Chances are that you’ve heard the old expression, “Money can’t buy happiness.” That is a nice saying, but most of us would probably be a lot happier if we did, indeed, have more cash. Sure, the best things in life – love, your family and friends – are not things that you can buy. But it turns out that if you really want to be happier this year that you may get on the fast track to a more blissful future by putting some additional cash into your savings account.
A recent study that was conducted by Ally Bank seems to back this statement up. The results of the study indicate that the folks who save more money are, in fact, happier than those who save less. The survey involved Ally Bank reps asking Americans about the happiness levels and their saving habits.
Thirty nine percent of the respondents with a savings account said that they felt very happy or even extremely happy most of the time. By way of comparison, only twenty nine percent of those involved in the survey said that they did not have any money in their savings accounts, and those folks reported being less than thrilled with their lives. To make a long story short, the people who made it a habit to save money tended to be happier than the non-savers.
People who participated in the survey that had $100,000 or more in savings made up the overwhelming majority of respondents who stated that they were very happy. This, of course, makes sense, as the more money someone has saved the more financial security they have.
Surprisingly enough, earning more money ever year did not seem to provide as much personal happiness as saving more did. The people who took part in the survey who made between $50,000 and $75,000 reported being just as happy as the people who earned more than $150,000 annually. It seems that the main factor that respondents cited with regards to their happiness levels was how much money they had saved up. So, then, someone who makes $50,000 a year with a healthy savings account would be happier than someone who makes $100,000, but spends it all, without managing to save any money.
However, what was surprising from this survey was earning more didn’t seem to help as much as saving more.
Too many people complain about not being happy these days. Some even believe that happiness and satisfaction are things that they will never be able to attain in life; as things that are totally beyond their reach. But this study proves that happiness is not something that is exclusively possessed by the rich and famous. It is something that increases as people learn to save more money. If you have always been a spender and find that you are not as happy as you’d like to be, it may be time to stop blowing all of your money and to begin a plan for saving more every month.
If you are not following a budget yet, that is the first step to take if you want to get serious about saving more money. Once you have a budget in place, you can find areas where you can cut back or even eliminate expenses. Start saving that money instead of spending it, and a huge benefit you may experience is feeling happier than you have ever felt before, as your savings account continues to grow. No, you can’t buy happiness, but you can save up money to become a happier person.