We all know that new phone or shiny gadget might bring a temporary thrill, but the excitement fades fast. This “hedonic treadmill” – where spending money initially lifts our mood only to return to baseline – highlights why the saying “money can’t buy happiness” resonates with so many.
But what if there were smarter ways to spend that could actually pave the path to lasting contentment? Dr. Jordan Grumet, a hospice doctor and author, argues that money can buy happiness – it just depends on how we use it. Here are three expert-backed spending strategies designed to boost your well-being:
Invest in Your Growth
Think about regrets you might have later in life. You’re probably not going to wish you’d bought a bigger TV, but you might regret not pursuing that dream or honing those skills. Grumet, drawing on his experience with end-of-life patients, emphasizes how spending time and resources on personal development can lead to genuine happiness.
Rather than splurging on fleeting trends, consider investing in yourself. This could mean taking a course, starting a creative project, or stepping outside your comfort zone. This concept echoes the ancient Greek philosopher Aristotle’s idea of eudaimonic happiness – finding fulfillment by striving to become the best version of yourself.
Cultivate Meaningful Connections
For decades, Harvard’s Study of Adult Development has been tracking hundreds of men to understand what makes for a happy and healthy life. The findings are clear: strong relationships are paramount. Dr. Robert Waldinger, the study’s lead researcher, says that stable connections in midlife predict better health and happiness than cholesterol levels! Conversely, loneliness can be as detrimental to well-being as smoking.
So, how does this translate to spending? Investing in your social life through shared experiences, thoughtful gifts, or supporting loved ones’ growth can yield significant returns on happiness.
Buy Back Your Time
While we can’t slow down the clock, we can buy back precious moments that contribute to a happier life. A study published in the Proceedings of the National Academy of Sciences (PNAS) found that people who spent money on services that saved them time – think grocery delivery or lawn care – reported greater life satisfaction than those who didn’t.
The experiment, where participants were given $40 specifically for time-saving services, challenged assumptions that outsourcing tasks made people feel lazy. Instead, the results showed that buying back even small pockets of time had a similar positive impact on happiness as saving money.
Time is finite and irreplaceable. By delegating tasks, we can reduce stress, carve out space for enjoyable activities, or simply enjoy greater control over our schedules – all factors contributing to greater overall well-being.
