298-Can Money Buy Happiness?

Can money buy happiness? Contrary to popular belief it can…if done properly. Tune in to learn how you can spend money to buy happiness! 

 

Transcript:

 

Welcome to Everyday Happiness where we create lasting happiness, in 2 minutes a day,  through my signature method of Intentional Margins® (creating harmony between your to-dos and your priorities), happiness science, and musings about life. 

 

I'm your host Katie Jefcoat and today we are talking money! I'm sure you have heard of the age-old saying, "Money doesn't buy happiness," but what if it could? Isabella Kwai reported in the Atlantic that studies have shown that money actually can buy happiness. 

 

But let’s slow down. We’ve gone round and round about money here on Everyday Happiness.  Whether it can or cannot buy happiness.  If you use money for basic needs, it’s pretty solid that it does buy happiness.  If you have enough money, more money won’t want you happier.  But today, let’s dig in to what Isabella Kwai reports about happiness and money. 

 

It has been found that money used to purchase social experiences can actually increase your happiness levels. Take note that there are a few keywords there. 

 

First, "experiences." We have talked about the hedonic treadmill theory before. This is the tendency that humans revert to their original level of happiness after growing accustomed to a purchase. It has been found that people revert back to that initial happiness level faster after a material purchase rather than an experience. Essentially, it is easier to get used to a new bedspread than a zip-lining tour in Costa Rica. 

 

The second keyword is "social." While studies have shown that experiences offer more happiness, social experiences offer more happiness than solitary experiences. Therefore, a fancy dinner for one provides less happiness than dinner for two or three. 

 

So, when trying to use money to buy happiness, the highest-ranking purchases are social experiences. 

 

However, there is a major contingency. Your personality plays heavily into how this theory works, especially in the differences between extroverts and introverts. Introverts tend to prefer quieter experiences, like a trip to a bookstore or a picnic in the park with a couple of friends, whereas an extrovert may enjoy a concert or a night on the town with a big group of people. 

So, if you are thinking about trying out this idea, I caution you to think carefully about your personality and which experiences you would actually enjoy. 

 

Lastly, it is essential to note that your monetary savings and happiness correlate. If you are deep in debt or don't have that much padding in your bank account, buying experiences will likely just add more stress. Therefore, if that is where you are in life, focus on finding free experiences to enjoy and continue adding to that savings account.

 

Get Everyday Happiness delivered to your inbox by subscribing at: https://www.katiejefcoat.com/happiness

 

And, let’s connect on social at @everydayhappinesswithkatie  and join the community on the hashtags #IntentionalMargins and #everydayhappinesswithkatie on Instagram

 

Links:  https://onamission.bio/everydayhappiness/

 

Inspired by this article in The Atlantic https://www.theatlantic.com/magazine/archive/2017/04/how-to-buy-happiness/517806/