Research shows that people who feel time-constrained are more stressed, less likely to spend time helping others, and less active. But receiving social support may protect us from the negative consequences of time stress, a concept psychologists call the buffering hypothesis. According to this theory, buying time—by doing things like hiring a house cleaning service instead of tidying up, ordering takeout instead of cooking, or paying extra for a direct flight—can increase our sense of control and, ultimately, our feelings of well-being.
The caveat? The amount of disposable income we have makes a difference when it comes to buying time. In a series of experiments , psychologists found that when participants were primed to think of their time as carrying monetary value, they were more impatient and experienced less pleasure during leisure activities like listening to music. Another review of studies from 18 countries yielded two major findings. Money-focused individuals are indeed productive—reminding people about money motivates them to exert extra effort on challenging tasks, to put in longer hours, and to perform better.
On the flip side, they also tend to work more, socialize less, and experience greater psychological and physiological stress. The key takeaways? First, treat time as the commodity.
Active and social forms of leisure, like exercising and volunteering, are also linked to greater happiness compared to more passive activities, like watching TV or napping. But research suggests that an intangible experience can often bring you joy for longer than a physical object.
They live on in our memories, they live on in the stories we tell. For example, people get boosts of pleasure from planning and anticipating experiences , like vacations—and then again when recalling those memories later. Those who spent the money on another person reported feeling happier than those who were directed to spend it on themselves.
This was despite another finding made by the team: we tend to underestimate the power of giving to others. Participants reported that they thought spending on themselves would make them happier than spending on others. A queue of guests arriving with gifts at a bride's house on the morning of a Chinese wedding Credit: Alamy. Dunn says there is a reason we feel joy when we give to others; our tendency to share resources led to the survival of our species.
Doing so makes us feel like we have autonomy and the ability to make a difference to someone else. Yet while we often find happiness in giving presents, our personalities — specifically our emotional intelligence — may play a role in dictating the extent to which we splurge. In a series of recent studies , Rajani Pillai, an associate professor of marketing at North Dakota State University and Sukumarakurup Krishnakumar, an associate professor at the Keck Graduate Institute in California, found those with higher levels of emotional understanding spent more money on gifts for others, especially people they were close to, and experienced greater happiness doing so.
Krishnakumar says that happy anticipatory emotions start before the gift is given, during the shopping process. Experts have identified plenty of other reasons , from the altruistic — cheering someone up — to the self-interested, like demonstrating status, feeling guilty or making someone feel indebted to us. In romantic relationships, says Yohsuke Ohtsubo, a psychology professor at Kobe University in Japan, gift-giving can serve as commitment signal.
How to spend money mindfully. Budgeting by values. Mindful budgeting helps you spend on the things that matter.
Use money as a tool to boost your happiness. And that makes us feel a sense of integrity. Let your values shape your budget. Start by looking at your bank account. The goal is to have a positive net cash flow at the end of every month; in other words, you want more coming in than going out. This way, your money works for you, giving you a choice in how you spend it. Find an Extension employee in our staff directory ».
Facebook Twitter. Feedback, questions or accessibility issues: info extension. Home » Make a Spending Plan A spending plan also called a budget is simply a plan you create to help you meet expenses and spend money the way you want to spend it. By the end of this module, you will be able to… …construct your own spending plan that includes all your expenses and income. A spending plan should include all of your money coming in, money going out, and money put towards savings.
Here are some more resources that can help with spending plans and balancing a budget. Test your knowledge Spending Plan Quiz Take this question quiz to review the basics and test your knowledge.
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