Can Money Buy Happiness?
You know the sayings “money can’t buy you happiness” and “money is the root of all evil.” It’s been drummed into our minds since we could start talking that money can’t buy happiness and that wanting more money is taboo.
I know this might go against the grain a bit, but hear me out. There is actually new research showing that spending money can, in fact, make you happier. Now, don’t go running out the door, wallet in hand thinking you can go crazy! Because the questions still looms; can money buy happiness?
There are four powerful yet simple ways you can spend money to increase your happiness.
- Spend money on others.
In one study, participants were split into two groups. One group was instructed to spend $5 on themselves, while the other group was instructed to spend $5 on someone else. Those that spent the $5 on others experienced a feeling of greater joy from spending money versus those that spent the money on themselves.
Spending on others can promote even stronger feelings of happiness when these 3 things come into play:
First, the stronger the emotional tie or connection a giver has to the receiver actually enhances the happiness of spending.
Second, giving face-to-face rather than anonymously leads to greater feelings of happiness.
And third, happiness is boosted when the belief that spending money will have a specific and significant impact on others; such as when giving to a charity.
- Spend money on things for the future.
Buying something for the future such as a ticket to a concert or a plane ticket for a vacation creates excitement, anticipation, and that giddy feeling of “oooo I just can’t wait!!” Just the building up of genuine excitement for that event in the future creates more happiness in the present.
Science has shown that happiness levels increase by 27% by just thinking about something you enjoy such as your favorite movie (just thinking about watching it!) So, just THINKING about that upcoming vacation, concert, or even creates happiness right now.
- Spend money on experiences.
Spending money on experiences creates powerful memories that you can tap into at any time to recreate that joyful feeling.
Just as spending money on something in the future builds excitement and eager anticipation, being a part of a fun experience or event not only promotes happiness in the moment but also creates memories that material things just can’t provide.
- Spend money on things that fit your personality
New research published in Psychological Science suggests that spending money on things that fit your personality can increase your happiness.
In one study, transactions made by 625 participants were separated into 59 categories from gardening to coffee, dentists to accounting, and so forth. Each category then received a score on each of the “Big Five” personality traits:
https://en.wikipedia.org/wiki/Big_Five_personality_traits
- Openness to experience (inventive/curious vs. consistent/cautious)
- Conscientiousness (efficient/organized vs. easy-going/careless)
- Extraversion (outgoing/energetic vs. solitary/reserved)
- Agreeableness (friendly/compassionate vs. challenging/detached)
- Neuroticism (sensitive/nervous vs. secure/confident)
Researchers found that across more than 76,000 bank transactions participants whose purchases more closely matched their personality were more satisfied with life.
In other words; personality-matched spending reflects a form of self-expression which increases happiness.
So, the next time you hear that old saying “money can’t buy happiness,” just smile to yourself knowing that you have a little secret; it actually can!
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Leave a comment below and let me know what you’ve spent money on recently that made you feel truly happy!
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