Can Money Make You Happy? Understanding the Relationship

For many of us, the idea of having money and deriving happiness from it usually means a lot. It ranges from owning luxurious houses to elegant cars and vacationing worldwide.

But this couldn’t be further from the truth. Another aspect is having enough cash to provide financial stability and life satisfaction. 

So, when debating the question, “can money make you happy?” the answer is definitely yes. Keep reading as we share details about money and happiness.

The Unsaid Truth About Money

Whether we like it or not, money can help bring calm and control to our lives. It helps provide a way out of unforeseen bumps and minor nuisances now and then.

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From ordering an Uber to avoid a rainstorm or taking care of an unexpected hospital bill, there is no doubt that money can help in providing a wide range of options to make life a lot easier.

Financial security gives people a sense of autonomy to live as they have always dreamt.

This isn’t limited to buying fancy cars or having a seven-course meal every night. It has more to do with money providing people with the freedom to carry out their intentions. Money also helps fulfill all desires instead of living a life constrained by a lack of resources.

To help you answer the question, “can money make you happy?” below are six ways that money can ease our lives and assist us in becoming happier people.

How Can Money Make You Happy?

Money can buy time

It is no secret that time is one of an individual’s most precious assets. Also, spending money on time-consuming chores and activities can relieve the stress of getting them done.

From cleaning the garage to washing clothes or even cooking, one can hire a professional to get the job done. 

Once you are free from doing all these mundane chores, you can focus on essential things. As a result, you get twice as much done in a day, creating satisfaction and happiness.

Money can buy experiences

Whether you have a range of income or are dependent on a single source, investing in experiences is another vital way money can make you happy. Many psychologists now agree that buying experiences help a lot more in improving our well-being than buying stuff.

From going on a vacation to attending a seminar or a workshop or even enrolling in a new class, investing money to collect experiences truly brings happiness instead of material possessions. After all, it is not the things we accumulate but the experiences we gather throughout our finite life that truly define our level of happiness.

Spending money on others can make you happy.

According to a study in the journal of Science, people tend to feel happier when they spend money on others.

This could be as simple as buying someone gifts or giving money to charity. However, there are other ways as well through which people can splurge on spending money to buy happiness. Some of these ways include:

• Bringing coffee or donuts for everyone at work
• Treating a friend to lunch
• Donating to an orphanage
• Donating to prisons
• Sponsoring retirement homes
• Donating to non-governmental organizations (NGOs)
• Buying small gifts for your loved one even if there is no special occasion to celebrate.

Money curbs stress and anxiety

37% of American adults face moderate to high anxiety about their financial situation. One major struggle is retirement savings.

Lack of financial stability can often affect our personal and professional relationships. In such cases, having sound savings or disposable income to spend can lead individuals to be free from such stress and worry. 

Above all, it makes us more content with life. From paying off those hefty credit card bills to being able to afford a bigger house or even building up your emergency saving, you’ll feel more stable, secure, and in control of your life.

Money improves health

We live in strange times. A time when junk food is cheap while affording healthy, organic food can dig a hole in one’s pockets.

While trying to eat well on a budget sounds like an exciting goal to seek, doing so often can be pretty tricky. 

The choices and the cutbacks one has to make can be quite challenging to maintain, especially in the long run. Money can help promote healthy living, which directly brightens your mood and helps you live a happy life.

Money and the pleasure derived from frequent getaways

Consider the example of a person who has just won the lottery. While this may lead to initial happiness, it is short-lived and declines with time.

Likewise, the idea of vacationing at an exotic destination may sound exciting, but the pleasure diminishes as soon as the vacation is over. 

Psychologists now suggest that surprises and new experiences elevate our sense of well-being. Thus they serve best when they are more frequent. So, spending on minor pleasures instead of opting for grand getaways can make one far happier.

Can Money Make You Happy – Conclusion

Now we have established how gaining financial stability is vital to keep you and your loved ones happy.

So when asked the question, “can money make you happy?” you know what to say. But while handling money, ensure you don’t get carried away and turn into a spendthrift.

Instead, create a structure for yourself and find meaningful ways to spend money. This will bring happiness and contentment to your life. 

However, money does not always determine happiness. This is because after catering to essential needs such as safe food, shelter, and healthcare, other life events can deter our happiness.

They could range from a sad incidence to a terminal disease, or even addiction. Yes, the money is there but it has little to no effect on these life events.