Can money really buy happiness? Grant Gallagher, associate vice president and head of financial well-being with Affinity Federal Credit Union, joined Cheddar News to explain which steps to take for financial security and safety.

<div class="block">Can money really buy happiness? Grant Gallagher, associate vice president and head of financial well-being with Affinity Federal Credit Union, joined Cheddar News to explain which steps to take for financial security and safety.</div>

Stretching Your Dollar

Stretching Your Dollar: Steps to Take for Financial Security

It's an age old question. Can money really buy happiness? Well, today we'll tackle it and give you the tips to set yourself up for happiness and financial success. So joining me now is Grant Gallagher, Associate Vice president and Head of Financial Well Being at Affinity of Federal Credit Union Grant. Thanks for joining. Thanks for having me, Kristen. All right. So in your professional opinion, can money really buy happiness? So, I mean, of course, it can uh all the money in the world can't buy you good health meaningful relationships or personal achievement and fulfillment. Those are really all key elements to being happy. Uh You need to define your own happiness whether that and that rarely means having a lot of money. Uh Money does give you shortcuts to reach financial milestones, like owning a home, affording college going on vacation or even retirement. Um And then also money can help reduce or eliminate stress in everyday life. You don't have to worry about putting food on the table or having reliable transportation or if that next emergency is going bankrupt you. Um But then money can also buy you time. Uh It can cut out things that you don't like spending time doing landscaping, cleaning your house or even, you know, hiring a personal assistant can take care of some of those mundane annoyances. Uh, so money can really buy you time to spend on what's most important to you. Uh, and then of course, you don't have to be rich to afford to buy time. Many of us are already doing this by hiring babysitters or having take out delivered. Um Even something as the free curbside pickup for your groceries, you can buy back an hour of your weekend. All right. So how closely do you see financial success actually tied to happiness? So, uh great question. Many of those who believe financial success will bring them happiness. They often fail to define what that looks like. Uh And then they fall v at the lifestyle creep. This leaves them constantly chasing more as there's no upper limit to lots of or even enough money. Uh And then they fail to define what success looks like and they chase that next promotion or deal and de prioritize those things that would allow them to live a more fulfilling life. Uh What I've seen in those that can achieve financial success and happiness is, they've clearly defined what that success looks like and they have a plan to get there. Uh They recognize the value in things like spending time with their family and making memories with loved ones. Uh And those are things that can have significant impact to your well being, uh, taking vacations, traveling hobbies. They're also so important. Ok. So I, I'm really happy with where the segment is going because I think yes, money, money can certainly help you. But it's, it's not the true essence, I think at the root of it, of happiness Grant based on what I'm hearing from you. But it sounds like, you know, for some people, the first step is like setting that goal, what do you actually want according to what you're telling me? So how do you go about finding that? Why and setting up systems that can get you there? No, that's an excellent question. I mean, the reality is everybody needs to have financial goals, both long term and short term. Uh and then also having an emergency fund is incredibly important, even if it's just putting away a few dollars a month, a costly emergency can cause a lot of financial stress and it can upend your progress towards your financial goals. Uh The reality is, you know, your next emergency expense. It's not a when it's or it is a win. It's not an if and if you're better prepared, it's going to be less disruptive to your overall long term plans. So what are some realistic, short and long term goals that people should at least start thinking about before maybe deciding if they're right for them? Yeah, I mean, short term can be as simple as going out for a weekend with your family, it can be, you know, saving up towards a car, longer term, things are typically towards if you're gonna be getting married, you know, saving for that wedding. Um, or even buying a home, most people have some sort of, uh, home savings fund that they're working towards honey. Make yourself happy and enjoy the right now while also focusing on the future. Yeah. So, uh, it's really important to prioritize on spending on experiences. Like I was saying before you can go out with friends, you can go on a day trip, you can book, book a vacation, um, creating those moments and memories are way more beneficial to your overall well being than just spending on stuff. Uh, now there are exceptions to that if you can spend money on items related to a hobby, which will bring you joy, that's a really good way to invest in yourself. Uh But of course, you need to also consider how much of an incremental amount that joy will bring you. Um, most hobbies, you know, the deeper you get into them, the more expensive, the tools and the toys get and you start to have diminishing returns. This is so this is so fascinating. I just want to jump in, I think for anyone, right? It's never too late to start, right? Even if you find yourself not where you want to be, which is guess what? Probably where many Americans would find themselves right now due to factors uh you know, somewhat out of our control like a pandemic, high interest rates and inflation on essentials to say the least. But grant what is, and I, you know, when is a good time to really start kind of setting these goals for yourself thinking about your purpose, making sure that your health is taken care of so that you can grow your money and make it work for you. It's like they say, the best time to plant a tree was 20 years ago. The next best time is today, you know, you wanna sit down and plan this out, think about what's important to you and figure out what that plan looks like. The reality is. Most people don't think about these things until they're forced into it. Um But, you know, you really need to start thinking about that emergency fund. Now, you need to start thinking about retirement now uh and start putting together what that plan looks like. Um You need to both spend on today as well as the future and it's not one or the other. It's a balance. I, I wish we could go longer with this segment. My final question to you Grant for now is any other important tips for our viewers to walk away from the segment with? You know, the most important thing to remember is that, you know, everybody experiences financial stress, but the difference is the people that really survive and thrive through it. They're not afraid to reach out for help, for, from their friends, their family, their financial institution. So, you know, reach out for help. There's tons of tools and resources out there to get help and you know, make sure that you're prioritizing your financial well being both today and in the future. All right, Grant Gallagher, we appreciate it. Thank you so much for joining the show.