Can money buy happiness?
Can money buy your happiness? Or is it just a means to an end? This is a question that everyone has to answer for themselves. For some, the pursuit of more money comes with a lot of stress and sacrifice. Not only do they feel like they have to give up things they love but they also end up losing time with the family because they work long hours.
The other side of the coin is that money can be a great tool for creating happiness. If you know how to use it wisely, it can help you build a life that works for your family, rather than one that drags you down.
What can't money buy?
The key to using money to create happiness is understanding what it will not do for you. You cannot buy the feeling of being in love or the joy of having a healthy baby. Similarly, you cannot buy your way out of parenting challenges or expensive medical operations. However, money can help you avoid situations that are not conducive to raising happy children and provide opportunities for their future.
Ensure a better future for your children
There are several things you can do to ensure a better future for your children. Being prepared for the expenses that come with raising kids is one of them. Like most parents, you probably love your kids and would do anything to make them happy. But how far are you willing to go?
Treating your kids to an expensive vacation or taking them out to eat at mommy-and-me restaurants might feel like the right thing to do, but it’s not necessarily smart. It might also be causing them more problems than happiness in the long run.
Nonetheless spending a little for their wants won’t hurt. So how much of your children’s future earnings should you spend on their upbringing?
How much should we spend for your children?
The goal is to be in a position to buy one or two nice things for them each year, but nothing extravagant. As much as possible, you’d want to save money for their future; To do this, you can open a separate account that’s only intended for their education. And when it comes to health, it’s better for you to invest through health insurance. This is to protect you from piling up aggravating bills in the event that your children are hospitalized. Not only should you invest with health insurance but as well as with other insurances that can give the right protection to your family.
You can also practice teaching your children the importance of saving money and start by giving them the right amount of allowance and guiding them on how they use the money. To know how much you should give them, you may find this article helpful.
Money can build a happy future for your children
Remember It’s not just about the money you spend on their entertainment though — It’s also what you save for their future.
In life, there are two ways that money can be used to buy happiness: by using money to buy things, like toys and trips, and by using money to give your kids a happy future.