Money may not buy happiness, but saving it can. A financial health survey conducted in 2013 by Ally Bank with 1,025 American adults, found that saving money can have a significant positive impact on your well-being.
The survey compared the happiness quotient of the respondents’ income bracket to their savings account. Among those with a savings account, 38% report feeling extremely or very happy, compared to 29% of those without a savings account. Reasons participants gave included: better able to face the unknown (90%); peace of mind (90%); pride (87%); an overall sense of well-being (84%); independence (82%).
|Happiness Quotient – Income Bracket||Happiness Quotient – Savings Account|
|45% earning $150,000+||57% with savings $100,000+|
|48% earning $100,000 to $150,000||42% with savings $20,000 – $100,00|
|4$% earning $75,000 to $100,000||34% with savings less than $20,000|
|40% earning $50,000 to $75,000||29% with no savings|
|25% earning $25,000 to $50,000|
It’s never too late to work on your financial health. Start saving if you aren’t already, and if you are, the more you save, the happier you’re more likely to be. One of the best ways to get out of the cycle of “bring broke” is to start your savings with the piggy bank plan. It’s easy, sustainable and allows you to start small with your loose change. Even during this pandemic, challenge yourself to save. Take the 30-day challenge where you save $1 on day one, $2 on day two, until day 30 where you save $30. Small steps, big rewards because on day 30, you would have saved $495.
Now that’s happiness!
So, how healthy is your piggy bank?