Happier MoneyWe all know that money cannot buy happiness. But how we spend our savings can increase our satisfaction, according to Professor Elizabeth Dunn and Professor Michael Norton. In their book "Happy Money: the science of happier spending", they offer five key principles.
Invest in others: research shows that spending money on someone else provides more happiness than spending on your self. Studies also show donating money might make you feel physically healthier.
Buy experience: experiential purchases - such as painting classes and concerts - provides greater satisfaction than material goods, in part because experiences make us feel more connected to others.
Make it a treat: instead of routinely buying a daily latte, reinvigorate your pleasure by cutting back and making it an occasional indulgence. You will enjoy it more, and save money too.
Pay now, consume later: buying in advance and enjoying your purchase later can increase happiness levels. If you pay for a vacation ahead of time, for instance, you get the big expense out of the way before you even leave.
Buy time: if a purchase helps you spend your time in happier ways, its money well spent. Use your dollars to outsource jobs you don't enjoy and make time for the things you love, like pursuing your hobby.