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Want to get happier? Your finances could be the key

Do you budget? More than half of us never actively plan our spending but a report has discovered those who do could be happier. Could keeping track of your money help boost your happiness?

Those who budget online are the happiest, according to insurance company SunLife. Using a happiness index scale, they discovered those who budget using an app on their phone or tablet were a close second – while those who don’t budget at all were trailing in last position.

The report also discovered one in five people in the UK don’t formally budget, admitting to having only a ‘rough idea’ or no idea at all about the state of their own finances.  

Which age groups are the most and least likely to budget?

Younger people were found to budget more than older people. 57% of 18-24 year olds said they actively keep a budget compared to just 32% of over 65s.


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Budgeting doesn’t have to be boring or long-winded. Once the first step is done it’s just a case of keeping an eye on it – and reaping the rewards! Do you want to find out how?

 

An easy way to plan and budget

Firstly, work out how much money you have coming in every month and what you are spending it on every month. It can be difficult to increase the amount of money you have coming in but you can make a difference to the money you are forking out.

Some of these expenses are more difficult to change than others, admittedly, such as your rent or mortgage. But people often forget about smaller spending, which can really add up. From buying food out to subscriptions you no longer use, thinking about how you can bring down these costs can really make a difference to your finances.

You can also make some savvy swaps to save the pennies further, such as switching your energy provider or considering where you do your weekly supermarket shop.

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