Great thinkers have often warned us: when seeking happiness, do not rely on worldly goods. Science bears out the advice- people with more wealth are not happier. Yet how you spend your funds does matter. Research reveals a few strategies that increase long-term contentment.
Spend on experiences, not goods. Many studies support the fact that spending on activities such as dining, concerts or travel makes people happier in long-term than does purchase goods. A paper published earlier this year by Cornell psychologist Thomas D. Gilovich and his colleagues posit that the benefits may derive from the fact that experiences inherently involve more social relationships identify- there may a satisfaction in defining ourselves through doing. “In terms of money well spent, experiences come out ahead on all measures,” Gilovich says.
Plan with abandon. It is well established that the anticipation of a reward often provides more joy than the reward itself. In ongoing work, Gilovich is further parsing the payoffs of exception by asking subjects about their state of mind before and after making a purchase. He has found that the planning and anticipation of experiential purchases result in significantly more happiness and excitement than waiting for material purchases to arrive, which tends to be associated with edginess and impatience.
Delay gratification. Approaching an immediate reward- sex, drugs, your favorite cheeseburger- cause soaring levels of dopamine, a neurotransmitter that helps us feel good, whereas levels start to decline while receiving the reward. Gilovich thinks that perhaps the same dopaminergic dance is at play when we shop for presents for ourselves; the pleasure of seeking instant gratification is fleeting. He suggests we might gain more happiness from certain purchase by delaying them until a special date or occasion, so we have a chance to enjoy the buildup.
By Bret Stetka
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