Why happiness is better than money?

Many of us connect money with happiness overall, although expressions like, “Money isn’t everything,” or “Money can’t buy happiness” remain popular. It may be comforting to think that something external to ourselves, like money, isn’t responsible for the happiness we may or may not experience. External factors aren’t always in our control, which is another reason the idea that money isn’t important to happiness is attractive.

Is it fact, though? Not really, given the conditions of the economies that many people live in. Basic needs frequently and usually require financial resources to be met. Without these basic needs met, we’re likely to experience insecurity that can interrupt the ability to experience safety and, therefore, our ability to experience happiness. People who have financial stress are more likely to lose sleep at night, experience anxiety, struggle with depression, and even more likely to experience headaches and other physical health problems.

According to research conducted at Purdue University, our salaries likely indicate a certain level of well-being. The ideal income point revealed by their research is about $60,000 to $75,000, depending on location for individuals for emotional wellbeing. Emotional wellbeing is about day-to-day emotions like feeling happy.

Money is a part of our overall security – the ability to have basic needs met. Some other interesting facts surface when it comes to wellbeing and money. Research into what kinds of expenditures can result in more well-being and happiness reveals some interesting finds. Experiential purchases or money spent on experiences are more likely to bring feelings of happiness. The “buzz” of purchasing a new smartphone wears off long before the good feelings and happy memories of the experience of a great road trip or attending a concert.

Spending money on others is also more likely to boost feelings of happiness and well-being. Spending on others need not be about buying gifts. Investing in a friend’s business or hobby or sending a set of new guitar strings to your musician friend may be a great way to boost your own happiness.

Another way that money impacts happiness positively is by spending money on things that increase comfort and time. When we spend money on things that increase our free time or comfort, our happiness tends to go up.

To increase happiness without spending time, cultivate mindfulness, or the ability to live in the moment without judgment. Avoid comparison with others in terms of material possessions, and begin a gratitude practice to cultivate thankfulness for what you already have.

The question, “Why is happiness better than money?” isn’t a question with a clear answer as the two are inextricably linked in most modern economies, but there are ways to spend wisely to increase happiness.