Let’s talk about all the ways money can buy happiness!

The topic has been around for many years, and it’s one of the most controversial topics humans have ever discussed. Can money buy happiness? Some people say yes, others say no, and that depends on other factors too, such as your health and familial status, your career, your personality, and so on.

There’s no one-size-fits-all answer to this one, but we’ve talked to several people, and each one of them shared a life situation where money can buy happiness. We wanted to talk to you about this subject, but before we begin, we need to make a quick disclaimer: this post isn’t meant to make you feel bad about a tough financial situation.

We don’t want to talk about how nice it is to have millions of dollars in a bank account, but how money can buy things, experiences, and even time, and therefore increase your happiness.

So, take everything with a pinch of salt, and don’t forget that joy is different from one person to another. Now that we’re all clear, let’s talk about all the ways money can buy happiness!

1. Time

One of the first things that comes to mind when we think of the fact that sometimes money can buy happiness is time. It’s the most precious thing we have, and researchers have found that people who invest in time-saving services, like hiring a gardener, house cleaner, or using meal-kit delivery, often feel happier than those who spend on material things like clothing, gadgets, or accessories.

The explanation is that material goods will probably make you feel happy for a short moment or a limited period, but paying for services that allow you to have more time for the thing you love, whether it’s family, leisure, sports, career, or anything else, will make you feel more rested, confident, and happy.

Stress is one of the main problems of modern society, so, understandably, people who can get rid of pressure and anxiety by delegating or paying for help services are more likely to be happy, active, and spend time with their families.

2. Experiences

Another reason why money can buy happiness is because it gives you the ability to indulge in all the experiences you want. You can travel the world, go to the fanciest events ever, try the most exquisite restaurants, and share all of these things with the people you love.

While buying a fancy car or a fabulous bike will feel incredible at the moment, experts discovered that people are happier when they’re part of experiences. For instance, driving that car to a specific destination, seeing incredible landscapes on the road, and sharing the adventure with someone special will have a bigger place in your heart compared to the moment you purchased it.

Experiences help you anticipate events and, more importantly, leave you with memories that you can look back on for the rest of your life. So whether you have a lot of dollars in your bank account or you save something to indulge in an experience, experts recommend you do so because, at the end of the day, material things disappear, but you’ll cherish those moments forever.

3. Savings

After numerous trials and errors, experts have discovered that saving is a form of spending. For example, people who successfully save a significant amount, practice financial intelligence, achieve financial independence, or have a well-planned retirement are more likely to experience happiness in their lives. So in this case it’s safe to say that money can buy happiness.

This isn’t based on luck or being born with a silver spoon, because learning how to deal with money, both saving and spending, can have a huge impact on someone’s life and can help one’s future.

For instance, if you know you want to retire with a specific amount in your bank account, you need to create a roadmap to a secure future. You need to pay attention to your spending habits, identify areas where you can cut back to reach your goals faster, track your savings or investments, and consider what you plan to do with your money once you achieve your goals. While it’s true that money can contribute to happiness in various ways, the level of joy ultimately depends on how you manage and prioritize it.

4. Sharing with others

While sharing and caring seem cheesy, it’s true, and it’s another case where money can buy happiness. We’ve already mentioned that sharing experiences with people you love can put you in a better mood, but let’s dive deeper into the subject.

When you have enough financial resources to do all the things you want, it’s natural for you to want to share them with others. You can take your family on a trip, book flight tickets to reunite with high school friends across the country, treat your family to a restaurant outing, go to a concert or visit a museum together, or simply spend quality time with loved ones without always being caught up in the hustle culture.

Researchers see all of these experiences as investments in your joy and well-being, and the more positive memories you have, the better you’ll feel, and that’s surely the case when money can buy happiness.

5. Help others

While we’ve talked about different ways money can buy happiness, we didn’t address how you can make other people happy by offering your help. For instance, donating money to charity can bring you joy by knowing you’ve done something good for others and contributed to their well-being.

Researchers were curious about this topic, and after they ran a few studies, they discovered that you’ll be happier if you know exactly how your money is going to be spent rather than donating it to an organization without knowing or witnessing the results.

…What do you think about this statement? Do you think money can buy happiness? Let us know in the comments!

6. Improved health

Did you know that people who have more money are more mindful of their health? One of the explanations could be paying more attention to their diets and having more time so that they can focus on moving their bodies as much as possible.

Moreover, when someone has enough money, they don’t avoid or postpone regular check-ups or treatments because they know that if they have to pay a lot for medications or tests, it’s for their own good.

So, when it comes to health, it might be wise to say that money can buy happiness, and that happiness means you know you’re healthy, so you can reach your goals, spend time with your family and the people you love, and be there for your closest ones.

What do you think about today’s article? Do you think money can buy happiness? This is such a debatable question; we would love to know what your thoughts are.

At the end of the day, don’t forget that money doesn’t count as much as it counts to be healthy, have a roof over your head, and have people who love and support you. However, if you want to save money and you want to start slowly, I recommend you check out this cute piggy bank that will motivate you to take care of your finances.

If you find this article helpful and you want to check out something else from The Money Place, here’s a good post for you: 8 Money-Wasting Mistakes Retirees Should Avoid