Is the “Good Life” Achieved by Pursuing the “Goods” Life?
I was intrigued by this article I came across about Cait Flanders…and not just because she managed to wipe out a sizeable debt using an innovative approach she created for herself.
Ms. Flanders, a 30 year-old personal finance writer from Vancouver, put herself on a “shopping ban” after she took a hard look at her finances and owned up to accruing $20,000 of debt by frittering it away. If you have accumulated similar debts on your credit card it would be wise to visit https://www.sofi.com/credit-card-interest-calculator/ in order to understand the true extent of the issue. In addition to putting herself on the spending “diet,” she rid herself of 70% of her “stuff,” and committed to sharing her progress on her blog, “Blonde on a Budget.”
Within two years, she wiped out her debt and reducing her living costs to 51% of her income.
Cait’s Story
We are continually bombarded by messages to buy, buy, buy…and not because we need the items being advertised. Just reflect on terms such as “retail therapy,” or “shopping as a sport.” Many of us end up buying things we don’t really need or paying for outside services we could probably easily handle ourselves.
Cait’s story is a testimony to the value of living more for intrinsic reward versus extrinsic.
What did she actually do?
First, Cait she went all in.
She inventoried her daily spending and assessed the value of her purchases based on how much they contributed to her quality of life.
Then, she cut out trips to the coffee shop, reassuring herself that she could return once she was out of debt. She also recognized that much of her money went to buy books that ended up on her shelves untouched, so she cut out book buying, too.
Cait took a hard look at items she already owned and realized that most of what she bought got very little use. She immediately stopped buying items such as cosmetics or new clothes unless she determined that she had a genuine need for them.
In this process, Cait found that the hardest part seemed to be overcoming automatic, almost unconscious buying behaviors she had developed.
People who give up particular behavior often struggle to fill the gap left by that behavior. The behavior could be something noxious, such as smoking, or more positive, such as caring for an elderly relative who eventually passes away. Whether positive or negative, each behavior we shed leaves a gap in our lives.
If, like Cait, you are accustomed to spending an afternoon buying books at a bookstore, you very likely may feel an empty space in your life if you decide to forgo that shopping pleasure.
Cait found that she could still enjoy life by thinking creatively and having support of friends. For example, instead of going out to dinner with friends, she would invite them over for a home-cooked meal.
Was Cait’s life transformed because her budget was in balance? Did she enjoy life more? Or, was her satisfaction because of something else?
Good Life vs Goods Life
Is the good life actually a “goods life?”
Before Cait embarked on her journey to reorder her financial life, she seemed to be she seemed to be pursuing well-being through extrinsic means, such as shopping. Tim Kasser, PhD, a Professor of Psychology at Knox College, refers to this as living the “Goods Life.”
Many of us conflate our pursuit of material well-being with our actual well-being.
Do Material Goods Improve Well-Being?
A meta-analysis published in 2012 of 175 studies revealed that there is a constant and negative association between the pursuit of material goods and feelings of well-being.
Regardless of demographic or cultural factors, pursuing the “goods life” has negative effects on our actual well-being, as measured by such factors as physical health, satisfaction with life, positive mood, positive self-regard, risk behaviors, compulsive buying, depression, anxiety.
The results of these numerous studies from across the world teach the same lesson: More stuff doesn’t make happier people.
Cate is happier now, focused on making meaning of the activities she engages in and the purchases she eventually decides to make.
While becoming debt-free and having a better handle on her possession may contribute to her happiness, Cait’s satisfaction may also be due to her shift in focus from extrinsic to intrinsic rewards.
What Are the Take-Aways?
Too often people think the answer to problems is simply to think positively (As you think, so your life becomes”). A good mental model can help you achieve goals that you care about, but extensive research conducted by Gabriele Oettingen, PhD, Professor of Psychology at New York University and the University of Hamburg, suggests that achieving your goals requires more than just wishful thinking.
Dr. Oettingen would call Cait’s process an example of what she calls “Mental Contrasting.” This involves contrasting your desired, wished-for outcome with your current reality; imagining the obstacles standing in the way of achieving your dreams, and the actions required to overcome those barriers.
Oettingen developed the 4-part “WOOP” formula to help people put mental contrasting into action:
Think about your Wish
Visualize your desired Outcome
Identify the Obstacles in your way
Formulate a Plan to overcome the obstacles and attain your goal
Cait seems to have found a happier way to live her life. She accomplished this by using a great change process and by tapping into intrinsic versus extrinsic reasons and rewards related to change.
Are you struggling with making change in your own life? Have you noticed how intrinsic rewards and motivation works for you versus extrinsic? Please feel free to add a comment or to tell us your story. We would love to hear from you!
