- To prove money can’t buy happiness, people point to millionaires and lottery winners who ruined their lives.
- Psychological studies have shown that learning how to spend your money can improve overall happiness.
- We explore eight money-spending principles that research suggests can bolster life satisfaction.
These are the ways you can scientifically spend your money judiciously.
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1) Buy more experiences, fewer material goods
Your money, according to research brings you greater fulfilment when it is spent on worthwhile experiences than on material things. Take a trip, go for that seminar, visit the cinemas, go to the parties; these experiences are more expensive than money.
2) Use money to benefit others
Your money is not only for you to look big. You money is spent properly when you invest your hard earned money in the lives of people or communities.
3) It’s the small things that count
Purchase the small experiences and goods that are a priority to your immediate life than to buy that expensive thing or appear rich when these things are of less benefit to you.
4) Avoid overpriced protection you don’t need
Avoid purchasing that car or mortgage that breaks your neck. Go for the underpriced and live a humble life.
5) Delay gratification
Delaying immediate gratification for future benefit is satisfying in the long run. The rich will become poor and wallow in abject inadequacy if he does not delay or postpone immediate gratifications.
6) Consider how purchases may affect daily life
Be weary of the things you spend your money and how it affects or improves your life. Spending on an online course will go a long run to make your daily life better than buying that car.
7) Beware comparison shopping
Buy what you can buy and avoid the needless competitions.
8) Follow the crowd (occasionally)
You have on countless occasions that you do not need to follow the crowd. Yes! That is very true. But when it comes to money you sometimes need to follow the crowd. The crowd will go for things that they can afford but more often the ‘I am rich’ will go for things they deem is equivalent to their status. Follow the crowd that are making judicious use of their money and are frugal in their spending