TeaThe cost of living crisis shows no signs of giving up. inflation Worldwide continues to grow and are economists forecast many countries will go in recession,
With families with little to spend, they need to prioritize, and make tough choices. For some these decisions are extreme,
But people whose basic needs have been met still have less money to spend than they did a year ago. and is it canceling a streaming service Or while cutting back on grocery treats, many of us may be deciding what we can keep and what we should avoid in the coming months.
research It suggests that the way we spend the money we have can have a significant impact on our happiness and well-being. there is evidenceFor example, a purchase that helps us gain autonomy (a bicycle, say) or improves our self-esteem (perhaps a confidence-boosting outfit) can have a positive effect.
Here are some other ways research has shown how spending money and well-being are linked.
1. Connecting with Others
research suggest that spending money on social experiences, such as going over coffee with friends, or attending a concert or festival, enhances our well-being. the same goes for spend money on othersBe it buying someone a gift or donating to charity.
This is because sharing experiences with others and taking steps towards positive change fulfills our basic psychological needs for social engagement and fulfillment.
Of course, such experiences don’t have to cost anything. going for a walk, a. are joining running groupOr voluntarily everything can be done for free.
2. Buying Time
other Research It suggests that wealth should be measured not only in terms of economic resources, such as property or cash, but also in terms of the free time you have. Lack of time, known as “poverty of time”, has been consistently linked to increased tensionAnd poor lifestyle choices,
Spending money on products or services that free up time – such as helping with household chores or avoiding long journeys at work – can be considered a wise investment.
3. Gaining Capacity
Feeling competent in what we do and developing our potential are also important ingredients for improving happiness levels. research suggests that spending money on things or experiences that help you feel better at the things you love to do, or that improve your self-esteem, is worthwhile.
This can include evening classes or training courses that develop skills, or things that can improve the activities we enjoy, such as technology or sports equipment.
But then again, there is no need to spend much to learn new things. various platforms And social media channels can provide good quality free courses and “how to” guides.
4. Affecting Less
research has shown that buying things specifically to impress others doesn’t make you happy. In fact, a focus on materialism, to indicate social status, has been shown to have a detrimental effect of the accumulation of wealth and wealth. on the good,
This is because receiving external rewards through the praise and admiration of other people comes without any guarantees. Instead, seeking personal fulfillment through consumption is likely to distract you from nurturing your social relationships or from investing time and money on self-development that will actually have a positive impact on your well-being.
So moving away from the goal of wanting more money to buy more things can be one of the most positive steps you can take at the cost of a life crisis. Or, for that matter, even when there isn’t.
Lecturer in Marketing at Cardiff University
This article is republished from Conversation Under Creative Commons license. read the original article,
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