Money and happiness are dependent on souls. There is a frequent debate about how much money it takes for a person to be delighted. Everyone has their own opinion regarding money and happiness, but the conclusion is always “Money Can’t Buy Happiness.”
However, researchers have shown that the level of happiness increases with an increase in the annual salary. As per the data, if the salary goes beyond $75,000 per annum, the happiness level increases many folds. Afterward, there tends to be a little dependency between happiness and income.
For me, making 1000x more than the researched figure seems like the best choice. But the fact is, with more money comes a lot of responsibility and stress. That being said, I still admire it.
These studies rely on averages, not the experience of any individual. There are some people happy making $30,000 per annum, and others need hundreds of thousands to maintain their current lifestyle.
These studies don’t take into account how people are spending their hard-earned money. However, studies claim that people are happiest when they tend to spend money on certain things. Therefore, money really can buy happiness if you spend it on the right things.
Eliminating Financial Anxiety
The main reason money demonstratively increases happiness levels up until a period is that it requires a certain salary to feel financially stable. Having sufficient money means less or no stress when shopping at the grocery store, paying your rent, or going out to eat. This type of security is ignored when you are entirely used to it.
Remembering and being satisfied with the fact that you are free to buy things will make you happier even after it has settled in as the normal amount of your finances. Having surplus money to buy these basic needs will surge your happiness levels.
Money can allow you to collect memorable experiences. Although you do not need a considerable amount of money to have some unique experiences, travel the whole world, and do so comfortably, significant amounts of money can progress a long way. Therefore, it’s good to spend money on experiences as they will give you countless moments of happiness and some ever-lasting memories to look back on.
However, it’s important to note that the experiences you pay for should be ones that you genuinely enjoy and cherish, not just things that society prefers. Suppose, if you hate going to concerts, for example, then splurging for an expensive show is not an optimum use of your money.
The examples are endless but include sporting events, vacations, tours, excellent meals, and shows. Moreover, money can also facilitate you to learn new things. You can opt for musical instrument lessons or pay for a personal fitness instructor to gain better shape.
Gaining new skills and exploring hobbies that you love will make you happier. Consequently, it’s worth spending money to explore more about your interests and hobbies.
Give To Charity
Giving back to those in need also makes us happier. Sharing a part of your wealth with those who need it can go a far way in others’ lives. Witnessing the impact you are the reason for is always a warm feeling. Subsequently, wealth gives you a pool of opportunities to give to charity and create an impact that will leave both others and yourself better off.
You can involve with Compassionate Friends and Open to Hope. Both these not-for-profit organizations help people who are suffering from depression from the irreplaceable loss of someone in their life. You can help millions each year, and you can be proud of that. Both organizations will give you peace inside that you are genuinely helping give back more to this world than taking. Once you involve in charity, you will pour your heart into it.
Help Loved Ones
Another fantastic way to spend money is on people you genuinely care about. Helping a sibling, friend, or parent through a tough time can bring you a great feeling. Throwing extra money into a birthday party for friends or your child will bring more happiness.
Buy Things That Give You More Free Time
An underrated approach to spending money is on saving yourself time. There are various chores we do throughout the day that we don’t even enjoy. These differ from person to person, the examples might include laundry, driving, cooking, talking to your cell phone, internet, cable, insurance, and energy service provider customer support, and doing other household chores. You can save some money but the amount of time you invest doing all this doesn’t justify the effort.
When you have more money, you can use that to eliminate these meaningless tasks. You can pay others to perform all those for you or find some ways to automate them with the help of technology. You can hire a full-time maid who can cook, clean the house, laundry for you. Moreover, you can contact BillTrim if your monthly cell phone, internet, cable, insurance, and energy bills are more than what they should be. Doing so will free up your valuable time where you can focus on other stuff you love.
Some Items Are Also Valuable
One of the largest struggles with buying things is that, although they seem novel and exciting in the beginning, they become normalized and you ignore their importance in the longer run. That’s why experiences tend to generate more happiness than items.
However, in some cases, buying things that you frequently use will give you the sense to appreciate your choice, and that will generally make you happier. For instance, if you love art, then buying pictures and paintings for your home interior will make you happier. If you purchase a car, you will enjoy and appreciate the performance when you hit the road and when it’s raining cats and dogs, and you are far away from home.