At home, we often say, “This is why we work.” It’s our way of justifying splurging on pricey theater tickets or opting for a car service to the airport for convenience. I remind myself of this when I indulge in a blowout, even without a special occasion.
In my research for the book “Women with Money: The Judgment-Free Guide To Creating The Joyful, Less-Stressed, Purposeful (And, Yes, Rich) Life You Deserve,” I asked many women about their financial desires. Most emphasized a need for security and stability, as it offers protection from uncertainties. Beyond that, their wishes included various enjoyable ways to use their money, whether through spending, saving, or giving.
That’s perfectly fine! However, since money is finite, learning to maximize enjoyment from your resources is beneficial.
Here are some ideas for deriving enjoyment from money in the upcoming year:
Prioritize Experiences Over Material Goods
Research shows spending on experiences yields more satisfaction than buying physical items. This makes sense: items in your closet eventually lose their appeal, and you may feel the urge to replace them as trends change.
Experiences, on the other hand, become richer over time. You share them with friends and capture the moments on social media, allowing you to relive them repeatedly. Some items can also generate experiences—like a beautiful piece of art you admire daily or a comfy chair perfect for outdoor relaxation.
Enhance Your Social Connections
Spending that strengthens relationships tends to bring more happiness. That’s why experiences often resonate more than possessions. They frequently involve others. Harvard Psychology Professor Michael Norton, co-author of “Happy Money,” suggests that using money to nurture relationships is generally a sound investment. “Invite a friend to lunch,” he advises. “The bonus is she’ll likely return the favor, giving you both two meals.”
Invest in Time
Many women find themselves pressed for time. Spending money to reclaim some of your hours can significantly boost your happiness. Think beyond traditional self-care. Hiring a cleaner for your kitchen, a gardener for your yard, or a babysitter for a night out with your partner can be incredibly rewarding.
Share Your Wealth
Another proven way to gain joy from spending is through generosity. If you’ve ever seen someone light up while unwrapping a gift you picked out just for them, you know the joy it brings. This concept is known as “prosocial spending.”
Norton and his team conducted a study where participants received either $5 or $20. Half were instructed to spend it on themselves, while the other half spent it on others. The results showed that those who spent on others reported feeling happier, regardless of the amount. This illustrates that it truly is the thought behind the gift that matters!
