Are you Spending Money the Wrong Way in Pursuit of Happiness?

[mvdheuvel1983]

Money should make you happy but if it doesn't then you are probably spending it the wrong way. See the eight suggested principles to help anyone to be able to get happiness from their money.

• buy more experiences and fewer material goods
• use your money to benefit others rather than yourself
• buy many small pleasures rather than fewer large ones
• eschew extended warranties and other forms of overpriced insurance
• delay consumption
• consider how peripheral features of your purchases may affect your day-to-day life
• beware of comparison shopping
• pay close attention to the happiness of others

These suggestions are not mine but are from the scientific findings of EW Dunn et al. They are valid suggestions which even without reading have been practicing.  What are you take on these suggestions? Do you have more to add to what the researchers have discovered about this?

- https://scholar.harvard.edu/files/danielgilbert/files/if-money-doesnt-make-you-happy.nov-12-20101.pdf

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[Odusko]

Nice job ops, these are all good ways to spend money to gain satisfaction, and one of the interesting points mentioned is the one that says, to spend money to make others happy.

That is indeed true because true happiness comes from the happiness of others around you, so instead of concentrating on the self, it's better to invest that energy into seeing the fulfillment and happiness of others, But financial experts and economists will say otherwise that greed brings wrong increase anyways.

[Asiska02]

These suggestions are not mine but are from the scientific findings of EW Dunn et al. They are valid suggestions which even without reading have been practicing.  What are you take on these suggestions? Do you have more to add to what the researchers have discovered about this?

Among all of these, one thing that I truly like is that true happiness comes when you give to others and they are happy and appreciative of what you've done for them; without that, there will be no actual happiness, no matter how much money you've earned. Seeing people pleased for your sake will motivate you to do more.

Researchers and other people might have a contrary opinion to what I see as a way of true happiness when you spend your wealth on others to benefit from. People will definitely spend money the wrong way in order of pursuit for happiness while others will say, anything that will bring you happiness is worth spending on and you shouldn’t be regretful of earning the happiness that way.

[GeorgeJohn]

Money should make you happy but if it doesn't then you are probably spending it the wrong way. See the eight suggested principles to help anyone to be able to get happiness from their money.

In a normal circumstances money will bring happiness and joy in a life of man, so I believe that money will make you happy when you are having money subsequently in your source of making money, if you don't have money you might be annoyed at any point in time, so therefore i want to tell you that their is different between spending money wrongly and the point you are making emphasis on, spending money wrongly is when you are not utilizing your money by channelling your money at the appropriate time.

[sunsilk]

• use your money to benefit others rather than yourself

I guess there will be people that won't approve on this one including me. It's like we've been working hard to provide for ourselves and family. I see no problem helping others with our money but this isn't a forced action, this is just like a voluntary deed when you've got some spare.

But not an obligation to be done.

• delay consumption

This is more like delayed gratification and I practice this. It's helpful to me to give me discipline on how to handle my money and I don't buy unnecessary things even if it's already giving me the chills that I want to.

[JeffBrad12]

I'd say if spending money doesn't make you happy maybe you're all spending it wrongly, even though all the advices above seems good, but I think important what makes one happy isn't necessarily coming from textbook advices like this. Just spend whatever you want, one might be happy enough when they can buy some good cars, not necessarily need good experience, everyone differ to each other.
someone else might also be happy by spending their money for buying luxury goods, it's all relative. but what matters most is that, an individual will be really happy when they got their basic needs settled. it's the most important thing, then the other thing comes after that.

[Hispo]

I think it is spot on, specially in the part about buying experiences.
It is something that would definitely improve the happiness of anyone, specially if there is someone to share those experiences with.

Also, thinking before expending can help to use the money wisely, I have seen so many people that spend money in things what they do not even use or wear, which means they are wasting it, because it could have been used to buy more enjoyable stuff for them. Going impulsive is not the idea. Of course.

There is not much fun while being alone and having money.
Also, this is the first time I have read about the comparison expending term, I am not quite sure what it is. I have an idea, though.

[dothebeats]

Satisfaction does not equate to happiness. Whatever you spend money on may satiate your hunger or thirst into something, but IMO it isn't happiness if it doesn't make you feel contented. It will, at best, just make you hungry for the better, more advanced variants of what you bought in the long run which will be a never ending cycle. While there may be some form of happiness entailing your purchases, it will be short-lived, unfortunately, no matter how much you want to get that item that you really wanted to get before.

[smile1218]

Money should make you happy but if it doesn't then you are probably spending it the wrong way. See the eight suggested principles to help anyone to be able to get happiness from their money.

• buy more experiences and fewer material goods
• use your money to benefit others rather than yourself
• buy many small pleasures rather than fewer large ones
• eschew extended warranties and other forms of overpriced insurance
• delay consumption
• consider how peripheral features of your purchases may affect your day-to-day life
• beware of comparison shopping
• pay close attention to the happiness of others

These suggestions are not mine but are from the scientific findings of EW Dunn et al. They are valid suggestions which even without reading have been practicing.  What are you take on these suggestions? Do you have more to add to what the researchers have discovered about this?

- https://scholar.harvard.edu/files/danielgilbert/files/if-money-doesnt-make-you-happy.nov-12-20101.pdf

Definitely this are good principles. As a person i would like to see other’s happiness rather than mine. When I help people i feel so happy and satisfied. I like doing good things for others like giving food, money to whom are really in need etc. I devoted myself in helping my family because seeing them happy makes me happy. But I make sure that i will not overspending because over spending might leads to debts which i do not want to happen.

