How Financial Well-Being Affects Our Happiness?

What Is Financial Well-Being and How It Affects Our Happiness?
Written by Emma Sumner

What exactly is financial well-being and how can one achieve it?

Personal finances are something every single one of us is thinking about seemingly every single day. The sense of security that securing our financial future provides us with is the thing most of us are striving towards in our adult lives.

That being said, it is no wonder that having enough funds and being able to provide for our families brings us a sense of happiness and accomplishment.

However, what exactly is financial well-being and how can one achieve it? Here, we will explore a few different ways you can secure your financial future and thus put your mind at ease knowing that you will have enough resources to meet your needs.

What is financial well-being?

Financial well-being is the sense of security that arises from the fact that you were able to generate enough wealth to support your family and your daily needs. It is also the way you approach finances in general and how you choose to handle them in various situations.

Finally, it means having the freedom to make certain financial choices that will enable you to enjoy your life without having to stress over everything that you choose to do. When it comes to improving your financial well-being, there are certain things you can do that will help you generate more wealth in the future.

Create a monthly budget

The easiest way to be able to save some money on the side is to create a monthly budget and try to stick to it as much as possible. The fact is that all of us tend to spend money on various things – including the things we don’t actually need.

Therefore, take a piece of paper and write down all of your monthly expenses and see if there is any room for reducing them. For instance, if you are having a cup o’ Starbucks every single day do the math and see how much that costs you on a monthly basis.

By reducing just that to once or twice a week, you will be able to save some cash you can probably put to better use.

What Is Financial Well-Being and How It Affects Our Happiness?

Make smart investments

Furthermore, if you already have some money saved on the side, you can improve your financial well-being by making a smart investment. Simply find a good opportunity, invest your money in it and watch your personal finances grow over a certain period of time.

However, if you decide to take this course, do now that you will need to stay on top of all the news and trends in this field. Therefore, make sure you regularly check reliable resources such as AskBrokers stock market news so that you know that you are on the right track with your investment efforts.

No matter the type of investment you opt for, make sure that it guarantees a significant ROI, otherwise, investing in it doesn’t make much sense.

Get a side job

If, on the other hand, you feel like you can’t really profit from making an investment or you don’t have anything to invest, try to get a side job and try to boost your finances that way.

In this day and age, finding a side job is easier than ever. With an abundance of part-time or freelancing job opportunities online, you will simply have to take your pick.

For maximum results, look for jobs that are well-paid but that don’t require constant engagement, so you still have some free time to spend with your family and friends. Additionally, look for something you generally enjoy doing so that it doesn’t feel like you are overworking yourself.

Avoid comparison

Finally, avoid comparing yourself or your financial situation with the people around you. Studies show that by comparing ourselves to others, we are actually doing more harm than good to our overall well-being.

Keep in mind that, since we are all different, we have different priorities and goals, as well as different approaches to reaching those goals.

Therefore, make sure you know what your own personal goal is and how you intend to reach it, and stop paying attention to what other people are doing. Just because something has proven to be a lucrative decision for your neighbor, for instance, does not mean that it will be the same for you.

So, by boosting your financial well-being, you will also boost your personal happiness, because you will know that you have the necessary financial security to be able to provide to your family no matter what the future holds.

Identity Magazine is all about guiding women to discover their powers of Self-Acceptance, Appreciation, and Personal Achievement.

We ask that every contributor and expert answer the Identity questions in keeping with our theme. Their answers can be random and in the moment or they can be aligned with the current article they have written. In that way, and as a team, we hope to encourage and motivate each other, thus inspiring you to Get All A’s.

What have you accepted within your life, physically and/or mentally? Additionally, what are you still working on accepting? Now, we’re not talking about resignation, rather stepping into, embraced, and owned.

I have accepted all the bad situations I’ve been through as a child.

I had a father who was an alcoholic. He abused my mother, sister and me. It took me so much time to finally get over it and realize that I deserve better.

I have hidden those memorize deep down and I knew I had to face them at one moment. Eventually, I had to deal with that, and it was the best experience ever. Hard but yet so relieving.

Appreciation is everything. What have you learned to appreciate about yourself and/or within your life, physically and mentally? On the other hand OR in contrast, are there elements of who you are that you’re still working on appreciating?

I think that appreciation is crucial for living a happy and fulfilled life. I appreciate everything- from being alive to having food and place to live. I think that we should appreciate and respect everything we have.

Unfortunately, we usually don’t do it until we lose what we have. When you focus on appreciation everything around you, you’re sending awesome vibes and you will attract awesome things in your life. However, I am still trying to accept all the things that I don’t like about myself and other people. I’m working on it and I hope I’ll get there soon.

Share with us one of your most rewarding achievements in life? Tell us not only what makes YOU most proud but also share the goals and dreams that you still have.

The most rewarding achievement for me was the moment when I realized that I am a strong person, who grew up to be an optimist despite all the bad things that happened in the past.

Also, I felt so proud when I graduated so I think that was one of the best feelings ever. Seeing my mom proud was so satisfying. What I am trying to say is that I am proud of myself.

About the author

Emma Sumner

Emma is a business strategist-turned blogger. She lives in Auckland, New Zealand. Emma is a passionate traveler and yoga aficionado. She is in love with coffee, interior design, books, and good vibes. :)

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