A Creditcard. Black Friday frenzy in London: Shoppers in supermarket, Asda, fighting in the aisles over discounted televisions.
Credit: Corbis. Why are people so prone to making split-second money decisions, many of which are detrimental to their bank accounts? And how can you resist the urge? Ryan Howell, an associate professor of psychology at San Francisco State University in California in the US, said the impulse to buy, in part, is a survival instinct.
Scott Rick, an assistant professor of marketing at the University of Michigan in the US has found that the concept of retail therapy is a real thing. However, the choices have to be somewhat difficult to make and the outcome must be pleasant. We do get pleasure from consumption and my research suggests that it can help. Re-arranging a bookshelf or sorting through clothes to give to charity can also make people feel better about their lives, Rick said. Utilizing advances in big data and machine learning, we are beginning to move beyond population-level spending recommendations, providing more individualized advice to help people get the most happiness from every precious dollar they spend.
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Is the expense genuinely contributing to my happiness? If the answer to the second question is no, try taking a break from those expenses. Other research shows there are specific ways to spend your money to promote happiness, such as spending on experiences, buying time, and investing in others. Spending choices that promote happiness are also dependent on individual personalities, and future research may provide more individualized advice to help you get the most happiness from your money.
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Most of this shopping is due to boredom. I already had three. But it was on offer. It gives us a sense of control or a happy feeling. Emotional spending can also be triggered by work pressures. Khatun has struggled with her mood during the most recent lockdown. This is driving her spending. Because after the high of a frivolous purchase comes the guilt. For parents trying to juggle work with the pressures of homeschooling young children, emotional spending can also be a way to mitigate guilt.
But this can be a dangerous justification for future spending. Virtually all emotional spending is fuelled by social media. But I looked on Instagram and saw that everyone else was buying it and I did the same thing. Possessions require maintenance. The things we own require time, energy, and focus. They need to be cleaned, organized, managed, and maintained. And as a result, they often distract us from the things that truly do bring us lasting happiness. Our purchases cost us more than we realize.
In stores, products are measured in dollars and cents. Subconsciously and sometimes even consciously , we expect our newest purchases will impress other people. They will notice our new car, computer, jacket, or shoes. But most of the time, they are less impressed than we think. Instead, most of them are too busy trying to impress you with their newest purchase. Someone else always has more. The search for happiness in possessions is always short-lived because it is based on faulty reasoning that buckles under its own weight.
If happiness is found in buying material things and more stuff, those with more will always be happier. The game can never be won. Shopping does not quench our desire for contentment. Contentment is never found in the purchase of more stuff. Our overflowing closets and drawers stand as proof. Experiences make us happier than possessions. All research points to the fact there are far more effective way to find happiness: enjoying life-changing experiences , for example.
Adyashanti, the American-born spiritual teacher, offers a theory as to why the acquisition of new possessions provides only a temporal feeling of happiness. He explains it this way:. But the reason for happiness is not because we got what we wanted, but because for a brief period of time, we stopped wanting, and thus we experience peace and happiness.
On the topic of buying stuff, his thoughts are helpful. And I have repeated his theory dozens of times in private conversations. Of course, the natural conclusion of this thinking is to limit our desires and wants—to find peace and happiness by not wanting.
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