Tag Archives: reducing family financial stress

Is Your Family Choosing Money Over Time?

traffic morguefileFollowing up on the last post suggesting we “underachieve” so that we have time to achieve with our family, you might ask whether not putting most of your energies into career and financial achievement might end up reducing your happiness in the long run. In other words, won’t you be less happy with less money and/or career advancement?

It seems justifiable that we need to work enough to provide a comfortable home and to care for our family. However, many of us become competitive and want to be “the best” and to earn as much as our talent and opportunities will allow. We also decide as a family that we “need” more and more, requiring more money to satisfy these demands. Spending more time working usually means less time for your marriage and family. And if those bonds are strained, the stress will certainly mean less happiness for you.

A new study reported in CNN called “Happy Money: The Science of Smarter Spending” by Elizabeth Dunn and Michael Norton finds that we often get so much in the habit of working and earning that we don’t stop to enjoy the fruits of our labor. Even wealthy people spend too much time overworking and doing things they don’t enjoy, such as driving long commutes to work. Researchers say we should use some of that money to “buy happier time.”

While we’re at it, we should ask ourselves before spending money how the purchase will affect our time. For example, buying a nicer car may seem like a great reward, but not if you have to work more hours to pay for it. Drivers get no more pleasure from commuting in an expensive car than in a cheap one. And the average American spends two hours a day just working to afford his car.

Another bad investment is an improved home entertainment system, according to researchers, who say watching TV is a clear happiness drain. On the other hand, they say investing in a dog pays off in happiness dividends, encouraging you to take daily walks and socialize with other dog owners.

I can relate to the research. Before starting my own business in 1998, I put in long hours at work, only to feel I could never get ahead of the work load. I think many Americans feel they don’t have a choice but to participate in this rat race, particularly with the weak economy.

So a focus on smarter spending of time and money on things that will improve your happiness and your family’s happiness is key. Our family enjoys time in nature, trips to the library and cooking at home. My husband has always been one to make time to enjoy life and encourages as much time together as a family as possible. If you think about your happiest memories, they probably weren’t the most expensive days of your life.

Think about ways you can spend enjoyable time with your spouse, friends, and family without spending a lot of money. Brainstorm things you’d like to do together this summer and keep the list handy. You might also want to keep a list of books or movies you’d like to enjoy together.

Do you feel like this is a difficult tradeoff for your family? Do you and your spouse agree on how to spend time and money? Feel free to share any tips you have.

For newer readers here, I’ve written lots of research articles on happiness. If you’re interested in learning more about creating a happier life and happier marriage, search the archives.

I hope you have an enjoyable Memorial Day weekend. Take time with friends and family to enjoy life and give thanks to the service men and women who helped to make our freedoms possible.

Lori Lowe is the author of First Kiss to Lasting Bliss: Hope & Inspiration for Your Marriage. It tells the inspiring, true stories of couples who used adversity to improve their marriages–from overcoming drug addiction to cancer, infidelity, religious differences, family interference and infertility, among many others. It’s available at Amazon.com and in various e-book formats here.