Self-Management of Depression

After a person has enough income to meet basic needs of food, clothing, shelter, and security, how one spends money has been a topic of interest for social psychologists trying to understand spending patterns that promote happiness. The research in this field boils down to three key ways that money enhances happiness which is contrary to the popular notion that money can’t buy happiness. 1. Spending on others: Social scientists have found that spending money to buy gifts for others or donating to charities promotes happiness (Dunn et al., 2008; Aknin et al., 2020). You don’t have to shell out enormous amounts of money on others to reap this benefit; amounts as low as $5 spent on others are sufficient to produce significant gains in happiness. However, people are still hesitant to spend money on others, mainly because they feel that spending money on themselves will make them happier than spending money on others. Research shows otherwise. 2. Buying an experience: Stu...