Happy spending — really, it’s the experiences that matter most

Most of us would say that we enjoy spending money, although some things are more fun to splurge on than others. It’s definitely more exciting to spend money on things we want, like sporting tickets or a massage; rather on things we need like groceries or gas for the car.

However even among the fun splurges, some give us fleeting feelings of bliss and others bring us joy even decades afterwards. Since most of us don’t have an unlimited supply of spending money, I’ll enlighten you as to how to get more lasting happiness with the cash you do have to spend.

Dr. Thomas Gilovich, a psychology professor at Cornell University who has been studying the question of money and happiness for over two decades, has proven that if you want to avoid “buyer’s remorse” over your purchases, pick experiences over things.


Over time, people’s satisfaction with the things they purchased went down, whereas their satisfaction with experiences they spent money on went up. Gilovich says you’ll get more happiness spending money on experiences like going to art exhibits, doing outdoor activities, learning a new skill, or traveling with your family than you will with the latest gadget or a newer car.

I can certainly attest that this has been true in my own life. Ten years ago, my best friend Nicholle and I went to visit her grandparents in Sterling, Alaska. It was certainly the trip of lifetime! I remember Nicholle and I discussing the various outings we could do while there and the cost of each of them.

We were waffling a bit over the glacier excursion because of the expense. We would take a helicopter up to the glacier and then take a ride on a dogsled. It was several hundred bucks apiece, but in the end I said, “Let’s do it!”

As you might guess, the dogsled ride was the highlight of our Alaska trip and the memory of the experience continues to make me smile today. Plus, it’s just really cool to say that I’ve ridden a dogsled on a glacier in Alaska!

The lesson? Fun and unique experiences, especially those shared with people you love, will give you greater happiness bang-for-your buck than anything you can buy from Amazon. So be sure to make room in your budget for spending on experiences, as going into debt for them adds stress and cancels out those happy vibes.


Source:  Christine Luken
http://www.nkytribune.com/2016/07/christine-luken-happy-spending-really-its-the-experiences-that-matter-most/

Christine Luken is the Financial Lifeguard and a veteran Meal Planner. She helps individuals, families, and entrepreneurs design a financial road map to help them arrive at their Preferred Financial Destination.