How does money affect your well-being?


There is no doubt that there is a direct link between money and your well-being.
Every aspect of your life influences your well-being. And money touches each and every one of these aspects in some way.
Researchers investigating happiness have found that every factor that influences well-being are interrelated. For example, your job can provide not only money but purpose, friends and a healthy self-esteem.
However, money certainly doesn’t buy happiness and wealth isn’t a fast track to a fulfilled life. Numerous international studies have shown not the size of our bank balances but the quality of our close personal relationships that has the greatest impact on our well-being.
But what about the impact of how we think and feel about money – how does this affect your well-being? We only have to look at the effects of having an unhealthy relationship with money to see how it can affect our well-being.
Every single day of our lives is filled with money emotions, thoughts and decisions.
Most of them leave us suffering in feelings of comparison, anxiety and fear.
Money stress floats around our bodies and causes headaches, sleepless nights, stomach pains and digestion problems.
It can cause friction in our relationships.
Money is a topic we have been brought up not to talk about. We feel we should suffer in silence when it is bothering us.
And it leaves us feeling out of control and engaging with it in an unhealthy way.
Professor Bob Cummins from Deakin University, the author of the Australian Unity Wellbeing Index, has found that financial stress has similar effects on the body as physical torture.
So, how can money boost your health and well-being (mind, body and spirit)?
It has nothing to do with making more or spending less.
1. Knowledge is power – Knowing exactly where your money goes is the first step to taking back control and choosing for money to be a positive tool in your life.
2. Mindfulness – Money is a powerful reminder of how much peace you can experience when you are mindful. Just by being aware of your thoughts and emotions associated with money eventually allows you to choose your behaviour. You will find yourself turning mindless spending into mindful spending.
3. Master your mindset – Your money mindset is your set of beliefs that determines your financial behaviours and attitudes. Do you focus on scarcity? Do self-sabotaging money beliefs govern your spending behaviour? Do you feel stuck in a place of struggle with money? The majority of our money beliefs are learnt from our parents. They are not all necessarily bad but now is the time for you to choose which ones you would like to keep and which ones you would like to get rid of.
I would love to hear your insights on how money affects your well-being. Please leave a comment so we can chat more!