Happiness-Inducing Spending Options
While retail therapy only has a short happiness shelf-life, some other types of spending may improve well-being (or at least make the happiness seem like it’s lasting longer. In the CNBC article featuring the book “Happy Money: The Science of Happier Spending,” the author outlines a few keys to making the spending-happiness connection:
- Spending money on experiences may improve well-being because experiences tend to add interest to our lives.
- Spend less frequently on “treats” to make them truly something memorable and unique.
- Use money to buy time: spending on services to provide you with additional time for hobbies or activities that are fulfilling.
- Spend money on future experiences. This action will provide you with something to look forward to and have a positive relationship with financial outcomes.
- Spend on others. Gift givers tend to receive a boost from spending money on others versus themselves.
Finally, ensuring your spending aligns with your overall financial goals can ensure you’re not unpleasantly surprised down the line. Keep this in mind as you consider any spending-for-happiness strategy.
Is your spending aligned with your long-term goals? (Learn how your spending behaviors stack up to others with this quick quiz.