When you have paid for all the necessities of food and shelter, and you are left with some spare money to spend or invest then you must check out the right ways to spend money to be happier. Your mental well-being is directly correlated with your spending and investment pattern. In one of our earlier blogs, we wrote about 5 Ways You Waste Money. In the current blog, we tell what could be the right ways to spend money to be happier.
1. Spend Humbly
We are not saying that buying branded products is bad, it just costs much-much more money than if you were to buy an alternative or same branded product or even a better one could also be available on a thrift store, why to spend so much more when you can save so much more. Thrift stores like Bombay Closet Cleanse are providing grooming related products at much economical prices.
2. Smart Investments
Okay, this is not exactly spending, but money does flow out of your bank account for some time. This point is more about creating wealth. There are several ways you can start investments, the most famous being investing in Systematic Investment Plan or SIP as it is more famously known. However, in this new age, there are other areas as well that offer good returns for your investments. These are investments in digital gold for an amount as low as you want or investments in cryptocurrency. You can try checking out Augmont for making investments in digital gold and CoinDCX for making investments in cryptocurrency. If you want more money, start with smart investments.
3. Savor Experiences
Purchasing new things will give you happiness, but only for a very short duration. Buying something materialistic like expensive new shoes or an expensive new dress will make you spend money and temporary happiness. However, on the other hand, if you spend that money on a new experience, you might cherish it each time you think of it.
According to a research paper published by scholars at Harvard, “…one reason is that we adapt to things so quickly. After devoting days to selecting the perfect hardwood floor to install in a new condo, homebuyers find their once beloved Brazilian cherry floors quickly become nothing more than the unnoticed ground beneath their feet. In contrast, their memory of seeing a baby cheetah at dawn on an African safari continues to provide delight.”
According to the research paper, having new experiences provide much more happiness as we derive joy by remembering and anticipating experiences. On the other hand, we only get happiness from things when we are actively using them.
Here’s a short poem for you:
Here’s a short poem for you:
Hey, You! Hey, You!
Brands are good, they build trust,
Do check out thrift stores,
Your pockets won’t burst,
Invest in something different
If you want extra return,
Volunteering or traveling is efficient
As these new experiences shall make you learn.
Basically, all we are saying is that spending money is good when you spend it keeping long-term happiness in perspective. You should start goal-oriented spending to become a smart spender. Subscribe WIO AI if you haven’t yet and get WIOCOINs.