But money isn’t all bad. It can feed your family and pay off your mortgage, so it has its upsides.
Reflecting this reality, research consistently demonstrates a non-linear relationship between money and happiness. It shows that those of us who earn too little are unhappy, but so are those of us who earn too much.
The most up-to-date figures on this relationship suggest that, in Australia, A$100,000 is the income “sweet spot” for maximising happiness.
So, money in moderation appears to promote the most happiness. Still, perhaps it’s not just how much money we have, but also how we value and spend it that matters for happiness.
It is now well accepted that materialism – the love of things – tends to have adverse consequences for well-being.
People who hold these values tend to be less happy, depressed and less satisfied with their lives.
But money can bring happiness when we spend it on experiences rather than things, use the money to benefit others, and perhaps unsurprisingly, don’t waste it on insurance policies.
When we spend money in less materialistic ways, it may actually promote eudaimonia - a sense of well-being and the feeling of flourishing and excelling in life.
But is there any hope for those poor materialists? A recently published study suggests there may be.
The findings of this research demonstrate that, for materialists, happiness lies in the anticipation, rather than the outcome of spending money on things.
How can we use this to improve our daily levels of happiness? Here are a few pearls of wisdom (well, at least, for the materialists among us):
1) Don’t rush into a purchase. Spend time contemplating how much of a better person the new product will make you first.
2) Buy lotto tickets a week before the draw. That’s seven days of happy expectation and probably the only return on investment you will ever receive!
3) Revive the lay-by. Putting something behind the counter and paying it off over time should maximise its happiness pay-offs.
4) Don’t buy now and pay later. It will not only contribute to the pain of debt, but will rob you of the joy of contemplating the purchase while you diligently save for it.
Can money buy happiness? Well, maybe it can.
If we don’t have too much of it, spend it on a good meal out or presents for our loved ones, and spend more time contemplating our purchases than shopping for them, we just maybe able to maximise the happiness returns on our investments.
Article courtesy of www.theconversation.com.au
