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Your Money or Your Life – Money Can’t Buy Happiness

Ben — Mon, 22 Jan 2007 18:20:08 +0000

This edition of Your Money or Your Life features wisdom from One Frugal Girl and The Weight of Money, thanks to both ladies for helping us keep our priorities straight!

The Relationship between Money and Happiness
One Frugal Girl reminds us that no matter what money will not make us happy. I hear where she’s coming from. We spend so much of our lives worrying about making money, spending money, and saving money that it’s easy to forget money is only a means to an end, not the point of living.

One Frugal Girl talks about the two main reasons why money will not bring us happiness. The first is that “people tend to overestimate the amount of pleasure money will bring them” and the second is “individuals adjust to their wealth”. I guess another way to say it is that we see more money as the solution to many of our problems and that even when we get the money it never seems to be enough.

So what can we do to overcome our nagging desire for more money in the pursuit of happiness?

“Counting your blessings seems to oppose the natural human inclination to adjust. After all, if your happy with what you have their is no need to look further. Also being mindful of the good things in life helps to keep you grounded, thereby keeping your expectations more closely in check.”

Family Values
An article at The Weight of Money, entitled Family Values, is a good example of how we can make decisions to put our family before money. In the quotes below, she reveals how she passed up a job that was both financially and personally rewarding so she could be there for her daughter. I admire her for doing it, it’s not an easy move to make.

It is clear that the daughter needs someone home more and that I need to be more available at home. Due to the stressful challenges from the daughter, the commute and the very strenuous workload, I had to reevaluate the compromise I made.

I love my job and find the work extremely fulfilling (and tiring) but I will not compromise family security and contentment for professional aspirations. It disappoints me that giving up the position is the only action I can take, but I am glad to make that choice in order to take care of my top priority and the thing I value the most in life â€“ my family.

Your Money or Your Life? Life is Short!

Ben — Tue, 19 Dec 2006 02:09:01 +0000

In the second edition of Your Money or Your Life we get three reminders of how to balance spending money and living life, compliments of The Simple Dollar, One Frugal Girl, and Mapgirl.

Life is Short
I often get so caught up in the rush of the daily grind that it’s easy to overlook or take for granted the most important things in life. It’s nice to take a step back and reflect on what we really want out of life. Trent asks us, what would we do if we only had a year to live? He challenges us to figure out what the cost would be of doing only those things most important to us for a whole year. Then come up with a plan to save up the money to live that life!

A whole year at a time is a big chunk to bite off. A few “minor” issues such as insurance coverage, mortgage payments, and buying diapers come to mind. It’s a good idea though. I think I’ll do this on a smaller scale, maybe do 3-5 weeks in a row every year. Thanks for the motivation Trent!

Work vs. Family
High salaries and recognition are nice but at what cost? One Frugal Girl makes the list a second week in a row as she reminds us that salary is not the most important factor. In a world where salary and recognition are often of utmost importance, she notes how we often miss ballet recitals or little league games for work and questions whether it’s worth the “rewards of plushier offices and more money.”

With a new son, this issue is front and center in my life. Long nights and weekends at the office are no longer something I’m interested in. Whether it affects my career is no longer a major concern, being with the new little guy is what matters most!

Gift Giving
Mapgirl reminds us that spending money on a gift for someone you love is only part of gift giving and that how much you spend is not the most important part. She asks:

“Do you equate the value of a gift with the amount of love the giver is showing? I was always taught that it is the thought that counts. I don’t think those are only comforting words for a disappointing gift. I think when a gift has been given careful thought, it really shows.”

An appropriate topic this Christmas season. Hopefully I can give gifts to make my family happy, not make the retailers rich!

Your Money Or Your Life? Money Isn’t Everything!

Ben — Mon, 11 Dec 2006 19:15:25 +0000

This site is dedicated to helping us find a good balance between managing money and living our lives. To help us figure it out, I’ll highlight articles every week that portray the ongoing struggle between handling money and living the life we want. Hopefully we can learn from the wisdom or mistakes of others!

One Frugal Girl reminds us that our physical health is more important than any amount of money. Unexpected health issues are a good example of why an emergency fund is so important. They can help prevent us from being stressed about money in while we’re dealing with sickness. I hope Frugal Girl feels better.

Blogging Away Debt shares a life experience that highlights the importance of family in our lives. It is an inspiration to the rest of us to keep debt in check so that we can be there for our family. Good luck to Tricia as she balances paying off her debt and being with her family!

Blueprint for Financial Prosperity talks about the relationship between money and happiness. Jim emphasizes that “You are not your income. You are not your assets.” and reminds us that “Life is about happiness, not money.” I think he hits the nail on the head when he says:

“See, life isn’t about making more money, it’s about being happy and enjoying the time that you have with the people that you care about. The funny thing about money is that if you let it become everything, you’ll find that you never have enough of it and you always want more.”

The Simple Dollar writes about figuring out what is valuable to you in life and prioritizing your finances accordingly. He wraps it up with:

“When I think about these goals and why I’m choosing to follow them, and compare them to the low-priority things I was using my money and time on before, I feel genuinely good inside for the first time in a very long time.”