Money can't buy happiness
Money may not be able to buy happiness, but poor money management which often results in the lack of money is certainly the cause of much unhappiness, stress, and problems. The following is a look at some common money management mistakes that lead to unhappiness:
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- No savings. If you do not have a savings account, then how do you pay for things when emergencies happen? Emergencies do happen. Cars break down, people get sick, accidents happen, etc. If you do not have a savings account, and one that you add to regularly, then when life happens you experience a great deal more stress than need be. Also, to pay for the things that happen, you have to get into debt. This can mean tight finances, lost homes, ruined credit, etc. So, save now, and be happier now and later.
- Never getting started due to discouragement. Too many people look at their income, financial situation, etc., and never get on the path to smart money finances either because they think it is already too late, or because they are drowning in a sea of debt, etc, and so they never try. If you want to get better off financially, and you want to find the happiness that comes with financial security, you have to start now. If you put it off you will never do it.
- No spending plan. If you do not know how your money is going to be spent, you usually spend it without thought, and thus end up with not enough to pay bills, buy groceries, etc. thus you get into debt, and do not have money for the things you need. Make a plan so that you will have money to save, will be able to meet your needs, and find the joy that comes with wise financial management.
- Too much use of credit. Credit is a wonderful tool as it allows you to purchase homes, schooling, cars, etc. however, if you over extend yourself, and get in the habit of instant gratification, always buying things before you can afford them, you will find yourself spending your hard earned money on interest charges, and not being able to get out of debt.
- Not using money efficiently. While it is fun to take a tax return, a bonus, or some extra money and go on a lavish vacation, buy a giant television, etc. how much more rewarding would it be to put that money into a safe investment and get a large return on it? How much happier would you be if you knew your home would be paid off, and your children's education paid for? Using money efficiently brings greater happiness then just being smart with money.
Avoid these mistakes and find much greater happiness.
