Money, Happiness, How to Buy Happiness | Wealth of Mind

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05 Jun 2014

How to Buy Happiness

Written by RobynWoodham Category:

Two ways to use money to increase your level of happiness

It’s often said that money can’t buy happiness.  As it turns out, that’s not entirely true.  Research tells us that money and happiness are correlated, though only to the point where you have enough to cover your living expenses.  Beyond that, there’s no correlation at all, but there are ways in which you can use money to increase your levels of happiness, and it’s those that I want to share with you today.

The first way you can use money to increase your happiness is by giving it away.  This can be in the form of donations, or in buying things for others.  Studies show that if you give someone money and ask them to spend it on others, they will become far happier than if they are asked to spend it on themselves.  This effect applies when there is no money involved too, which is great for those who don’t have surplus money to spend on others.  Giving your time, or simple things such as flowers out of your garden can be just as effective in increasing happiness.

The other way you can use money to maximise your happiness is by spending it on experiences rather than material goods.  When we buy an item, it can be really exciting, but it quickly becomes normalised and the impact it has on happiness wears off.  In contrast, when we buy ourselves an experience, we can relive it in our minds as often as we like.  We tell others about it too, and thus get a great deal from our experience long after it is actually finished.  As an added bonus, when we buy experiences, they often involve other people, so the positive effect of the experience becomes even higher due to the social involvement it brings, something which is also known to be great for happiness.

So if you want to maximise your happiness, and the happiness of those around you, it’s good to consider how you’re using your money.  Giving to others is great for you as well as making the person you give to feel good, and giving yourself and others experiences is giving the opportunity to create happiness not once, but many times over.

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