Research has shown that material purchases are less satisfying than experiential purchases. According to Dr. Thomas Gilovich and Killingsworth (Psychological Science), experiential purchases like vacations, concert and movies tickets, tend to trump material purchases because people are less likely to measure the value of their experiences compared to those of others.
“We buy things to make us happy, and we succeed. But only for a while. New things are exciting to us at first, but then we adapt to them.”- Dr. Thomas Gilovich
Here are 5 ways to ‘purchase’ experiences and be a happier person
(1) Learn A New Skill, Don’t Delay Trying New Things
Skillsets do not have an expiry date. If you have been thinking of picking up a new language or musical instrument, by all means please do so. It has been proven that investing on learning new skills is more fulfilling than indulging on short-term material goods.
(2) Go For A Dream Holiday Instead Of Buying An Expensive Bag
A dream holiday offers you a long-lasting happiness that you can talk about with your friends in years to come.
In contrast, that expensive branded bag may give you a good feeling the first few times you bring it out. However, research has shown that such happiness only last for a short while. A dream vacation brings you new and lasting memories.
(3) Spend Your Money On Others
There’s just something so unusually satisfying to witness someone unwrapping a gift and responding to you with absolute excitement and happiness. Your generosity have made them smile, and that’s way more fulfilling than spending your money on any material goods.
The indescribable experience and sense of satisfaction when you give back to society will also create great memories that will stay on with you for a long while.
In Singapore, you can make a donation or volunteer at any nursing homes or specific non-profit organisations through Giving.sg. You may also want to consider sponsoring a child with WorldVision to help transform a community.
(4) Rent A Sports Car
Instead of buying your dream car off the shelf, it makes more money sense to just rent it and enjoy that short-termed once-in-a-lifetime experience. You will feel happier not just driving your dream car but knowing how much you have saved from all the maintenance required for the sports car. As burdenless as it seems, you can simply return it once you are done driving your dream car.
After a few drive, you might even realize that your life-long dream of owning a Lamborghini is nothing more than just a fad that goes away once you have taken a few rides in one.
Read also: How much do you need to earn to own a Ferrari in Singapore.
(5) Spend Your Money With Others
Do you prefer watching your favorite blockbuster movie with friends more than watching one alone at home? The common answer is a YES.
Research has shown that shared experiences are more pleasant than one performing tasks alone. Spending time and money with others enhances your social life and the joint experience creates happy memories. Even if it’s a lousy experience, it can still be a laughable story to share about in the years to come.
Lastly, if money isn’t making you happy, you are probably not spending it right.
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