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Tuesday 2 augusT 2022

Kimberly Palmer: 5 ways to feel richer

(even if you’re not)

worked so hard and got the
retirement of her dreams?”
Gendreau suggests hiding
posts on social media from
people who inspire feelings
of jealousy or putting your
own spin on them.
“If I see something that
looks like a lot of fun at a
fancy place that’s outside
my budget, I might think,
‘Can I do something simi-
lar at a lower price point?
Do I need to go to a fancy
Cash is fanned out from a wallet in North Andover, Mass., June beach place or can I go
15, 2018. to a closer place?’ I don’t
Associated Press need to go to the Carib-
bean to have fun on the
By KIMBERLY PALMER of spending money on a new beach.”
NerdWallet car, she puts her money CULTIVATE RESILIENCE WITH
In some ways, feeling “rich” into family activities. She SAVINGS
is less about how many ze- stretches her budget on “You are going to make
roes you have in your bank those, too, by taking ad- mistakes,” says Heath
account and more about vantage of free museum Carelock, a financial coun-
knowing how to use them passes, local libraries and selor and coach based out
to get what you want out free state parks. of Prince George’s County,
of life. “It’s all about finding fun Maryland. To move past
For author and certified fi- things to do that don’t re- them, he says, it’s impor-
nancial planner Tom Cor- ally cost much money but tant to forgive yourself and
ley, feeling rich comes from bring a lot of joy and hap- to build up a financial cush-
having an Irish pub-style piness,” she says. Indulging ion. When he was starting
structure in his backyard in those kinds of adventures out in the working world,
in New Jersey that allows gives her that feeling of be- he gave himself what he
him to invite friends over for ing rich, even though they called the “1-2-3-4-5” chal-
outdoor drinks. For Liz Gen- aren’t costly. lenge: He saved $123.45
dreau, founder of the web- Corley, author of the book out of every paycheck.
site Chief Mom Officer, that “Rich Habits,” calls that “Watching your money ac-
feeling comes from taking strategy “value-based cumulate is a major way
advantage of free, fun ac- spending.” He encourag- to double down on resil-
tivities like visiting local state es people to think about ience,” he says.
parks in her home state of what’s really important Then, if you face a sudden
Connecticut. And finan- to them, such as travel or unexpected expense, you
cial counselor Andi Wrenn spending time with friends have a financial cushion
in Raleigh, North Carolina, and family, and to focus to protect yourself, which
finds that feeling when she on directing money toward evokes a feeling of “rich-
climbs into her RV and goes those areas, instead of ma- ness” or comfort.
for a road trip. terial goods that might not “People are a lot more re-
“Richness comes from hav- provide as much joy. laxed if they have emer-
ing small, tangible financial PICK HEALTHY ROLE MOD- gency savings so they
goals that you’re working ELS know they can pay off
toward,” says Megan Mc- That joy-focused approach whatever bills they need to
Coy, assistant professor of can also help with feelings every month,” Wrenn says.
personal financial planning of financial envy. “If you She says that even having
at Kansas State University. don’t have value-based one or two months’ worth
Those goals could be pay- spending, then you can of expenses can provide
ing off student loan debt, fall victim to comparing that elusive feeling of finan-
buying a house, or some- yourself to others and life- cial well-being.
thing unique, like Corley’s style creep,” which is when CREATE A BUDGET AND PAY
backyard structure. spending grows along with OFF DEBT
We asked financial experts income, Corley warns. Mc- “If you don’t track where
to share their tips for how to Coy says that when we your money is going, you
feel richer today, given the constantly compare our- will feel financially insecure
current levels of financial selves with richer neighbors because you’re worried all
uncertainty and stress. Here or influencers on Instagram, the time about, ‘Where is
are their top suggestions: it’s easy to be dissatisfied. my money going?’” Gen-
REFLECT ON WHAT YOU “We need healthy com- dreau says. She suggests
VALUE parisons. Is there someone using a budget to track
Gendreau knows that cars else you could compare your spending, especially
aren’t important to her but yourself to, such as your given current inflation lev-
family time is. So instead of past self, or your aunt who els. q