Most of us know there’s more to life than money. Yet, it’s hard to keep that perspective when your neighbour is splurging on renovations or jetting off to Europe regularly.

A fleeting moment of envy is normal, but if it’s turning into resentment, it’s worth examining. Here’s how to address financial envy and regain your peace of mind.

1. Identify the type of envy you’re experiencing

Envy is natural, but understanding its type can shape your response.

Malicious envy is resentment aimed at others, often coupled with a desire to see them fail. Benign envy focuses on wanting similar success and can motivate you positively.

Recognising the difference helps you channel your feelings constructively.

2. Give social media a break

Social media often amplifies envy, showing curated “highlight reels” instead of real-life struggles.

Limit exposure by unfollowing certain accounts, setting time limits, or taking occasional breaks. Remind yourself that the glamour you see online doesn’t reflect the full picture.
Reducing your screen time can help you reconnect with your own goals and values.

3. Remember you’re only seeing half the picture

Appearances can be deceiving. A new car or luxury renovation may come with hidden sacrifices—long hours, financial strain, or loan repayments.

Instead of assuming others have it all, remind yourself that material possessions don’t guarantee happiness. Focus on your own priorities rather than filling in the blanks with assumptions.

4. Use your envy as motivation

Financial envy can highlight unmet desires or goals. Channel these feelings into actionable steps:

• Instead of resentment, think about how you can achieve similar successes.
• Reflect on deeper insecurities—envy over a home might stem from concerns about stability or self-worth.
• Addressing the root cause often brings more clarity than trying to “keep up” with others.

Final thoughts

Financial envy is natural, but it doesn’t have to consume you. By identifying its roots, re-evaluating your perspective, and focusing on your own journey, you can transform envy into growth and motivation.

Instead of trying to match others’ lifestyles, take inspiration from positive examples and use them to set your own financial goals. For instance, if you admire a friend’s recent property purchase, consider creating a savings plan or working with a financial adviser to map out how you can achieve a similar milestone that aligns with your circumstances and aspirations. Focusing on your unique journey will keep you motivated and grounded.

Written and accurate as at: November 14, 2024

This information provided in this article is general advice only and has been prepared without taking into account your own objectives, financial situation or needs. Before making a financial decision based on this advice, you must consider whether it is appropriate in light of your own needs, objectives, and financial circumstances, and where relevant, obtain personal financial, taxation or legal advice. Where a financial product has been mentioned, you should obtain and read a copy of the Product Disclosure Statement (PDS) prior to making any decisions about whether to acquire a product.