The best things in life are free – but money can make you happy

MONEY makes you happy – provided you don't have too much.

Wads of cashGETTY

Money can make you happy - as long as you don't have too much of it

Psychologists said holidays or trips to the theatre gave people the most pleasure. 

But do not take too may jaunts. You will become jaded and not appreciate the time away. 

They also found that buying the latest gadget or designer label did not provide lasting happiness and the rich were never satisfied. 

Wealthy individuals are not happier as their wealth increases

Michael Norton

To get the most out of your cash you must have suffered poverty, they claimed. 

And be careful when helping out friends and family. You can be left seething if the borrower spends the cash on frivolous things. 

In a series of studies, psychologists explored the relationship between money and well-being. 

Their results were presented at the annual convention for the Society for Personality and Social Psychology in Long Beach, California. 

A study published in the journal Psychological Science suggested that delaying a purchase increased the buyer’s eventual happiness. 

A further study, by Harvard Business School, the University of Mannheim and Yale University, found wealthy individuals thought having even more money would make them happier. 

But lead researcher Michael Norton said: “Wealthy individuals are not happier as their wealth increases. Happiness may be negatively related to income.” 

Another study published in Social Psychological and Personality Science found suffering poverty increased a person’s ability to savour everyday moments. 

Lead reasearcher Jordi Quoidbach said: “Reminding individuals the future can be unpredictable drives people to stop and smell the roses.” 

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