Money Doesn't Buy Happiness — But These Spending Habits Can Boost Your Mood
Invest in your well-being: In this financial wellness series, we're diving into how to better budget for your physical, mental, and emotional health. Welcome to Wellth Check.
Money can’t buy happiness, but there are some things you can buy that boost your well-being and are worth every penny you pay. Don’t take this to mean it’s okay to splurge, splurge, splurge to satisfy every whim though.
Spend mindfully on what’s good for your physical, mental, and financial health—that's financial self-care.
“The best money isn’t spent on the flashiest object – it’s spent on what multiplies your well-being. Health, connection, growth and generosity are the assets that never lose value. Money spent in these areas provide immediate and long-term return on investment,” says Todd Barney, a certified financial planner with Potentia Wealth.
While only you can decide what’s self-care for you, the experts weigh in on what’s money well spent.
Spread the wealth
“Giving feels good—neuroscience and happiness research back this up. It doesn’t matter how much; the act itself lights up the brain’s reward system and boosts well-being,” says Lev Mandel, a financial advisor with Echelon Future & Co.
Donate money to organizations and causes you care about. Because time is money, donating your time, is also a plus for you.
Choose experiences over stuff
According to research, spending your money on living a full life (rather than accumulating material goods) will benefit you in the long run.
Rikki Goldenberg, an executive leadership and career coach, points out that a 20-year long study by Thomas Gilovich, PhD, a psychology professor at Cornell University, found that spending money on experiences over things wins every time. “The excitement for a new sweater fades quickly, but the memories unlock when you recall attending that concert, having that long lunch, or going on a huge vacation—those stay with you,” she says.
Elizabeth Husserl, wealth advisor and author of The Power of Enough, agrees. “Wealth is embodied in relationships. Spending money on shared experiences, family trips, retreats, or even simple rituals with friends creates lasting joy and belonging. These moments of connection are the true currency for wealth,” she says.
Outsource services
Truth is, there are only 24 hours in a day. Between working and sleeping, there’s often little time for what makes you happy. Take tasks off your to-do list, even if it means paying someone else to do them.
“Paying for help (a housekeeper, landscaper, pool guy) gives me back my most valuable resource: time. That's time I can spend with my kids, invest in my business, or just rest. It's not about outsourcing because I can't do it. It's about choosing not to do everything, so I can do the things that matter most,” says Kelsa Dickey, a money coach with FiscalFitnessPHX.com.
Money can’t create more time, “but it can reclaim it and using that time for connection is one of the highest-yield investments you’ll ever make,” says Barney.
Prioritize your physical health
“Physical wealth fuels everything else,” says Lisa Marie Robinson, a wealth mentor with Transcendent Wealth. Paying extra for fresh produce, high quality supplements and vitamins, or shelling out for a blender that promotes eating healthy is money in the bank.
Carving out money for physical movement, be it a Pilates class, or good walking shoes, helps sustain body and mind, says Michael Foguth, founder and president, Foguth Financial Group. Dance classes, tennis lessons, equipment for your home gym, or membership to a gym (if you actually go) pay dividends.
“Invest in preventive health care—routine checkups, dental work, these things compound like investments in a portfolio,” says Foguth.
Minding your mind
Consider it a good investment to plunk down a hefty sum for a top-quality mattress. A good night’s sleep is priceless.
You also can’t go wrong either spending money on therapy and counseling. “It’s one of the best things you can do for yourself. Yes, it can feel expensive, but it’s worth it,” says Mandel.
Peace of mind through planning
Don’t underestimate the power of planning. “Having a financial plan is one of the best investments in well-being, because clarity about where you stand financially takes the anxiety out of day-to-day decisions,” says Foguth.
When you chart a course, you have something to work with. No doubt it’s worth paying for a good financial planner. Not only might you get a budget that guides you, strategies for saving and investing, but a financial planner can work with you, or recommend someone to help you with estate planning documents.
“A will, living trust, powers of attorney, and healthcare directives provide enormous peace of mind—not just for you while living, but for your loved ones after you’re gone. These documents ensure your wishes are carried out, minimize conflict, and often save significant costs down the road,” says Barney.
Keep growing
Money spent on your personal and professional growth is a good use of your funds. Whether you get a degree, professional certifications, career coaching, learn a language for fun, or travel to broaden your horizons, you owe it to yourself to be your best self.
The takeaway
Says Husserl, “These purchases aren’t about status or accumulation. They’re about satiation—supporting your body, heart, mind, and security in ways that feel deeply aligned. They don’t just give you a temporary high; they nourish the life you want to live -- that’s the ultimate return on investment.”