Whenever we fantasise about being rich or winning the lottery, there’s always that one person that chimes in with ‘well, money can’t make you happy’. Of course, this is true to an extent.
Our happiness relies on so many other factors, including our health, family and community. Despite the fact that money is not the root of all happiness, there’s no denying that it does play a significant role in our life satisfaction. But only if we use it in the right way…
Free Time
We’re far more likely to have enough free time if we don’t have to work all the hours under the sun to earn a living. And having enough free time impacts our happiness in multiple ways. For example, we can use this time to take a break and recharge after a busy or stressful working week. Or, we can spend it with our family and friends since they play an important role in our happiness too.
The feeling of connectedness we get when socialising with others is great for our mental health. Another great way to use free time to improve our happiness is to give back to the community. Volunteering not only improves our social life, but it gives us a sense of control. This is something many of us crave in these uncertain times when our entire lives have been turned upside down. It also gives us a sense of purpose, which many of us feel we need now more than ever.
Better Health
The relationship between financial security and health is one that cannot be understated. The money that we have impacts both our mental and physical health in a multitude of ways. Given the impact of money on mental health, people who are struggling with financial issues are also likely to struggle with their mental health too.
In fact, almost half of the people who are in problem debt have reported struggling with their mental health. Unfortunately, poor mental health and financial insecurity is a vicious cycle. People who are struggling with their mental health are more likely to struggle with getting back on top of their finances due to time off work sick and avoiding financial decisions.
And the impact that money plays on our physical health is of equal importance. It’s a well-known fact that people who live in poverty are more likely to suffer from poor physical health, but you may not know why. Some of the reasons are obvious: fewer resources, longer working hours and having worse living conditions.
But if we look closer, we can see that there are a number of subtle ways our finances impact our physical health. People who work more to make a living will have less time to look after their health by exercising and producing nutritious food. These issues can lead to long term health problems, such as malnourishment and diabetes.
Upgraded Hobbies
People with money can combine their time wealth with their easy access to resources to excel in their hobbies. And spending time on hobbies that we love is a great way to make us happier. Group hobbies give us the opportunity to socialise, and even the ones that we do solo can be done with others. They also give us a sense of satisfaction and accomplishment, and they’re great for unwinding after a tough day. Hobbies can even improve our physical health too, as they’ve been found to reduce heart rates and stress levels.
Of course, money isn’t a necessity for all hobbies, but it certainly helps. Take running, for example. Most of us have the ability to run, but not necessarily at the same level. If you have a stable income, you have the option to buy yourself a great pair of running shoes. You’re also likely to have more spare time to spend running than someone who isn’t financially stable, which means you excel at a quicker rate. And you have the time and money to fuel your body in the best possible way. So although anyone can take up a hobby, money makes it far easier for you to enjoy it.
Security
In these scary and uncertain times, we’ve all been craving security and stability. This is easier for some of us to achieve than others, as not everyone has the means to achieve economic stability. For those who can achieve it, it has a huge impact on them that they may not even realise.
For example, one study found that people who have financial security are happier, have better wellbeing and are more tolerant than those who don’t. This isn’t to say that economic stability guarantees happiness, but it makes it much more achievable.
It’s easy to forget the huge impact it has if you don’t know any different. But it’s far easier to be happier, or at least try to be, if you have food on the table and a roof over your head.
Budgeting Tips
If you’ve found yourself struggling financially in the last few months, you’re certainly not alone. Job losses and reduced pay checks have taken their toll on many of us. Fortunately, there are ways to budget your money, even when your finances are already tight.
Start by tracking your spending on an average day. Make a note of everything you buy, and at the end of the day reflect on your daily spending to see where you can cut back. If you find yourself struggling to set up a budget, use an app to help you. Mint and PocketGuard are two of the most popular budgeting apps, and they’re both free, so you may as well give them go.
And don’t forget to check money comparison sites every so often, to make sure that you’re not paying more than you should for gas and electric. Changing providers shouldn’t be too difficult, and it’s definitely worth it if you get a better deal. You can get some great incentives for switching providers too. But make sure you check the terms and conditions before you get tempted in by free money. At the end of the day, they’re still looking to make a profit, so always keep your wits about you.
However, sometimes financial problems can grow until they seem impossible to control. If you feel overwhelmed by your money worries, don’t be afraid to seek help. A great place to start is by contacting Turn2Us, for advice and support. They’ll be able to assess your situation and let you know if you’re eligible for benefits or charity grants.
But it’s Not All About the Money
Having money makes life a lot easier — but we can still be happy without becoming millionaires. We all need enough money to lead a healthy, happy and secure life. But winning the lottery won’t solve all of our problems.
We still need our loved ones to keep us connected, and we still need our health to thrive, we still need passions to drive us. Money can make us happy, but it isn’t the only thing we need.
Written by Siobhan Kelly
WellBe is spearheading the way to a brighter future for corporate wellness. Our innovative portal is scientifically designed and tailored to each individual employee to improve their wellbeing. We specialise in a range of services from coaching and therapists, to meditation and reading materials. Our aim is to reduce workplace stress that costs UK businesses £42 billion per year. Get in touch with us by visiting our site wellbe.global for more information.
