Sometimes we let finances weigh heavily on us. The cost of living isn’t dropping anytime soon, and there always seems to be another bill waiting to be paid. Money, however, is relative. In many cases, the more people earn, the more they spend. Those who appear wealthy often carry just as much, if not more, debt.
Wealth truly is a matter of perspective. For some, it looks like a yearly international holiday, a luxury home filled with modern comforts, and a sleek new car in the driveway. For others, it’s having long, unhurried mornings, shorter workdays, and the freedom of being debt-free.
Whatever your money goals may be, it helps if you feel confident and positive about your own personal financial situation. Here are some signs you are actually doing really well financially (even if it might not feel that way).
1. If you have no credit card debt or you pay off your credit card completely each month, you are already winning the wealth game. It takes dedication and discipline to avoid the temptation of building up debt on plastic cards and is one of the easiest ways to get snowed down and overwhelmed financially.
2. If you pay your bills on time and don’t receive late fees or overdue notices it means you plan in advance or are not living week to week. Being financially stable is priceless and shows you take your responsibilities seriously.
3. If you have a savings account and contribute to it regularly you are doing well in life. Even just a small regular contribution makes a difference. Being able to save means you likely have debt under control as well as enough self-control to commit to saving.
4. You might not have the newest and fanciest car, but if you do have a car does it run smoothly? Has it been paid off fully and serviced regularly? Do you take out a good level of comprehensive insurance? If any of the above is true, while it might be something you take for granted, this is a dream for many.
5. An emergency account might not seem like a luxury, but if you have a few thousand dollars set aside for an unexpected situation, one day you will be very grateful for the forethought. If an expense pops up out of the blue without warning and it doesn’t send you into a frantic flurry because you have the funds to cover it, this means you are in a good place financially.
6. If you have investments of any kind, whether it be property, superannuation, stocks or a healthy balance in your savings account, every little bit compounds over time to equal more freedom in the future.
7. If any of the above is you, then it is likely you are living below your means While so many live beyond their means, leaning on credit cards to help fill in the gaps, if you can have something left in your account after you’ve covered all your living expenses and commitments each month you are actually miles ahead of many people.
Often, it’s the little things that demonstrate true wealth. Having the freedom to take a day off work if you need it, being able to buy high quality and nourishing food, enough warm layers on your bed to keep you cosy, clothes and shoes that are comfortable, intact and made to last. For some, true wealth may look like owning very little - a van, a sleeping bag and a few cherished possessions, living as an eternal traveller.
Wealth is more about security and having needs met and less about how much you have sitting in a bank account. True abundance, just like beauty, is ultimately whatever you want to make it, it really is in the eye of the beholder.
Alison Gallagher is a freelance writer, resourcefulness expert and entrepreneur. She has been featured in various publications including Stellar Magazine, Australian Health and Fitness Magazine, and Cleo Magazine. Alison is particularly passionate about sharing practical tips on how to live simply, sustainably and seasonally.
