Finding Balance Between Money and Quality of Life

By Kate Vaillancourt, Certified Credit Union Financial Counselor (CCUFC)

I think many of us can relate to that feeling we have when we are “living our best life,” even if it’s just for the weekend or a night out with friends. I had a professor tell me that housing, food, healthcare and transportation are the four elements that create a quality of life. I had to think about that for a moment, because even though I was learning about financial wellness, none of those topics were money or a job.

We certainly need money for any of those four elements to be possible, so why did the professor leave money out? He explained that money in itself is not necessary for a good quality of life, and for many, money is a source of struggle. Yes, that was quite a profound statement.

So, if not necessary, where does money fit into creating a quality of life? I guess that is the million dollar question or maybe it’s just the $10 question, depending on your definition of a “good” quality of life. If you are lucky, you’re already there—life is good, you have all your “wants,” and financially, things aren’t very stressful. If you’re like me, there are still a few things I need to do to get there. So, now that I’ve recognized that I have some work to do, what am I going to do about it?

A good place to start is to see where I’m at right now. To do this, I grab my bank statements and look at where my money is going. One of the recommendations I see online is to review the last few bank statements, but we all know that doesn’t give the full picture—especially for those of us in colder climates. My electric bill in June is nothing like the bill in February and property taxes are due twice per year, not each month. I have insurance to pay and things that I do for fun, but they may be seasonal, like snowmobiling or going to the beach. A good budget takes everything into account, especially the seasonal spending. After gathering all this info, I make a budget.

Remember, a budget isn’t meant to control your spending, it is meant to guide your spending. If your electricity bill goes up, you can’t not pay it just because you budgeted for less. You may need to cut back somewhere else or take a different approach; but with the guide in place, it’s easy to see where you have some wiggle room to deal with the unexpected.

Another good tool is keep track of your spending every single day—jot it down and review your habits. This is helpful in a couple of ways. First, it helps you to identify spending that isn’t in the budget and often, just having to write it down may help you to pause before spending the money on something you might not need.

Analyzing our own spending habits is the best way to see if we can make changes that help us work toward our goals, but it’s not always an easy task. If you would like help creating a budget or planning for something special, help is available. Please reach out to me by sending an email to kvaillancourt@acadiafcu.org or by calling 207-992-1060. Financial counseling services are free to members of Acadia Federal Credit Union.

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February 17, 2025