14 Ways Money Does Buy Happiness
Growing up, I always heard that money doesn’t buy happiness. As an adult and mother in 2024, I can assure you that while it doesn’t directly buy some magical feeling called happiness, money can certainly set you on a path to a happier life.
For many Americans, being able to easily cover food, clothing, shelter, and other necessities and still have a little left for fun is one definition of happiness. However, for others, it might be saving up a nest egg for retirement, paying off a home, or being able to travel.
No matter what you equate to happiness, money can definitively buy it.
1. Time
One of the mainstays of happiness is being able to spend your time however you like. You can catch a sporting event, a concert, or other activity you enjoy. You might want to take your significant other to their favorite city for dinner without counting the cost.
Having access to the money to buy more free time is an essential ingredient in fostering happiness. How often does someone you know say, “I can’t. I have to work?” Saying “yes” more often can undoubtedly lead to a happier life.
2. Travel
So many people have a bucket list of places they want to see before they die. Sure, you have hot spots like London, Paris, Prague, or the whole of Ireland. However, people might want to visit loved ones they haven’t seen in ages. They may want to travel to make amends in a strained relationship and heal past mistakes.
No matter why we travel, being able to make those plans and see them through because we’re financially solvent is a gift you can’t beat with too many in life.
3. Love Makes The World Go Around
One fun way to spend money on happiness is to make someone else happy. Buy a trinket for your significant other you know they’ll love. You could pay someone’s rent for a month (or a year) or pay off someone’s outstanding debt.
Blessing others allows you to be uniquely creative based on what someone else needs, wants, and loves. The memory of how much your kindness blessed them will surely bring thoughts of happiness your way.
4. See a Need
So often, creative genius lends itself to filling the needs of the masses. When we can help people relieve their pain points, it nurtures happiness all around. When we can do that on a grand scale for thousands of people, happiness multiplies too.
You don’t have to be an inventor or entrepreneur to fill the needs of people. You could donate to your favorite charity, help out your Alma Mater’s sports teams, or help a needy family in your local community. Finding ways to give back and fill the needs of real people will always foster happiness and well-being and should be championed.
5. Buy an Experience
When we evaluate what we spend money on, one thing stands out: We like to spend money to experience life. Oh, we might purchase something special here and there, but most people will spend more on an experience than on anything else outside of regular bills.
I remember the trips we took as a family to Sea World Orlando and Busch Gardens with our daughters when they were little. I can almost recall the sound of their giggles on the kiddie rides and remember how our oldest walked everywhere in the park at just two years old. Experiences and the memories they create are what carry us through life and get us through the hard times. Stockpile them for the future as often as you can.
6. Save For The Future
None of us knows what tomorrow will bring. Being financially solvent in your older years can ensure you have those beautiful experiences and the time to truly enjoy them. Being able to pay yourself first can help grow your retirement savings so your golden years are truly golden.
Being able to adequately enjoy your time with family and friends as you age is one of life’s wealthiest delights. At that stage in life, being able to say “yes” is worth every dollar you have to scrimp to save now.
7. Spend Within Your Means
Lack of money is one of the top stressors people suffer from. By removing that stress, spending within your monetary means will certainly increase your overall happiness. When you can pay your bills, save for the future, and have guilt-free fun, you will be happier than trying to make ends meet after overspending your limits.
Working with a budget can help you fulfill all these monetary requirements without overspending. Budgeting your spending will also ensure you’re not wasting money on overcharges and fees that steal your potential wealth.
8. Financial Independence
One area that often gets overlooked is the happiness of financial independence. Being able to use your money when, where, and how you want is part of adult life, and when stifled, it can easily lead to resentment.
To help foster financial independence, open a checking and savings account in your own name. Work on an investment account and strategy to grow your money and enjoy the fruits of your labor. Teaching financial independence to your children and the principles of financial solvency are also a great way to expound on your happiness.
9. Money Buys Value
Money can only buy happiness if it can purchase things we, as humans, value. Once we attach value to it, we want to have it as often as possible without burning ourselves out on it. It might be a trip somewhere we’ve always wanted to visit or experiencing an event or activity we enjoy.
No matter what we value, if money can buy it, you can bet we will invest in getting our hands on it. It’s why people have car, toy, sports, and memorabilia collections, which they find great satisfaction in. We love to buy what we value.
10. Empowerment And Control
One area where money can lead to happiness is in control. Humans like to have some sort of control in their lives. When they don’t, they will often try to control others, which can lead to even more strain.
Being financially well-off enough to be able to control some of the circumstances in your life can reduce your stress and lead to enrichment and happiness. It might be as simple as whether you go to work on Monday or when you take your vacation. It might be marrying for love instead of money or being able to take your family on that all-expense paid vacation you’ve been planning for years. Control is essential to life satisfaction and overall happiness.
11. Money And Personality
One interesting area of study regarding money is that of personality. Do we only buy what fits our personality, or do westep outside our comfort zone? It’s a bit of both. Social and familial pressures can cause us to buy things we don’t want, especially if we’re introverted. Extroverts may be more willing to spend extravagantly on items and experiences just for the sake of it.
Either way, there’s a strong correlation between money and personality that we can’t ignore. Evaluate your spending and see if your personality traits shine through in your spending.
12. Buy Small For Greater Impact
Purchasing the most expensive gift or the most extravagant item isn’t always the fastest or most assured path to happiness. Buying more minor, more meaningful gifts, items, and experiences can have a much more meaningful impact. They are smaller and likely cost less, so you can buy more.
By going for smaller, you can maximize the number of times you can impact your life or the lives of those you love. Charities you admire or enjoy can benefit even more from your generosity because you’ll have more disposable income to give.
13. There’s No I in Team
When we care for our families, friends, close acquaintances, and those in positions under our authority, we invest in our happiness. After all, there is nothing quite like seeing the sheer joy on someone else’s face.
Investing in others’ happiness can greatly impact our well-being. This trend is particularly true for business owners who treat their teams well. From your Vice President to the lowest mailroom clerk, giving your people a leg up in the worldwill always add to your satisfaction.
14. Work-Life Balance
Much like buying time, being able to afford a work-life balance can significantly increase your happiness. Whether you take a “mental health day,” or call out for a long weekend of relaxation just because you’re investing in your work-life balance.
Being able to afford a day off financially whenever needed is a cornerstone to a happier life. When someone asks what you do for fun, your first thought shouldn’t be what you do for a living. We shouldn’t value ourselves first by what we do and second by who we are. Flip the script on that and learn to be a person who works to live, not someone who lives to work.
15. Health is Wealth
One area where money can truly change our lives is our overall health. The idea that health is wealth isn’t far from the mark. Money doesn’t mean much if we’re not around to enjoy it. Having the financial means to adequately care for our health is part and parcel of buying our happiness.
Ask people who have money but aren’t healthy if they enjoy life. Then, ask someone who is healthy and may have a little less money. You might be surprised at the answers. Having a balance of money and health may be the optimum equation for lifetime fulfillment. One thing is for sure, though. No amount of money will matter if you’re too unhealthy to enjoy your life.
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