Still Want to Buy

Happiness? Here’s How.

Michael Norton, a professor at Harvard Business School with a PhD in psychology, likes to quip that if you have a lot of money and are unhappy, you’re not spending it right. Here, a few ways to improve.

PRIORITISE SHARING

Some experts posit that special experiences, including travel and entertainment, give more bang for the buck than material objects – even though experiences are fleeting. Moreover, communal experiences and, similarly, shared objects, such as a fleet of bikes for the whole clan, beat those that are for individual use. “In general, spending money on yourself isn’t bad,” says Norton, who has researched generosity. “It just doesn’t do much for you.” But excessively materialistic people, Catherine A Sanderson notes in her book The Positive Shift, have higher rates of depression, health complaints and marital strife.

BUY TIME

Author Laura Vanderkam, a specialist in time management, suggests spending on extra household help or even a home closer to the office to create more opportunities for leisure, whether clocking extra hours with loved ones or just reading a good book. “Time is a non-renewable resource,” she says. With Task Rabbit-like services widespread, there’s virtually no obnoxious chore that can’t be outsourced these days.

GIVE IT AWAY

In a blow to the concept of altruism, philanthropy not only helps recipients but also has a welldocumented positive emotional impact on the giver. In addition to charitable donations, spending on other people – say, a gift for your mum – also lifts your mood, as do acts of kindness. “Anything that helps you direct your focus off yourself is helpful,” says Sonja Lyubomirsky, a professor of psychology at the University of California, Riverside.

TAKE IT SLOWLY

If you’re concerned friends or lovers are interested only in your money, says Judy Ho, a clinical neuropsychologist and associate professor at Pepperdine University, then dial it down: try a coffee date rather than a Michelinstarred restaurant. And if you’re the type who doesn’t leave the house without an entourage, remember that your personal trainer doesn’t have to fly first class just because you do. In general, Ho advises, distinguish between real friends and the paid variety.