Why does purchasing an experience have a greater impact on our happiness than purchasing material goods? Experiences create memories to reflect on, long after they have passed.
When we think of value for our money, it makes sense to think of something that will last a long time. But is happiness a lasting effect of buying material goods?
In a 2014 study by San Francisco State University, Professor Howell found that spenders often feel a happiness boost from buying a material item, however this feeling soon disappears.
On the other hand, if they purchased an experience, such as a trip away, concert tickets or dinner with friends, they were happier for longer.
Why does purchasing an experience have a greater impact on our happiness than purchasing material goods? Some reasons could be:
There's one way to make sure your material purchases make you feel good - money spent on others can make you happier than money spent on yourself.
So next time you feel like buying yourself a new shirt or a few magazines, try to imagine that 'buzz' that comes with giving someone a gift, or donating to a charity in need. You might just change your mind on what you're about to purchase - or who you're purchasing it for.
There will be times when buying something makes your life easier, and makes you that little bit happier.
It’s a good idea to reward yourself once in a while, budget permitting. However, try to limit your splurges and always spend money consciously. After all, you could be happier saving for that dream holiday instead.