{"id":44397,"date":"2025-01-22T10:12:22","date_gmt":"2025-01-22T02:12:22","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=44397"},"modified":"2025-12-16T10:38:32","modified_gmt":"2025-12-16T02:38:32","slug":"money-buy-happiness","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/money-buy-happiness","title":{"rendered":"How To Maximise Your Well-Being With Money"},"content":{"rendered":"

It’s the start of a new year and new resolutions.\u00a0 Maybe you\u2019ve already started cutting down on spending, or even taken steps to increase your disposable income.<\/p>\n

Here\u2019s something else \u2013 did you know that you can change the way you spend money you already<\/em> have<\/em> to \u201cbuy happiness\u201d?<\/p>\n

Here are four ways you can do so:<\/p>\n

<\/span>1. Buy experiences<\/span><\/h2>\n

\u201cBuy experiences, not things\u201d is the kind of caption you would expect to find on social media, alongside a photo of some twenty-something looking out pensively into the ocean.<\/p>\n

But there\u2019s some science behind it \u2013 according to research<\/a>, purchasing experiences instead of material items leads to higher satisfaction in the long term. While having new possessions can lead to temporary happiness, their novelty tends to fade \u2013 we soon become accustomed to new stuff, and they deteriorate or become obsolete.<\/p>\n

Experiences remain in our memories<\/h4>\n

On the other hand, experiences become part of our memories or influence our identities. We also tend to look back upon them with more fondness than we do material items. Even a negative experience \u2013 for instance, getting lost in a city in which you don\u2019t speak the language \u2013 could be turned into a funny anecdote once you return. In comparison, it\u2019s a bit harder to entertain friends at a party with say, a story about how your new TV stopped working over the weekend.<\/p>\n

Buy the right type of experiences<\/h4>\n

So the key is to buy more experiences, but we\u2019d also like to expand on it:<\/p>\n

    \n
  1. Don\u2019t buy experiences for the sake of having a story to tell.<\/strong> \u201cBuy experiences\u201d is a good guideline to minimise wasteful consumption of goods, but make sure you buy experiences you actually enjoy. For instance, if you have to make a decision between a trip to somewhere that sounds fun to your friends but you don\u2019t really want to visit and a gadget you\u2019ll find useful, the latter may be the better purchase.<\/li>\n
  2. Buy things that enable experiences.<\/strong> The line that separates experience<\/em> and thing<\/em> is not always well-defined. Yes, one is tangible and be can touched, while the other cannot. Yet, some things can lead to having experiences. Buying local street food while in a foreign country, for example, can add to your experience of travelling. Other things, like board games, create experiences by facilitating fun social activities.<\/li>\n<\/ol>\n
    What are examples of experiences or experience-enabling things?<\/div>
    <\/p>\n

    Travel, concerts, a good meal, a good book<\/a>, a bicycle, a skill-building item (like a paint set), etc.<\/div><\/div>\n

    <\/span>2. Buy now, enjoy later<\/span><\/h2>\n

    Experiences also tend to lead to higher satisfaction because they provide more anticipatory pleasure. That is, anticipating an experience can be almost as fun as actually experiencing it. Think of the last time you booked a vacation months in advance \u2013 as the date approached, looking forward to it was likely pleasurable, especially if you were stuck at work.<\/p>\n

    If you\u2019re worried that this will lead to disappointment when reality falls short of expectations, research suggests that the mind conveniently fills in the gaps bridging the two. Based on a study<\/a>, people reported greater enjoyment levels for both high-quality and low-quality experiences when they had high expectations for them, but not when they had low expectations.<\/p>\n

    Here\u2019s another psychological trick our mind plays on us when we choose to pay now for future consumption: when we pay up front, by the time the anticipated moment comes around, the pain of having to pay for it is too far in the past to put a damper on our present enjoyment. It\u2019s like receiving a gift from our past selves.<\/p>\n

    Here\u2019s what you can do to increase anticipatory pleasure.<\/div>
    \n