How to spend money to increase happiness

Scientific litsketch on boosting mental health

Can money buy happiness? It depends on how we spend it (Dunn et al., 2008).

A survey of 632 people shows that spending money on others like buying a gift or donating to a charity increases happiness much more than spending money on ourselves.

In an experiment, people were divided into two groups. Group One was given either a $5 or $20 to spend money for others. Group Two was given the same amount of money to spend money for themselves. Later in the day, their level of happiness was measured.

The results showed that Group One that spent money for others experienced greater happiness than Group Two regardless of how much money they received to spend. Interestingly, another survey of 109 people showed that most of us wrongly think that spending money on ourselves will increase happiness more than spending money on others, which explains why we spend much less on others.

Science shows that when we give, a greater measure of happiness will be given to us. Spend money to give love. Happiness will follow.

Dunn, E. W., Aknin, L. B., & Norton, M. I. (2008). Spending money on others promotes happiness. Science, 319(5870), 1687-1688.