We at ClearLogic often tell our client “don’t try to save a buck; focus on how you want to live your remaining year”. Now there’s scientific research that shows spending a buck here and there to save time improves happiness.
A study in the Proceedings of the National Academy of Sciences suggest that spending money to save time may reduce stress about the limited time in the day, thereby improving happiness. Over 5,000 people in the United States, Denmark, Canada and the Netherlands were surveyed in 2 rounds on well-being and timesaving purchases, such as ordering takeout food, taking a cab, hiring household help or paying someone to run an errand. 28 percent in the first round and 50% in the second who made such purchases reported greater life satisfaction than those who did not. Despite its benefits, the practice of buying time is not as popular as one might expect, they found. Even among more than 800 Dutch millionaires surveyed, all of whom surely could afford to do so, only a slight majority spent money on timesaving tasks.
While a Protestant work ethic that values being busy or guilt over paying someone for a task that people could easily do themselves, the data now shows a buck here and there to save time especially on dreadful tasks provides significant happiness. We recommend reading more about the study in the fun article in the New York Times.
SEE MORE