You've likely heard the saying 'money can't buy you happiness" - but what if it can? Now, before you shoot me down in ï¬ames... hear me out.
If you look at it the right way, money can buy you happiness, as long as you aren't being greedy about it. Sure, you need other things in your life - love, support, fulï¬lment, and excitement, but without enough money, it's hard to truly appreciate any of those things. AHer in all, can you fully appreciate your relationship when you're super stressed about simply making ends meet?
So perhaps money does buy you happiness. Let's discuss...
You'll be Able to Aï¬ord the Basics
Money can cause a lot of stress when you don't have enough of it. If you can't pay your bills, put food on the table, or buy adequate clothing, it's hard to be happy. If you can't pay the mortgage or cover your car payment, you'll feel stressed and waste lots of time worrying about it. When you have enough money to cover the basic life necessities, though, it's much easier to feel relaxed and happy.
So just how much money can buy you happiness?
Where you live determines how much a family must make to cover the basic cost of living and achieve happiness. For example, a family of 4 in Chicago needs an average of $88,536 a year to cover daily living costs, but a family in San Francisco needs $148,440
Struggling to pay your monthly bills won't bring you happiness. But when you make enough to know your bills are covered each month, it reduces your stress levels and allows you to focus on your relationships and other aspects of your life that bring happiness.
You can Have more Experiences
Where money may not buy you happiness is when you buy material things. Sure, we all need our favorite things in our lives, but buying experiences brings even more happiness. When you spend money on experiences, you enhance your social life, relationships, and your overall wellbeing.
You can't get rid of a memory, which means when you buy good experiences, you take those good memories with you for life. They will constantly bring you happiness and become a part of your core memory â the part that shapes the person you are today.
You can Have the Things you Want
Of course, we all need special things in our lives. There's nothing saying you can't spend your money on material things. Just don't buy items thinking they'll make your life better. Focusing on your mental well-being ï¬rst and supplementing it with your favorite items is the best way to get the most out of your happiness.
What you shouldn't let happen, though, is lifestyle creep. When you get a raise or make more money, it's natural to start 'keeping up with the Joneses.' This won't buy happiness. It's only when you focus on yourself and what truly makes you happy (not what makes you stand out to others) that money can buy you happiness.
Money can help you achieve your Life Goals
Money is a tool â a tool that helps you achieve your life goals. For example, have you wanted to be a doctor all your life? That wouldn't be possible if you didn't go to college, right? In this case, money is a tool to buy you the education to achieve your life goal.
It doesn't just have to buy you something expensive like education, though. Simply investing your money can buy you happiness because it can help you achieve your ï¬nancial goals. Maybe you have a speciï¬c number you want to set aside for retirement or you have your mindset on a dream vacation. Money invested can help you achieve these goals... which can buy happiness.
You'll Have Peace of Mind
Money can make you feel great or lose sleep and feel stressed. It depends on how you manage it, not so much on how much you make.
When you know you have enough money to cover not only the basics but any emergencies or even things you want to buy, you have a certain peace of mind. You know you're going to be able to do what you want and that you won't lose what you have (like your car or house!)
Peace of mind greatly contributes to your happiness. Even if you aren't working at your dream job, living in your dream house, or even married to your dream spouse yet... Your money can buy you happiness when knowing that you're at least ï¬nancially secure.
Money Buys you Time
You may think, time is free, right? But it's not. Every thought you have in your mind, every stress you feel, and every decision you make takes up your time. What if you had enough money that you didn't have to worry about it?
If you didn't have to wake up during the night wondering how you'll pay your mortgage, you'd have more time to sleep. If you didn't have to choose between paying oï¬ debt or funding your emergency fund you'd save time.
Money buys you time because it gives you peace of mind, knowing everything is taken care of at the most basic level. You can use your time to participate in other activities that fulï¬l you and make you happy, rather than just surviving.
Money and Happiness go Hand in Hand
Money and happiness go together. While you shouldn't rely on money to make you happy, it can buy you happiness in ways you didn't even realize - until today!
No one should use money to buy things thinking that it will create instant happiness, especially if you're using credit cards to buy that happiness! But, if you make enough money for your family to live peacefully, it will buy happiness in a more abstract fashion.
Using money the right way â to buy ï¬nancial security, peace of mind, and investing in your future is the best way to let money buy happiness for you. Along the way, it's perfectly ï¬ne to let money buy you material things, but the big picture is that money can buy you happiness when you use it wisely.