Can Saving Money Make You Happier In Life? Study Says YES!
Can money buy you happiness? Most of us like to believe that money can’t buy you happiness. Well, it may be true to some extent, but saving money can certainly make you happier than you currently are.
“The art is not in making money, but in keeping it.”
Money is controversial to say the least. Some say money is the root of all evil. But we all know we need money to live & survive. So what matters more? Making money or saving it?
Does it make sense to save money?
“The safe way to double your money is to fold it over once and put it in your pocket.” – Kin Hubbard
When you barely earn enough money to pay your bills, how can you even think about saving? I know it may sound ridiculous to some, especially if you have $10 left in your hand at the end of the month. Why should you even bother to save? Well, for starters, it will make you less stressed about your financial situation. And we all need to start somewhere, even if it is not the most comfortable thing to do. If you keep at it, over time you will be able to save a hefty amount and your financial condition will improve. Saving money will give you mental peace. It will give you confidence. It will give you options and opportunities. The more you save, the better it will get for you. Saving is worth all the effort.
We all want to live a comfortable life and be able to face various financial challenges of life with ease. This is where the savings come in. Of course, it’s fun to spend money on the things we need and desire, but having a healthy bank account is even more fun. Have you ever wondered why your parents always pushed you to save money? There’s a good reason for that. And now even science has found a really good reason for you to save: Happiness. Saving money gives you peace of mind, reduces stress and makes you happier in life.
Money can’t buy happiness, but savings can
“It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.” – George Lorimer
Yes, money can buy you temporary happiness. And yes, true happiness comes for achieving your dreams and from creating better relationships & experiences. However, studies have found that savings can help you feel happier and more content. While debt leads to higher levels of anxiety and depression.
According to a recent study by Ally Bank, saving money has a positive impact on your sense of comfort, safety, security and well-being. The study surveyed around 1,025 adults in the US and found that you’re more likely to be happy if you save more. In fact, saving more money makes us happier than earning more money.
Take a look at what the Ally Bank survey found:
- Over 38% respondents with a savings account claimed to feel very or extremely happy.
- Only 29% of people without a savings account reported they were very happy.
Among the people with savings account who reported to be extremely happy:
- 57% respondents have saved more than $100,000
- 42% respondents have saved between $20,000 to $100,000
- 34% respondents have saved less than $20,000
- 29% respondents have no savings at all
This data clearly goes to show that the more savings you have, the happier you feel. A whopping 15% rise in the amount of respondents feeling happy with saving over $100,000 clearly proves this fact. Moreover, more than 84% of the respondents surveyed claimed that saving money boosted their confidence and an overall sense of well-being. Having a significant sum of money in their savings account makes them feel happier than exercising, having job satisfaction or eating enjoyable and healthy food.