5 steps you can take to feel richer (even if you are not)

In some ways, feeling “rich” is less about how many zeroes you have in your bank account and more about knowing how to use them to get what you want out of life.

For author and certified financial planner Tom Corley, feeling rich comes from having an Irish pub-style structure in his backyard in New Jersey that allows him to invite friends over for outdoor drinks. For Liz Gendreau, founder of the website Chief

Mom Officer, that feeling comes from taking advantage of free, fun activities like visiting local state parks in her home state of Connecticut. And financial counselor Andi Wrenn in Raleigh, North Carolina, finds that feeling when she climbs into her RV and goes for a road trip.

“Richness comes from having small, tangible financial goals that you’re working toward,” says Megan McCoy, assistant professor of personal financial planning at Kansas State University. Those goals could be paying off student loan debt, buying a house, or something unique, like Corley’s backyard structure.

We asked financial experts to share their tips for how to feel richer today, given the current levels of financial uncertainty and stress. Here are their top suggestions:

REFLECT ON WHAT YOU VALUE »

Gendreau knows that cars aren’t important to her but family time is. So instead of spending money on a new car, she puts her money into family activities. She stretches her budget on those, too, by taking advantage of free museum passes, local libraries and free state parks.

“It’s all about finding fun things to do that don’t really cost much money but bring a lot of joy and happiness,” she says. Indulging in those kinds of adventures gives her that feeling of being rich, even though they aren’t costly.

Corley, author of the book “Rich Habits,” calls that strategy “value-based spending.” He encourages people to think about what’s really important to them, such as travel or spending time with friends and family, and to focus on directing money toward those areas, instead of material goods that might not provide as much joy.

PICK HEALTHY ROLE MODELS »

That joy-focused approach can also help with feelings of financial envy. “If you don’t have value-based spending, then you can fall victim to comparing yourself to others and lifestyle creep,” which is when spending grows along with income, Corley warns.