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6 Ways to Make Our Money Bring Us More Happiness
Key Excerpts from Article on Website of Yes! Magazine
Posted: October 23rd, 2016
http://www.yesmagazine.org/happiness/6-ways-to-make-our-mone...
More than a decade of research has been investigating how different types of purchases affect our well-being, and it can help us turn spending into a happiness practice in its own right. The key, it seems, is to spend money in ways that bring you closer to other people. In 2003, researchers found that buying experiences - like seeing a Broadway play or going for coffee with a friend - improves our well-being more than buying possessions. Not all experiences are created equal, though. In a 2013 study, when researchers separated out experiential purchases into social ones and solitary ones - going out to dinner with friends or alone, for example - participants reported that the solitary experiences brought just as little happiness as the material things. If you want to bond with other people, you could buy experiences to have with them - or you could spend money on them directly. In a 2008 study, researchers gave each participant up to $20 to spend on themselves or on others that same day, then called after 5 p.m. to see how they were feeling. In the end, contrary to expectations, participants reported being happier after treating others rather than treating themselves. In the end, though, the best way to cultivate happiness through spending may be not to focus on spending so much in the first place. Its certainly misguided to stake all our hopes of happiness on our purchases.
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