Does Saving Money Make You Happier

They say that money can't buy happiness, but saving it might.

According to a new survey of1,025 American adults by Ally Bank, saving money can have a significant positive impact on your well-being. Among thosewith a savings account, 38% report feeling extremely or very happy, compared to 29% of those without a savings account.

And it seems that the more money you save the happier you are. Of those who say they are extremely or very happy, 57% have $100,000 or more in savings, 42% have $20,000 to $100,000 in savings, and 34% have less than $20,000 in savings.

In fact, most people surveyed (84%)say having money saved up boosts their sense of well-being more than eating healthy foods, having an enjoyable job, or getting regular exercise. Perhaps surprisingly, saving money also seems to affect happiness more than earning a big paycheck, since the impact of household income on happiness plateaus at about $50,000.

Savers say socking money away makes them feel better because ithelps them face the unknown, gives them peace of mind, makes them feel proud, and gives them independence.

The only thing that seems to top savings as a feel-good habit, according to the survey, is havinggood relationships with friends and family.

Jenna Goudreau

Former Deputy Editor of Business Insider

Jenna was a deputy editor at Business Insider through April 2016. She managed the Strategy, Careers, and Your Money sections, as well as the Lists and Syndication teams. Prior to joining the company in August 2013, she worked as an associate editor running daily news coverage at Entrepreneur and as a staff leadership reporter at Forbes, where she assistant edited the annual list of the World's 100 Most Powerful Women and helped launch and grow ForbesWoman.com, an online channel for professional women. Jenna has appeared on CBS, CNBC, and MSNBC and written for Businessweek magazine. She graduated summa cum laude from New York University with a degree in journalism and sociology, and was honored with a best in business award from the Society of American Business Editors and Writers (SABEW) in 2012. She coauthored the book "Find and Keep Your Dream Job" and can be found on Twitter, Facebook, and LinkedIn.