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Money might not buy happiness but how you spend your money could  just make you happier according to a new study conducted by the Harvard Business School and the University of British Columbia in Vancouver.

The results of the study, published in the latest edition of Science, were based on a series of experiments that examined the question ‘How could people use their money more effectively so that it would actually deliver more happiness?’

Three experiments were conducted…

The first featured 632 Americans who were asked to rate their happiness on a five point scale, report their annual income, and estimate the amount they spend in a typical month on bills, gifts for themselves and others, and charitable donations. The results showed that those who spent more money on others scored higher on the five point ‘happiness’ scale.

A second experiment narrowed the scope of the study. Sixteen employees of a Boston company were asked to rate their happiness one month before receiving a $5000 bonus and then six to eight weeks after the bonus was given. They then had to report how the bonus was spent. Turns out that those who spent more of their bonus money on others or gave more away to charity scored higher on their post-bonus  ’happiness’ scale.

The third experiment was conducted on the University of British Columbia campus. A group of people were given money - either $5 or $20 - and then given specific instructions on how to spend it. They also had to spend it by 5pm that day. Some were told to spend it on their rent, bills, or a gift for themselves. Others were told to spend it on a gift for someone else or give it to charity. As with the other experiments, the participants were asked about where they were on the five point ‘happiness’ scale before and after the money was given and spent. And again, those who spent the money on others or gave it to charity increased their ‘happiness’ score.

Seems that money can buy happiness after all - as long as you spend it on someone else.

(source)

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