Money makes life easier and more comfortable. It allows us to fulfil our needs and wants. We can have a good happy life if we are financially free or comfortable.
But how does it give us happiness? Is having money all we need to be happy?
We all want to earn more money and when we get it, we feel happy.
But as per the research by Harvard, making money does not make one happy but how one spends it, is the key to happiness. People are happy spending on experiences, things bought, and even spending on other stuff that makes them happy.
Many people feel that even after becoming rich or having a lot of wealth, they are not happy or seems to be less happy than before they were not well-off. It could be because they are not spending it in the right way.
Major 5 Ways to Spend Money for Happiness
1. Invest on Experiences
The book “Happy Money: The Science of Happier Spending” offers interesting insights into happiness and spending money.
Based on research, it says that people are happier when they spend on experiences they love, be it travelling, go to dinner with some friends or anything they love and enjoy rather than buying a brand new TV or smartphone or any other kinds of stuff.
People look forward more to going for a vacation with friends rather than buying materialistic things.
The vacation also gives you good memories that you can cherish. You are not going to have too many cherished memories when you buy a diamond necklace.
Experiences need not be based on spending alone. For example, Evan Spiegel, the CEO of Snapchat got an offer from Facebook to sell Snapchat for $3 billion to Facebook.
He declined the offer even though the money was really very good. He denied it because he was already wealthy and did not need more money.
Running the technology company and using his money for that was a more important pursuit for him.
2. Give, give and give
People feel good when they give money for a good cause that is close to their heart. It is good to donate to charities, orphanages, or other causes that help mankind.
People across countries and with good income levels feel happier, healthier, and wealthier when they spend money on others.
You will feel good when you see your money being used to help others who are in need, be it in terms of finance or other means.
When they get help from you, they always respect you as you are giving your part of your income to them to fulfil their needs.
If you have no trust in any NGO or on anyone, we would recommend you to donate money by yourself to the needy people, as you will know the money goes into the right place and to the right people.
3. Spend on smaller pleasures than on big bang purchases
If you buy the latest luxury car, you will feel happy but that is only short-term happiness.
Instead, if you use the money to make smaller indulgent purchases like a spa visit, stay at a luxury resort, going out for dinner with family, or close ones in a high-end restaurant, you will feel happier and feel good for a longer time.
It is also important to hold back. You know you can treat yourself to gourmet chocolates and pastries every day but having them every day will diminish their value to you.
Instead having them once a month will make them more special and you will feel happy when you are indulging in them.
4. Buy more time for yourself
Do you spend a lot of time commuting?
Are you busy the whole day doing chores like driving your kids to school or cooking and cleaning such that you have no time to spend quality time with your spouse, parents, or children and feel guilty?
If that is the case, you should hire some help or take an alternate way for commuting that may be expensive but leaves you less stressed and gives you more time in your hands.
You may buy(or rent) a new house closer to your workplace even if you can afford a smaller one but it will give more time in your hands.
If you spend money to keep yourself in a healthy frame of mind and be connected with your family, you will be happier.
5. Reward Yourself by Investing in yourself
You will be more focused and happy if you use the money to develop yourself as a person. You can improve your health by joining a fitness program or having healthy food or organic foods.
These cost money but you can afford it and as the saying goes, “Health is Wealth”.
You can learn new skills like learning new languages or musical instruments or a dance form or any other thing of your interest.
If you are a working professional, you can invest money to upgrade your skill sets, or joining some online courses that boost up your career.
As a businessman, you can invest in attending seminars, conferences, travelling to potential markets to assess profitability.
All these things cost money and using money to do any of these things will make you happy.
If you really want to buy yourself a more fulfilling life, it’s not how much money you earn that matters, but how you spend it.
Of course, you should ensure that you are financially secure, have no debts or debts that you can manage, and then spend to be happy and have a more fulfilling life.
We hope that we bring some value to your life through posting our content, might content meet your expectations.
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Disclaimer: The article is purely for informational and educational purpose only, and is not a solicitation to buy, sell securities and cryptocurrencies mentioned in the article.
EGrasps and the author do not accept culpability for losses and/or damages arising based on information in this article.