Does saving more money make you happier in Central Minnesota?
As we get closer to the Christmas Holiday, the amount of money we have in the bank and available to us is likely to be in the forefront of many people’s minds. I guess the timing of the survey I found was perfect, leading into the holidays which asks this question, Are you a spender or a saver?
This was a question addressed by the website swnsdigital.com from the standpoint of trying to determine who was the happiest.
They did a survey of 2000 adults asking them about their saving habits or the lack thereof. Not surprisingly, the people who were labeled “spenders” said they were happier than those who saved more.
56% of people called themselves spenders while only 36% had the focus of saving more of their money. The remaining percentage of people said they were not really savers or spenders.
What makes someone a spender is the percentage of their money they put toward non-essential items each week. Savers obviously use a much smaller portion of their salaries on items that aren’t labeled has a “have to have”.
So, if someone is putting back more money for the future or emergencies, one would think that person might be happier overall knowing they have a safety net. But according to the survey conducted by “One Poll”, spenders said they were happier in their relationships, 78% to 63%.
Those who tend to spend more also said they were happier at work 78% to 57% and have a happier personal life 77% to 71%. Interestingly enough the spenders felt better about their overall financial life as well.
Maybe it’s the fact that they have most of the things they want to provide happiness or they’re able to keep up with their friends and peers on having the latest items.
There is a certain amount of “stress” for lack of a better term that comes with feeling the pressure to keep up with the pledge of saving a certain amount.
Another interesting fact from this study is that both groups said the items they researched the most were personal electronics, even over vehicles. And when it comes to bigger purchases, the biggest factor in deciding whether to spend the money or not was how long the item would last them.
So even for those who are labeled spenders, that doesn’t necessarily mean they’re foolish with their money.
One more note to keep in mind as we approach the holidays, those who call themselves spenders say they give better gifts. If you get a gift you really like this year, odds are you’ll know how the person who gave it to you labels themselves.