[rat03gopoh]

Lots of pros and cons, for example

• buy more experiences and fewer material goods

Some experiences are not worth fighting for or risking. In this forum, many people tell how they bought their first investment experience, they had to "pay" a very high price because they were deceived. In this case, buying material goods is more feasible if they know about the ending.

In conclusion, everyone knows how they should be happy. If you did an opinion survey of the richest people, they probably wouldn't mention money at all in this context.

[nesty]

I do not spend money the wrong way. I used to budget and buy only the things that is beyond my budget. Money can really buy happiness but if you spend more than you earn just to be happy that is a wrong way to pursue happiness. Contentment is the only way to achieve proper happiness and also helping others the way you can without suffering excessive spending of money. The principles you had shared are just right and I agree with that. Always remember that you should spend only that is beyond your budget and do not overspending to avoid debts.

[Xampeuu]

the more people have a lot of money, then the needs will also increase, and that's what usually happens in the environment around us, especially for those who want to be recognized for their social status by being predicated as rich people. this will not happen if our wealth increases, but our lifestyle will remain the same, simple as before, so that we can reduce the number of our necessities of life. with good management, our wealth will increase faster, and of course it is safe with minimal life dependents.

[Sarah Azhari]

Money should make you happy but if it doesn't then you are probably spending it the wrong way. See the eight suggested principles to help anyone to be able to get happiness from their money.

I used to be like that, I had a lot of money a long time ago but in my deep heart, I don't feel happy. I spend my money to night club, holidays on the beach, or hiking to the mountains, but, I felt empty. I don't know what happens until I got a suggestion from my grandfather if I am fewer of alms. I never think like that if I help someone, that makes me happy until I give alms to local beggars and orphanages. They were smiling and happy, I see them happy which make me happy also which I never felt before.

[bittraffic]

In today's world, you really can't say money can't buy happiness because you can't be happy when your stomach growls. It only means money helps you being happy.

But I think there is no wrong way of spending your money unless you didn't share what you bought with someone you love. Be it your significant other or family members. You will not regret the money you spend when you shared it with them.

[Darker45]

It may have some truth, but this is actually a subjective thing. Although there must be some kind of a universal basis for happiness, when it comes to money, I guess it is not the be-all and end-all.

A month or two ago, I attended a gathering. At some point, the discussion came to money. And it was argued by my former boss that money can actually make you happy and that the old adage money can't buy you happiness is wrong. I nodded in agreement, but didn't care to elaborate. Deep within, I thought money could indeed make you happy but poor is the man who depends on it for his happiness. So it's not even about how you spend your money; happiness could be there without money.

[Strongkored]

People do all kinds of ways to get happiness, including trying to do good because they think by doing good the person who receives it will be happy so they can also be happy but it turns out that that is also wrong. Sometimes people buy luxury things because they think they will be happy because they have things that can make them more appreciated by others, but that is also sometimes wrong and doesn't work as expected, because I've done it and it turns out I'm still unhappy.

So happiness is very subjective, everyone will be happy in their own way. But for me, it is to enjoy every part of life that we are living, it will be better so that we can be grateful and happy even in difficulties, and money is not the main factor for happiness, it is only a support, and it should not be the main goal of humans.
Even though you may have been wrong in seeking happiness, it must be accepted as learning and you can be wiser in managing your finances and live better.

[Poker Player]

No really, not in my case.

Before the month begins, I make a budget of income and expenses. It is not something that I obsessively keep to the last penny but it is very useful. In the expenses are the fixed expenses, and from what is left over I make three parts: one to save/invest, one to donate and one to spend. As of today the biggest part of the surplus goes to savings and investment, and since I also donate regularly, the money that I use for spending I don't mind squandering from time to time. But it's not that I'm looking for happiness with it, if anything I'm looking for fun.

[adaseb]

Most people I know they are in debt and basically got a nice House and brand new cars. Everything purchased as a loan. One guy even owed more on his old car and somehow got that debt transferred to a new car. So he is even more under water now.

Know a bunch of people who bought a house when rates were low and they did nothing but complain about the mortgage, saying it’s too high. Now when they refinance they will be in for a shock.

Debt is the American dream. Everyone is in debt.

[Ayers]

I'd say if spending money doesn't make you happy maybe you're all spending it wrongly, even though all the advices above seems good, but I think important what makes one happy isn't necessarily coming from textbook advices like this. Just spend whatever you want, one might be happy enough when they can buy some good cars, not necessarily need good experience, everyone differ to each other.
someone else might also be happy by spending their money for buying luxury goods, it's all relative. but what matters most is that, an individual will be really happy when they got their basic needs settled. it's the most important thing, then the other thing comes after that.

You have a point there. How we can earn and spend is up to us, as long as we feel satisfied and happy. We don't have to follow the advice or what the textbook says, we can't force everyone to do the same thing when everyone is different.

Recently I have bought some necessary products for my work and needs, many people say that I am quite wasteful when buying such expensive things. But I don't care because it's my money, and I work hard to earn a lot of money simply to have a better life. I feel happy owning those things, I don't see anything wrong here. They are not me, how will they know what I need and think?

[libert19]

Also, this is the first time I have read about the comparison expending term, I am not quite sure what it is.

From the pdf op linked, learn from expenditures of others on thing you want to purchase. Suppose, you want to watch a movie, read other people's reviews first. By doing thus, you'd save time and money. Although, I'd somewhat disagree with this as not all people's taste/expereinece are same but it'd still give brief idea whether you want to move forward or not.