Money can buy a lot of things, but is happiness one of them? We are all bombarded with advertisements and celebrities who glamorize wealth and prosperity. So, are they any happier than the average family? Freedom Debt Relief goes in depth to explore the correlation (if any) between money and happiness.
What Does the Research Say?
According to recent research by psychologists, there is some truth to the statement that money can buy happiness, but it depends on how you choose to spend your money. Freedom Debt Relief warns that the relationship is a little more complicated. You see, if you already have money, then more money isn’t really going to do much for your level of happiness. Studies suggest that people who earn over $75K annually are not as impacted by added wealth than those below this income bracket are.
However, money can bring joy to people of any income when it is spent on certain things or experiences. Here are the top three ways to spend money that could increase your happiness:
Using Your Money for Experiences, Not Things
Granted, we normally do get a boost of joy right after we make a purchase, but once the newness wears off, the excitement fades. However, when we use our money for experiences, we can relive those happy moments over and over through memories, photos, and other mementos. Plus, Freedom Debt Relief notes that the feelings before the purchase are also different. When we are planning to purchase “things”, we may get impatient during the time leading up to the purchase. This is different with experiences, rather than impatience, we feel excited. And this is a more joyful feeling.
Spend Your Money on Others
If you enjoy giving gifts to others, then you may already recognize this one, but for the rest of you reading, studies show that spending your money on others brings more joy than buying things for yourself. According to Freedom Debt Relief, in one recent study, researchers gave two sets of college students money to spend. The first set of students was instructed to spend in on themselves. The second set of students was told they must spend it on others. This second group could buy a gift for a friend, donate the money to charity, give it to someone less fortunate, etc. Researchers found that those who spent in on others were happier than those who bought themselves something.
Buy Yourself More Time
Another interesting way Freedom Debt Relief found that money brings joy is when it buys you more time to do things that you enjoy. For example, in another study, researchers gave a group of people money to spend on two separate occasions. The first time, they were told to spend it on material things (like something for their home, clothing, etc.). The second weekend they were instructed to spend it on something that saved them time (such as someone to mow the lawn or clean the house). This group of people was much happier after spending their money to free up time than they were when they purchased a material item.
Are You Happy?
While there are many more factors that affect happiness, money could have an impact. How are you spending yours? Now, money spent on others, experiences, or time-saving tasks is beneficial IF you have that money to spend. Going into debt or charging these things on a credit card will not increase your happiness. In fact, the stress of burdensome debt can actually hamper your joy.
If you need assistance with your debt, contact Freedom Debt Relief. They have helped over 450,000 clients, and they could help you too.