If You Spend Smartly, Money Can Make You Happy
“If you think money can’t buy happiness, you’re probably not spending it right,” claim the behavioural scientists behind the book Happy Money: The New Science of Smarter Spending. The book gives good insight into why you can get more happiness from your money by following five key principles:
- Buy experiences – The memories last and the benefits will outlive any material thing.
- Make it a treat – You’re less inclined to appreciate something that’s always available.
- Buy time – Hate cleaning? Pay someone to do it for you! *my personal favourite*
- Pay now, consume later – You’ll benefit from the anticipation and avoid the buzzkill.
- Invest in others – We all know how good it feels to help others, financially or otherwise.
So, while more money and income doesn’t necessarily bring about more happiness, the way you choose to spend it can. Using your money in a way that aligns with your values – for example, buying environmentally-friendly products or shopping locally – will make you feel more in control and content about your spending.
Shop Around to Compare Prices Before You Buy
Ahead of any planned spending, we should be well-informed of the reviews, costs and alternatives available for comparison. Nowadays, those comparisons are at our fingertips with a quick search online. Most stores even have online shops that tell us whether an item is in stock at that store, which can be super handy with kids in terms of managing expectations.
Doing this research together with your kids ahead of any purchase is not only a good habit to encourage, it’s a great use of the internet and a great activity to do together.