"If happiness is the goal, you might consider opening that wallet.
That’s the takeaway of a study, published this week in the Proceedings of the National Academy of Sciences, whose findings suggest that spending money to save time may reduce stress about the limited time in the day, thereby improving happiness." (NYTimes)
It's worth noting off the bat that many people don't have the luxury of spare cash to spend on out. But, if you do, it's also worth paying attention to the recent results from a study published in the Proceedings of the National Academy of Sciences. The study specifically focused on domestic chores like cleaning, shopping, and cooking.
The study authors write:
"Despite rising incomes, people around the world are feeling increasingly pressed for time, undermining well-being. We show that the time famine of modern life can be reduced by using money to buy time. Surveys of large, diverse samples from four countries reveal that spending money on time-saving services is linked to greater life satisfaction. To establish causality, we show that working adults report greater happiness after spending money on a time-saving purchase than on a material purchase. This research reveals a previously unexamined route from wealth to well-being: spending money to buy free time." (PNAS)
What if we shifted our splurges from items to time-saving services? What would be the first service you chose?