How Gratitude Can Solve Your Financial Problems

If you were to think of a beautiful day when you didn’t really worry about money, BUT that day should be from this past year, which one would it be? For millions of people, it would probably be natural to pick one from those blissful few weeks before the term “unprecedented times” started to define 2020. After the pandemic officially became a thing, it’s safe to assume that feelings of abundance might have eluded most of us, especially those who lost their jobs or businesses. And now that November is here, maybe the only good thing that we’re thankful for is that the year is almost over.

But maybe that little bit of gratitude isn’t such a bad place to start on the road to rebuilding our lives for this coming new year. It might sound like a stretch, but what if being grateful can actually help us revive and reinforce our finances? Spoiler alert: yes, it actually can! Research has shown that being thankful has many psychological, physical, and social benefits⁽¹⁾ Think about it – if we have better health, a happier disposition, and stronger relationships with others, wouldn’t our financial well-being also improve?

We all know that the answer is yes, which means that it’s a great time to start practicing the fine art of gratitude with Sheroes! To make the connection between gratitude and your finances a little bit clearer, let’s unpack a few financial problems that can be solved with the help of gratitude. Maybe this kind of problem-solving can make us more thankful, and hopefully, a little bit richer in the process, too!

PROBLEM: Splurging and impulse buying

It’s normal to indulge in a bit of retail therapy here and there, but your shopaholic tendencies can become a problem if you lose control and spend beyond your means. Some people might even turn into impulse buyers who don’t really take the time to consider if the products they’re buying are worth it, or if they can even afford it. That kind of behavior could be about the lack of self-control, but it has also been linked to the shopper’s search for positive moods, self-identity, and social status.⁽²⁾

Now let’s say that you’re already a grateful person who is reaping all the benefits of gratitude. Just like what studies have shown, that means that you are happy and contented with your life, and you know how to be patient, too!⁽³⁾ Someone like you wouldn’t really need to splurge or buy anything impulsively in order to feel better about yourself, right? Imagine how that kind of inner peace could turn into a lot of savings! And for those who need more convincing, don’t forget that gratitude can also lead to better health, so it might even take a huge chunk off your medical expenses in the future!

PROBLEM: Wasting money on bad purchases and investments

Your time, your effort, and even your entire life savings could be involved in any purchase, so it’s definitely important to make the right choices. So how can you make sure that something is worth your money? The answer is still about gratitude, of course! There’s no telling what the future holds, but a grateful person gives it more value, which means that there is more patience for upcoming rewards instead of immediate gratification.⁽⁴⁾ So if you’re patient enough to do your due diligence and be forward-thinking, you’re more likely to make better financial decisions, too!

Whether you’re clicking on the checkout button or signing a very important business deal, a grateful heart can also help you gauge if something is a worthy investment. Maybe it’s because gratitude unlocks patience, happiness, and well-being, so it also has a way of clearing your head. Because you take the time to appreciate the things that you already have – good health, shelter, family, and friends, among other things – you know what is real and important enough to be a priority.

PROBLEM: Low morale and productivity at work

Any workplace is bound to go through periods of low morale, especially during a pandemic. If your company’s productivity is one of the casualties of COVID-19, maybe a little exercise in thanksgiving can help everyone get back on track. Research has shown that when there is gratitude in the workplace, employees are more relaxed, motivated, and satisfied with their jobs and co-workers.⁽⁵⁾ That definitely sounds like a recipe for good business and higher profits!

Aside from the internal aspect of gratitude, there’s always room to express it externally with a good old-fashioned “thank you” to any person around you, especially your co-workers. Let gratitude and recognition be part of your company culture – give credit where credit is due, whether it’s in the form of a congratulatory note or even a grand awards ceremony. When people know that they are being valued, they can give the organization even more value by doing their best work.

REFERENCES:

(1) Why Gratitude Is Good (2010).

(2) Impulse buying: a meta-analytic review (2020).

(3) Here's an Easy Way to Become More Patient  (2016).

(4) How Gratitude Leads to More Money (2016).

(5) How Gratitude Can Transform Your Workplace (2017)