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40%—Percentage increase in bankruptcy filings in 2007
(Wall Street Journal, 2008)
What makes people feel more in control of their personal finances? I recently scanned a copy of The Ten Commandments of Financial Happiness: Feel Richer with What You've Got a snappy book by financial guru and author, Jean Chatzky, and discovered that it’s not one big thing, but a number of little things.
The following are a few examples of what physicians (talk about a financially unhappy bunch) can do to become a financially happier person:
• Get organized—The ability to find the statement, bill, or receipt you're looking for can make you happier. After all, not finding it can make you very frustrated.
• Pay bills as they come in—Paying your bills when they come in rather than once a month is less overwhelming in terms of time and how you feel about the bottom line.
• Save at least 5% of your household income—“Those who manage to save are happier,” Chatzky writes. To make saving easier, consider having your money automatically transferred into a 401(k) or IRA. This way, you save without ever seeing it.
• Keep tabs on cash—Does money seem to disappear from your wallet? Chatzky recommends saving receipts, sticking to a daily budget, putting yourself on a regular schedule of ATM withdrawals, and paying all bills from a single checking account.
These and other steps can go a long way toward reducing stress levels, increasing your sense of control, and generally boosting day-to-day happiness, without adding a dollar of extra income (again, something doctors know about).
Chatzky, who’s called America’s Favorite Money Coach, also has the blessing of Oprah—no small potatoes. For more useful money information visit her web site.
“It’s an unfortunate human failing that a full pocketbook often groans more loudly than an empty stomach.”
—Franklin Delano Roosevelt |
