Money may not buy happiness but a lack of it is certainly one of the fastest tickets to a life of depression and boredom. Whenever we read about saving and financial planning, its often in the context of securing your future by sacrificing today. Of course, making sure your finances can take care of you in old age is vital. However, there are more immediate benefits of good money management that make your life today much more fun.
You Can Afford to Take Vacations
There’s a near unanimous consensus that travel is fun, eye-opening and something every person should find a way to frequently do throughout their life. Exploring new countries, cultures, music, food, language, architecture and history will always leave you a better person. Good money management means you can afford to have vacations regularly.
Travel will help you relax while giving you an injection of new energy that you need to tackle life’s everyday challenges. With financial discipline, you’ll need only to set aside a small amount each payday that you’ll draw upon when it’s time to hit the road. No more wallowing in self-pity when all your neighbors leave town or travel overseas during the holiday season.
You’ll Be Fun to Be Around
True friendship is about being there for those close to us when they need us the most. But let’s face it, very few people would love to hang around someone who seems to be caught up in an endless cycle of problems, especially if those problems are financial. Little wonder that financial difficulty is one of the leading causes of divorce.
Managing your money well here implies living within your means. No matter how low your income, people enjoy the company of someone who demonstrates an ability to handle their financial obligations without asking their friends and family for help. You’ll even have money to buy your loved ones gifts which can be a great boost for your ego and self-confidence.
You Have the Power to Donate
A good financial plan includes sparing some money for the causes you care about. That could mean dedicating a percentage of your pay to charities and following through on this commitment. Part of this giving budget should include what you plan to give to family, friends, neighbors and work colleagues.
By purposefully donating some money each year, you’ll feel a great sense of accomplishment about your personal impact on the world. Few things will give you greater satisfaction than knowing you made a stranger somewhere smile.
You Can Meet Your Daily Living Expenses
It’s all good to save for a rainy day but don’t focus on the future to the extent of forgetting to live today. Each of us has a finite time to live with only the luckiest among us expected to surpass 80 years of age. So it will not do your future physical and mental wellbeing much good if you are struggling to meet your basic expenses in the present.
It’s not just about food, clothing and shelter but also the other essentials that we take for granted such as electricity, good furniture, a nice bed, the latest electronics and quality education (for you and your dependents). You should also have enough to spare for small luxuries. For example, if smoking is your thing, you will afford to pick something up from Head Shop Headquarters.
None of us can afford to have everything we crave for but developing a realistic budget allows you to assign proportional expenditure to each of these fundamental expenses. This of itself can give you precious peace of mind.
You Are Braced for Uncertainty
Life has plenty of known knowns but it can also throw you curveballs. While we may view such events and circumstances as unexpected, we all know deep down that we will be faced with a surprise expenditure every so often. The very thought of being ambushed by an unexpected cost can keep you awake at night.
Good financial planning including taking up insurance where applicable can inject a greater sense of predictability in your future. It takes away the fear of the unknown and gives you a confidence that the future isn’t completely out of your control.
It’s great to know that a lifetime of saving and investing should not mean tolerating a dull and unexciting life.