You have probably heard it many times that money can’t buy happiness. Yet, a new study by the Guardian from the University of Pennsylvania found a strong association between money and happiness. The study tracked happiness in more than 33,000 adults in the US with a household income of at least $10,000 a year and compared them to those with a net worth of more than $3 million.
The study revealed a happiness gap between wealthy and middle-income participants, which was wider than that between middle- and low-income households. The research revealed that wealthy individuals were substantially and significantly happier.
In many cases, happier people reported that financial freedom gave them the ability to do what they want with their money and played a role in their life satisfaction. Below, we discuss a few ways money can play a role in a happier and more fulfilling life.
Spending Money on your Partner Can Pay Dividends
We all sometimes feel the urge to show appreciation to our partners, which can be expressed in small, creative ways like crafting a thoughtful handmade gift, buying them a card with a few sincere words of appreciation, or going out for quality time together. Although all these methods are great, sometimes going out of your way and splurging on your partner feels good. For example, you can buy them something they could use or something they really wanted but couldn’t get themselves. In doing so, you not only express your love and appreciation for them but you also feel happier.
A recent study showed that partners who regularly spend money on each other are generally more satisfied in their relationship. After all, spending on your partner increases partner responsiveness, which contributes to a healthy relationship and boosts psychological health. Buying something special for your partner also means you devoted time, energy, and resources to make such a gesture. You might have had to save money to buy them something they really needed. In the end, when it comes to investing in your relationship, both time and money can make a difference.
Gives you More Freedom to do What you Want
There are several benefits to accumulating wealth. When you have a substantial amount of money in the bank, it gives you more financial freedom to buy more things, travel, or splurge on your family and friends. It is this ability to live life on your own terms that gives you more happiness. Money alone is just one single part of the equation that can contribute to happiness. Many people are aware of the day-to-day experiences that give their lives purpose and meaning, yet very few have the means to get what they want or a concrete vision of the things and experiences their future selves might want. Many perhaps would like to retire and travel the world or spend more time with family and friends; money, as a tool, can create a realistic blueprint for their goals.
Spending Money on Experiences is Rewarding
While spending money on yourself can be particularly enjoyable, spending money on others is a great way to increase your happiness ratio. Investing in things like a trip with friends or enrolling in music lessons can, in one way or another, add meaningful milestones to your life’s experiences. These experiences can greatly enrich your life and increase over the years; they can add meaning to your life beyond purchasing new clothes or jewelry. If you think back to a time in life that brought you great joy, you would most likely recall an experience like your honeymoon or perhaps taking your child or younger sibling to Disneyland. Such an experience can leave an indelible mark on your memory. And would you really trade that for anything in the world?
Money can buy many things, but perhaps its greatest power is to show someone you value their love, effort, and presence, even if that someone is yourself. So why feel guilty about spending it?
David Messiha | Staff Writer