One of the most popular cliché quotes has to be “Money doesn’t buy happiness.” It’s a quote you may hear from many people, and it’s easy to see why this quote is floated around. There are cases where the richest people are depressed are unsatisfied with life, while someone who lives a humble lifestyle is happy.
However, there is no doubting that having money is good for your mental health. Here are a few ways having money can help improve your mental health.
Peace of Mind
There is nothing more peaceful than having less worries. And one of the biggest worries someone has is being hit with an unexpected bill and not having the means to pay for it. By having money in the bank, it does give you that mental tranquility that does help you. Proper money management can help anyone on any budget save some money, so try it and see what a difference it makes.
One of the best ways you can stimulate your mind is to have new experiences. If you have the money to do so, traveling can help open your mind to many new experiences and make you happy as a result. You don’t need to travel far if you don’t have the budget, either. Traveling to the next town over may be something you can consider.
If you have money, you can make investments and open up a business of your dreams. This will allow you to grow as a person and it can give you an incentive to take risks. Having less money means fewer chances of taking risks, which does not stimulate the mind whatsoever.
It Provides for the Family
If you have children you want them to be the best they can be. Having money means your children are well-off and prepared for the future. Not just for their college funds or to buy them a video game, but because you know that if something happens, they are safe. If you feel like you’re not really bonding with kids though, go here for some great activities you can do with them.
It Gives You Extra Time
Some people are overworked. They have to spend time mowing the lawn, taking care of the kids, and other chores outside of work. Money allows you to pay people to do these things for you, allowing you to do the things you want to.
You Don’t Need That Much to Reach Happiness
You may think you need to be a millionaire to reach happiness, but studies have shown that this is not the case. The amount of money you need to be happy averages at $75,000 a year. For some, it may be higher or lower depending on location, but if you have about that much, you are happy with life. If you have more, there may be less correlation with money and happiness.
Of course, for many, reaching that goal is still far away. Especially if you are working at a dead-end job that doesn’t pay you enough. Luckily, there is hope, and that hope comes from
If you are stuck in a job that is not ideal, or you just want to learn how you can manage your money better, there is no shame in talking to a counselor to help you. Sites such as Regain provide online counseling on your own terms and there is a counselor for every budget.
Paying for a counselor may sound counterproductive, but the knowledge you can learn can help you get a better job, manage your money better, and prepare you for the future. Try it out and see what we mean. Chances are, you can save and make more money, and thus be happier than ever.
Nicole Hicks a graduate of UFT. She’s based in Toronto but travels much of the year. Nicole has written for NPR, Motherboard, MSN Money, and the Huffington Post. Nicole is a financial reporter, focusing on technology, national security, and policing.