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The Beatles sang about the fact that money can't buy you love, but can it buy you happiness? And can you have both?
We talk to two experts about how the power of positive thinking can have an impact on your back pocket.
A positive mindset
Diana Mathew, life counsellor and author of The Money Tree, believes we can all change our behaviour to successfully save. The trick, according to Diana, is giving.
"We all have a very deep conscience about not sharing what we have," Diana said.
"It is therefore very difficult to save money or even enjoy spending it without a guilty conscience."
"Many people have a voice running in their deep subconscious that says, 'If I have lots of money I will have to share it'." To Diana, this belief will keep us poor and not allow us to save.
Diana recommends that you get rid of your guilty conscience. "Give a portion of your money away. This is one way to alleviate the issue."
And, stop feeding the 'I'm broke' consciousness.
"How many times do you tell yourself 'I can't afford it'?" asked Diana. "My mum used to say that 'all rich people are crooks' and that 'money is the root of all evil.' If you have been brought up with similar negative beliefs, it will be nearly impossible to become wealthy."
"Look closely and listen to what you have running in your head. There are many good ways to save money and prevent spending all you earn."
Diana said that if you are saving 'for a rainy day', stop and think about what you are telling yourself. A rainy day is not a positive thing.
Why not think, 'I'm saving for a day of happy celebration'? Instead of saving for your retirement, which most people see as when you are too old to have fun, change it to, "I'm saving for the day when I have lots of time to play," Diana said.
For some of us though, we feel there is never enough money for happy days.
So can money buy you happiness?
Dr. Tim Sharp, one of Australia's leaders in the science of positive psychology, and founder and chief happiness officer of The Happiness Institute, claims that a degree of financial security is important to happiness, but only makes you happy to a point.
"Having your finances in control is important but the ultimate goal is finding true happiness," Dr Sharp said.
"So the question is: what's your return on investment (ROI) for happiness? What are your values and priorities and where are you going to devote your time and energy?"
Research reveals that happier people are clearer on their values. There is greater ROI for example, when engaging in non-work activities such as spending time with family and friends.
"Spending money on material possessions does not lead to enduring happiness, which we all crave," he said.
"Nice things won't make you miserable but these luxuries are short lived.
"For example, we feel good when we buy a new pair of shoes. But after some time, they just become another pair of shoes."
Next time you have an urge to spend and not save, Dr. Sharp recommends that you ask yourself:
* If I spend that money, what is my return in happiness?
* Do I really need this item? For example, my iPod still works and it doesn't really need replacing.
* What is my priority?
"The key is to determine what truly makes you happy and if you make some money along the way, then this is an added bonus," he added.
Diana Mathew is based in Adelaide, and will be speaking at a conference in Sydney in October. To learn more, contact Diana at The Money Tree: www.mymoneytree.com.au
For more information on The Happiness Institute, visit www.thehappinessinstitute.com
