Professor Pozzulo’s Pick (November, 2024)

 

 Professor Pozzulo’s Pick (Nov, 2024)

Happy Money: The Science of Happier Spending by Elizabeth Dunn and Michael Norton (2013, published by Simon & Schuster)

My Take: 

Perhaps you’ve heard the adage, “money can’t buy happiness”? In Happy Money: The Science of Happier Spending, Dunn and Norton (2013) explore whether spending money differently can impact happiness and well-being. Can people spend their money in “happier” ways? The short answer is…Yes!

I was hesitant to make this book my pick because so many are finding it difficult to cover the essentials, such as housing and food, let alone have money for discretionary spending. By the time I finished the book, I changed my mind. The connection between well-being and money isn’t necessarily about having more money (although let’s face it, there are some advantages to having more money and everyone needs a certain amount of money to live), it is about how you spend the money you have. Let’s say you have $5 for discretionary spending, how you spend that $5 can impact your happiness. The authors describe the science of how your spending can improve your mental and physical health.

The authors describe several principles to happier spending; 1) buying experiences, 2) making it a treat, 3) buying time, 4) paying now and consuming later, and 5) investing in others. Engaging in as many of these principles as possible can increase well-being. They give an example of how buying a friend a cup of coffee using a gift card that you purchased at an earlier time covers a number of principles that can make you happier.

The overall goal of the book is to help you rethink how you spend the money you have and how changing your spending (or gifting) habits can improve your well-being. I may not apply every principle to every purchase I make but I must admit that it has me rethinking my gifting ideas with the upcoming holiday season!

Have you changed your spending habits? Any principles that resonate with you more than others?


Comments

  1. AnonymousOctober 31, 2024 at 8:56 PM

    Just started reading and it has got me curious if I can make spending few discretionary dollars a happier experience.

    ReplyDelete

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