Money does buy happiness… in a sense. Although we’ve been taught from a young age that money cannot buy happiness, research now shows that this may not be exactly true.
There are many factors that contribute to our happiness, including health and family, but not many of us would list money as one of the factors. In fact, for centuries many brilliant men and women have coined famous quotes about the perils of money. As Benjamin Franklin once said, “Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants.” These are indeed wise words, but one shouldn’t overlook the importance money plays in our everyday life.
The Pew Research Center found that national income is linked to personal life satisfaction. In fact, on average the richest countries tend to be the happiest and strong economic growth can improve feelings of well-being. For instance, advanced and emerging economies such as Israel and France, reported higher levels of happiness than developing countries such as Bangladesh.
It is possible to boost your happiness with money, as long as you do so wisely. Listed below are three Mindful money tips to help you get started.
Start a Side Hustle
No one wants to work more than they have to, but if making a few extra bucks covers your basic needs than it may be worth it. A study from the Victoria University of Wellington in New Zealand found that money contributes to autonomy which is important for happiness, but “once people reach the point of being able to meet their needs, more money leads to marginal gains at best.” So covering your needs with a side job that you enjoy could add to your happiness. Here are some Mindful ideas to help you get started.
Save As Much As Possible
This may come as no surprise, but experts have found that savings and financial security can actually boost a person’s happiness. To increase your happiness, start a rainy day fund to cover three to six months’ worth of expenses. You can find Mindful tips for jump-starting your emergency fund here.
Spend Money on the Things You Love
You can’t get through life without spending any money; fortunately, research from the University of Cambridge shows that spending money on things you love like a night at a bar or a bookstore shopping spree can lead to happiness. In the study, researchers analyzed 624 people and 76,000+ bank transactions. The researchers found that spending money on things that match your personality can actually increase your happiness more than your income or the effect of your total spending. So, consider spending just a little money on something that will put a smile on your face.