How often have you willingly sacrificed your free time to make more money? You’re not alone. But new research suggests that prioritizing money over time may actually undermine our happiness.
Does More Money Really Make Us More Happy?
A big paycheck won’t necessarily bring you joy
September 14, 2020
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Summary.
Although some studies show that wealthier people tend to be happier, prioritizing money over time can actually have the opposite effect.
- But even having just a little bit of extra cash in your savings account ($500), can increase your life satisfaction. So how can you keep more cash on hand?
- Ask yourself: What do I buy that isn’t essential for my survival? Is the expense genuinely contributing to my happiness? If the answer to the second question is no, try taking a break from those expenses.
- Other research shows there are specific ways to spend your money to promote happiness, such as spending on experiences, buying time, and investing in others.
- Spending choices that promote happiness are also dependent on individual personalities, and future research may provide more individualized advice to help you get the most happiness from your money.