Gratitude and Your Finances
It’s that time of year where many people begin thinking about everything they have to be thankful for. Although it’s nice to count your blessings on Thanksgiving, being thankful throughout the year could have tremendous benefits on your quality of life, including your finances.
Gratitude requires us to focus on what we have rather than what we don't have. The human mind tends to prefer immediate gratification over a long-term well-being.
Spending extra money won’t make you happy— it can however put your financial future at risk. Instead, look for ways to feel good about what you already have by developing an attitude of gratitude.
Gratitude and Relationships
Research shows that keeping a journal of things that you are grateful for can contribute to more positive emotions and relationships. Positive emotions and strong relationships are typically associated with greater financial self efficacy. Appreciation unites us as people. Feeling appreciated and expressing appreciation is cornerstone to any successful relationship.
Studies have shown that gratitude can reduce feelings of impatience, which could make it easier to save long-term. As you become more grateful, you are more likely to feel fulfilled in your life.
Gratitude Promotes Generosity
You’re more willing to give to others when you feel grateful. So, how does this tie into better finances? When you make giving to a charity a priority, you’re forced to re-evaluate your finances so that you can meet your financial objectives. It could mean cutting out impulse purchases and extra spending. Additionally, there could be a tax benefit with your giving.
If you have any questions about your financial planning, charitable giving and/or investment strategy needs, please feel free to reach out to our office at 302.234.5655 or contactus@covenantwealthstrategies.com.
Disclosures:
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.