According to the RaboDirect Financial Health Barometer 2015, which surveyed 2500 Australians aged between 18 and 65, Australians who were more likely to be completely happy with life, in excellent health and in control of their finances were actually those who loved attending professional sporting events compared with those who didn’t barrack for a team.
Sport and happiness
Sport is not only beneficial to our health and wellbeing, it’s a key part of Australian culture that can strengthen our relationships and boost morale. Sport is a great example of how planning, strategy and discipline can lead to desired outcomes.
Aussies love their sport, with spectators in metro areas spending an average of $606 throughout the year, and those in South Australia taking the lead with $676 spent on attending sporting events.
Sporting events cost money. However, those who attended professional sporting events were actually found to be saving as much as 52 per cent more on average than those who didn’t head to the local field. This suggests that sport, happiness and saving money are positively related factors. Maybe it’s time to ignite a love of rugby league, Aussie rules or tennis and boost your savings balance while you’re at it.
Emotions and money
For those struggling with emotional issues, saving can be the last thing on their mind. When you’re down you might feel like you are not able to turn your financial problems around or might lack the motivation to do so. This feeling coupled with coping methods such as impulse spending shows how negative association between money and emotions can become a vicious cycle.
Financial matters should be addressed through financial methods, but it can also be beneficial to improve the underlying unhappiness that could be holding you back from making better financial choices. The happier you feel, the more likely you are to make positive choices, including choices related to your savings.
View saving as a goal
Setting a goal is a great saving strategy. Instead of seeing saving as a chore or sacrifice, try to view it as a victory and achievement that will lead to future security and freedom. Like an athlete preparing themselves for a future win, saving can prepare you for a future of financial triumph.
Some tips for sticking to your savings goal include:
• Setting up a high interest savings account.
• Depositing a percentage of your salary directly into the savings account each pay cycle.
• Download the MoneySmart TrackMyGOALS app to visualize your savings and keep on track.
Take control of your financial situation with discipline and forward planning. Plan for success while preparing for hurdles ahead, always knowing that in life – just as in sport – the unexpected can quickly change our course. A strong savings plan can serve as a backup in tough times, and can mean you aren’t left making important decisions in the heat of the moment.
Any advice contained on this post is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs and because of that, you should, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs before acting on the advice.
On this website, you can find the RaboDirect Terms & Conditions, and the Notice Saver Product Disclosure Statement (PDS), which you should consider before making any decisions in relation to a RaboDirect product.