With bad economic news increasing, and the value of our retirement accounts decreasing, it’s easy to freak out about finances. That’s why we went to our friends at Self magazine for a few tips to help improve our outlook on money. Here’s what we learned:
- Align your spending with your values. Amanda Clayman, a psychotherapist in New York who focuses on financial issues, says that when it comes to belt tightening, one size does not fit all. For example, if a trip to the gym is the highlight of your day, hanging onto your membership and cutting back on another expense is the way to go - even if other people say you’re wasting your money.
- Don’t stop giving. You may be tempted to cut back on charitable donations, but a study from the University of British Columbia found that doing so actually made people less happy. If you really can’t afford to donate money, donate time.
- Save. It doesn’t matter how much. M.P. Dunleavey, a financial columnist and the author of the book Money Can Buy Happiness, says that saving even a small amount each month reduces anxiety levels and increases overall satisfaction.
If you spend on what really matters to you, start saving, and help others, you’ll feel better about your finances - no matter what your bank statement says.
