The positive impact on your finances of an attitude of gratitude

When we change our mindset and choose to be grateful, it can help us manage our money better. It costs nothing and the benefits are invaluable.

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Q: My husband and I have three children, all in college, and we feel quite lucky that despite the high cost of living, we can still afford what our family needs. As we were discussing what to have for dinner, our son volunteered for us to have it delivered. As a one-off comment, we might have missed that. But we struggle to help our children understand how hard we work to give them what they need. Once we were all seated at the table, we took a few minutes to talk about why we cooked rather than ordered dinner that night. Our eldest daughter seemed to understand, but our two youngest wondered why we wouldn’t do what everyone else was doing. Is there anything you can suggest to help us reach our children? ~ Holly

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A: It takes a certain maturity to understand that money does not buy happiness. He may buy you a fancy car, a big house, and take-out food every night of the week, but true happiness is a choice that comes from within.

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As parents, we do what we can for our children. To some degree, they may appreciate our efforts, even if they don’t understand them well and find it difficult to express their gratitude. However, no matter how old you are, having an attitude of gratitude changes your outlook. When we are grateful for what we have, we appreciate the people and things around us differently. And our values ​​have a direct influence on our spending decisions.

When we change our mindset and choose to be grateful, it can help us improve the way we manage our money.

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Gratitude fights instant gratification

One of the great advantages of credit cards is that we can make a purchase without first saving the money we need. Not only does this promote impulse spending habitsit fuels a tendency towards instant gratification.

A desire for instant gratification can lead to unhealthy financial habits. For example, using payday loans get by, rather than establish a realistic budget which includes some savings for emergency expenses. Only doing the minimum payment on credit cards, rather than trying to pay off balances before making purchases in progress. Or count on a home equity line of credit to make ends meet, instead of reducing our lifestyle to our means.

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Our children are keen observers and pick up on our money management habits. As they develop their financial skills, they quickly discover the “high” that comes with spending money. Encourage them to be patient with their financial choices by focusing on gratitude for what they already have. Set a family goal, work together, and show them how to save for what they want. Explain how to find more affordable options when something seems too expensive. These skills will help them avoid paying a lot of interest once they are old enough to start using their own credit.

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Relieve Financial Stress by Focusing on Gratitude

When we choose to focus on gratitude for what we do having, it helps us build resilience in the face of stressful times in life. The high cost of living that we are all facing these days is a very stressful time for many Canadians. While it’s not always easy to appreciate the positive things in our lives, when we take the time to focus on gratitude, it can be a respite from our stress. It can ease our worries and allow us to consider options that we may not have thought of before.

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Tips and solutions if the rising cost of living is stressing you out

Positive feelings about our life feel good and promote a sense of satisfaction. It can do wonders for our mental health and overall well-being, leading to making choices that preserve those feelings. If our level of satisfaction comes from feeling grateful for what we have, it tends to help us let go of the idea that buying more stuff will make us happier. It allows us to be happy with less.

Suddenly, a tiny house, or at least a smaller one, seems like an attractive possibility. When we go to the mall, we look from store to store, but come home empty-handed because there was nothing we really wanted to buy. Upgrading our cell phone at the end of our contract to a new device and a full-size plan makes us grateful for the time we will save without upgrading to a new device. In reality, spending unnecessarily on things we don’t really want or need can lead to high-interest credit card debt and an unstable financial future.

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What is your relationship with your finances?

The Basics of How an Attitude of Gratitude Impacts Your Money

Thanksgiving Day only comes once a year; being grateful for what we have is a choice we can all make every day. It takes a little patience and practice to develop an attitude of gratitude in yourself, your children, and your family. It’s about appreciating the things money can’t buy and focusing on what brings us joy in our everyday lives. In a culture of high-speed connections, fast fashion and instant gratification, it’s easy to think the grass is greener on the other side. But in reality, the grass is greener where it is cared for. And best of all, cultivating gratitude fits everyone’s budget – no matter how tight or generous yours is. It costs nothing at all and the benefits are invaluable.

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Scott Hannah is president of the Credit Counseling Society, a non-profit organization. For more information on managing your money or debt, contact Scott by E-mailCheck nomoredebts.org or call 1-888-527-8999.

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