Money Talks News - Can money buy happiness?
You hear it time and again that money can't buy happiness. But some researchers disagree.
Michael Norton, the co-author of "Happy Money: The Science of Smarter Spending," said if you think money can't buy happiness, well maybe you're not spending it right.
"The way people usually spend their money doesn't make them happy. They buy stuff for themselves like cars and houses. And our research shows that if you spend your money in other ways, like for example giving money to other people or buying experiences, money can in fact buy happiness," said Norton.
So what exactly are we supposed to do to maximize our happiness? Norton said to change the way you're spending you're money and there some ways you can improve that habit.
First, when you're thinking about spending money, choose experiences. Social interaction often brings happiness, so spend on experiences.
Another way to spend money to make you happy is actually to spend it on others. Whether you give money to a charity or buy someone a gift, it can make you happier and research suggests that's true even if the gift is small.
Another way to happily spend your money to spend it on something that will reduce your stress.
For example, if you're worried about your house, it's where all your money's tied up. Well if you get adequate insurance, maybe you can be a little less stressed out about that.
You could also buy time. If you spend several hours a week cleaning your house, and you can afford it, a cleaning service will give you time to pursue happier things.
And finally, treat yourself, but infrequently. You'll appreciate a dinner out more if you're not doing it every night.