not focus on. If you want to buy a giant house then fine do it but you don’t need it. If you want to buy fancy shoes for 5000 dollars then fine do it but again you don’t really need it.
Here’s what you do need: security and safety. That means a roof over your head, food on the table, clothes to wear and the ability to get from point A to point B.
And I’ll add the ability to communicate with the outside world, because let’s be honest here and recognise that it’s virtually impossible to go about your business without a phone now. Apart from that, you don’t need anything else.
How to manage your relationship with money in a considered way:
- Remember that you are not your bank balance:
because I really don’t care if you have one dollar or one billion dollars; how much you have doesn’t make you any more or less interesting. Define yourself by more than just what you do and how much you earn.
- Think about the choices you’re making and what’s really involved in it:
More you think just about money more it’s created additional unnecessary stress or frustration;
For me, at least, it seems to be that when my heart isn’t fully in something that it’s usually a sign that it’s going to be a pain in the butt. That doesn’t mean that I haven’t ignored my instincts sometimes when I need to boost my bank balance, but I’ve usually come to regret it due to the cost that decision has made to my peace of mind.
- Make smarter choices:
or you could also refer to this tip as ‘think before you spend’ because that’s exactly what I’m encouraging you to do. You know how I said earlier that every choice we make has a cost? Well, every purchase has a cost beyond just the physical dollar amount that you pay for a product or service; each time you make a financial commitment, whether big or small, it has a flow-on effect in terms of what you have to do to pay for it.
- Find balance:
Actively find a balance between doing what you need to do to live comfortably versus having genuine peace of mind and being able to focus on the things (and people) that matter most to you
- Know the difference between a ‘want’ and a ‘need’:
because if you’re really honest with yourself, you know that the majority of the things you think you need are actually just wants; nobody needs a specific brand or a more expensive thing over a more basic one.
And a part of this is also about knowing the difference between ‘need’ and ‘greed’ because when you stop chasing things for greed, or because you feel like you have to have them in order to keep up with everyone else, you can find greater peace of mind and look at your finances far more objectively
- Have a budget and revisit it regularly:
and yes, I know, this is probably the most boring thing ever, but for the sake of a few minutes every month you’d be surprised at how much it helps you to be smarter about how you manage your money. Write down a list of everything you spend, including recurring commitments and subscriptions, and track that against your bank account at least once a month so you can see where your money is going, which then helps you to be smarter about the choices you make. And that leads to my next point, which is…
- Spend less, save more:
because I feel like we should all be working to improve our lives, and to do better, but that doesn’t have to involve acquiring more and more stuff so that you can sit there with your little trophies and feel good about how much money you made.
The joy of buying something new fades really quickly and then we find ourselves focusing on the next thing that we think will make us happy; spoiler alert: it won’t make you happy in the long run.
The thing about saving more is that you never know when you’ll have an emergency or something urgent that you need to pay for. A small amount of savings each month can make a huge difference.
Have in mind, that you will not be happy about having to pay something expensive, but you will definitely be happy knowing that you was able to pay it.
- Don’t use credit:
Get yourself off the cycle of trying to keep up with everyone else because that’s how you wind up in debt, or working a job you hate because you have to pay for your credits.
Instead of worrying about stuff, focus on finding genuine fulfilment in your life.
OUTRO:
Now, The choice is yours, as it is with all things related to your wellbeing… so, what choice will YOU make today?
Let me know your thoughts on instagram, a space where you have the complete freedom to express all your insights or concerns regarding your mental health and wellbeing.
Thank you for your time and support. Stay safe and healthy. Talk to you next time.
