A recent set of studies demonstrated that enjoying experiences created more anticipation, in-the-moment excitement, and longer-term satisfaction than purchasing items.¹ The results held true regardless of how much money was spent.
Why? Because an experience creates memories that last a lifetime. Possessions, however, can quickly become boring.
What does that mean for your budget?
Try shifting your discretionary spending from items to experiences for a month. Instead of spending your weekend at the mall, take your family on a day trip. Cut back on visiting designer stores and opt to walk through the park with a friend. Spend your time online planning exciting vacations instead of scrolling through store websites.
Then, take stock of how you feel. Has your quality of life–and cash flow–improved? Let me know how this simple shift makes a difference for your family and your budget!
¹ “Spending on experiences rather than things is associated with greater immediate happiness, study finds,” Susan Perry, MinnPost, Mar 12, 2020, https://www.minnpost.com/second-opinion/2020/03/spending-on-experiences-rather-than-things-is-associated-with-greater-immediate-happiness-study-finds/#:~:text=coverage%3B%20learn%20why.-,Spending%20on%20experiences%20rather%20than%20things%20is,greater%20immediate%20happiness%2C%20study%20finds&text=Plenty%20of%20recent%20research%20has,such%20as%20clothing%20and%20gadgets