Nov 26, 2021
The theme this week on the Retirement Quick Tips Podcast is: Can Gratitude Help You Make Better Money Decisions?
Happy day after Thanksgiving! I hope you spent the day with loved ones and the bloat has worn off!
Earlier this week I talked about how gratitude will help you be more patient and keep you from overspending. I also touched on how gratitude will help you align how you spend money with your values, but today I want to expand on that idea more, because I think it’s the most important takeaway from this week’s tips.
We usually don’t think too much about how we spend money. The more affluent you are, the harder it is to be mindful about how you spend money. When you’re not worried about stretching every dollar as far as possible and making sure you have enough to get you through the end of the month, you’re naturally going to be a bit more frivolous with how you spend money.
Yet, money is still a limited resource, so no matter if you have a little or a lot, it still matters how you spend. Because your spending points to your values and what’s most important to you. Spending without giving it too much thought will lead you to waste money and have less satisfaction in life.
When you are grateful and you can recognize what’s most important to you, you’re better able to spend in a way that will help foster contentment because it’s consistent with your values, rather than spend in a way that’s frivolous and doesn’t align with what’s most important to you.
Many people never reach their most important financial goals because they wasted money on crap that didn’t really matter all that much to them - too many fast food trips, tech gadgets, shoes, or cute little trinkets for the house. It seems like a small thing here or there but it really adds up over time.
But when you know what you value the most because you recognize what you’re most grateful for, you’re able to take the next step by putting your money where your mouth is and spending, giving, and saving in ways that line up with what you value most.
That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance