The Price of Happiness

I came across this article in the July 2009 Good Housekeeping magazine that summed up a lot of my philosophy and views toward money.

The article basically says that you can find joy, happiness and contentment no matter what your budget is.

But you have to think carefully about how you spend your money to make this happen.

“The golden rule: Devote your dollars to things that further your goals and beliefs,” said one researcher. “It’s now very clear that nurturing the things that YOU value — whether that’s becoming more cultured or redesigning your garden — is what makes people happier.”

Buying material goods usually only provides temporary happiness and when you set your sights on acquisition, you often only gain the feeling of wanting more. “Purchases that support your own values, however, are more satisfying because they help to boost your feelings of self-worth.”

To “get the most bliss for your buck” you have to think long and hard before you spend your money.

* “One of the best ways to invest in happiness is to focus on DOING rather than OWNING … 57 percent (of people asked) said they got more happiness from things they had done — taking a vacation, riding a bike, strolling through a museum, eating a pretzel with a friend — than from stuff they had bought.”

It’s not only that these activities are fun while we are doing them, it is that we are creating longlasting memories.

One mother of two interviewed in the article said she has “set her financial priorities to create happy memories.

“She isn’t interested in replacing the television she bought in 1988. Instead, she saves her money so she can buy airplane tickets and travel to new places. The jaunts, she says, are exciting stress relievers — even well after they’re over and she’s back at work: ‘I recently spent five days in Paris with my husband, walking down old streets steeped in history. Thinking back on that during an otherwise difficult day relaxes me.”

These memories will bring her happiness for years to come.

“Material things, on the other hand, quickly lose their luster. You may spend hours fantasizing about buying a silk scarf, several days shopping for it and perhaps even some time enjoying it, but not much. Your brain quickly adjusts to the fact that the scarf is folded in your drawer, and before long, you’re so used to its being there, you can barely remember when it wasn’t.

“Once the object of your obsession, now the scarf blends into the background and becomes as normal to you as hot water, Internet access or automatic-drip coffee.”

* Splurge on mini treats. “It may sound counterintuitive, but researchers have found that over time that small, inexpensive indulgences have virtually the same emotional impact as big, pricey ones — making the little things a much better buy.”

Another study examined the purchase of big items versus small ones and the happiness quotient.

“It was the frequent treats of chocolate bars or bottles of wines with takeout dinners that made both groups happy — not the pricier purchase of artwork, designer luggage or CD players.”

So, I’m off to buy my bottle of wine.

Salut.