Five purchasing habits for happiness

On a scale of one to ten, how satisfied are you with your income?

If you’re making enough income to cover your needs and wants, then you might give yourself a satisfactory score of five or six. But if you’re living a more comfortable life, then you might elicit a different set of answers.

Many Filipinos also feel the same. According to career and recruitment website Monster, 48 percent of Filipinos surveyed feel underpaid.

The truth about income satisfaction is that if you’re not spending money on expenses that spark joy, you’re more likely to feel unhappy, regardless of how much you make.

In most instances, you spend money on what is immediate rather than what’s important. Remember, not all spending habits are the same, and some purchases do bring happiness much longer than others.

So how do you let spending your money make you happy?

Consider changing your spending mindset, and learn these tips to help bring happiness when you spend your hard-earned money.

Spend on experiences, not stuff

You decide to purchase a new pair of shoes worth PHP 5,000. You feel happy because you can’t wait to show them off. But as time passes, that happiness dies down. Now that you spend most of your time at home, this new pair of shoes is kept in a shoe rack. And when you do go out, there’s a chance that another pair of shoes you own looks better. This pair of shoes that once made you happy becomes another addition to your collection. The novelty has worn off. It no longer sparks joy.

Now, instead of buying a new pair of shoes, you decide to spend that P5,000 on a shared experience with loved ones. That amount of money can treat family members to a socially distanced buffet or a hearty take-out meal from a favorite restaurant. If travel is already possible, you can use that money for a day or roadtrip to a nearby beach or a farm. Money spent on experiences goes a long way. That is money spent well on making good memories, which will not only make them smile but also appreciate your kindness.

Spend on others

Consider spending on others’ happiness rather than just your own. In his research, Harvard Business School Professor Michael Norton found that giving and spending money on others can make people happier. So, practices like gift-giving and charity spending can bring happiness.

Make your money grow

Whoever said that money can’t buy you happiness probably never invested their money correctly.

When you spend money on everyday items, these items will depreciate. But when you invest, you see your money grow and reap the benefits of your returns either by re-investing your money or using the profits to buy what you want.

You can also consider spending on improving yourself. Subscribe to a gym membership and improve your fitness. Take an online class and improve your skills for work or your hobbies. Get certified in a skill related to your career and become more marketable.

Stay within your budget

Have you ever wanted to buy something so bad, but you couldn’t because it would break your budget? But because you give in to your impulsiveness brought about by instant gratification, you decide to buy it regardless of your budget. You then end up feeling guilty for breaking your budget for making the unnecessary purchase.

Should you ever come across this scenario, take the high road and stick to your budget. Remind yourself that it’s the better and happier choice to make in the long run. It will make you feel better that you stayed within your means.

Having the right money mindset can change the way you deal with your money–and happiness. Remember to apply these four purchasing habits when spending. While it’s not wrong to spend on everyday items, prioritizing what to spend on can spell the difference between being satisfied or being happy.

Open a savings account

If having money sparks joy in you, then imagine the glorious feeling of checking your bank account and seeing savings with seven digits—or more! Consider enrolling in a savings account and saving for your everyday dose of joy and future happiness. Allow Metrobank to help you save and grow your happiness by opening a savings account today.

Don’t hesitate to contact us for any questions or inquiries on how to start a joy-sparking journey towards financial security.