I’ve come across this good read from a blog I read daily. Her post was called “Buying into Life” and was about the happiness gained by spending money on experiences rather than things. This is something that we have a family have chosen to do and it is interesting to hear that studies have been done on it.
Here are certain points:
- The initial excitement of a new possession fades over time, usually 6-8 weeks. (And in my opinion and experience, I think that’s why there are shopaholics. They crave the initial "high" of a purchase.) Experiences continue to provide happiness through memories long after the event.
- Experiences draw people closer. Common and shared experiences with family & friends are often what draw us together. This fulfills our need for social bonding and brings satisfaction.
- People felt a greater sense of "being alive" during the experience and in reflection.
- When you spend money on experiences there’s less of the "keeping up with the joneses" phenomenon. Experiences are unique and so we are less likely to compare ourselves to other people and feel inferior.