The relationship between money and happiness is complicated, and you should not assume that having more money will make you happier. Instead, try to find ways to improve your well-being without spending more money. Happiness is not a binary choice - you can be happier tomorrow than you are today, and this will come from intentionally living your life.
Happiness isn't dependent on money, but it can be eroded when money takes precedence over time. A recent study of more than 1,000 students at the University of British Columbia found that people who prioritize money over time were not happier than students who prioritized time. That's because increasing wealth increases expectations. When we want more, we work harder to obtain it.
Getting what you need can improve your physical and mental health. That's important because it can improve your happiness. Likewise, having money to buy experiences and help others can make us happier. Research has shown that happiness increases when we help others. It can even increase your sense of purpose. This is especially true for those who are passionate about giving back to the community.
Money can buy happiness, but it can also make us miserable. Increased income can lead to increased desire to spend money, which can lead to a vicious cycle. The key to happiness is balance. You need to be able to spend money wisely and still feel good about yourself. You should always remember that happiness is a balance of things that matter most in life, not a sum of money.
A 2010 Gallup study found that people who make $75,000 a year were happier than those earning less than $75,000 a year. However, that study looked at people in the United States. This study shows that the threshold for happiness varies across cultures, so you may need to check your income with your own culture's standards.
Buying experiences instead of things is one way to increase your happiness levels. According to a study, spending money on experiences rather than material things increases life satisfaction by 10%. The study also showed that people who purchased time-saving services were happier. The relationship was even stronger among people earning less than $40k.
A big salary, however, can increase stress. Not only can a big salary buy a large house, but it also means a long commute. A stop-and-go commute and overcrowded subway cars can wear on a person and cause stress. Adding to this stress is the lack of access to medical care.