By Ashley Whillans, University of British Columbia
Every day, we are confronted with choices about how to spend our money. Whether it’s thinking about picking up the tab at a group lunch or when a charity calls asking for a donation, we are faced with the decision to behave generously or not.
My close friends and family always smugly chuckle upon learning that I study the psychology of time and money. I’ll let you in on their amusement. As a graduate student, I am chronically counting my seconds and cents—scrounging time to see friends while managing multiple deadlines, and saving up for my next flight on a slim student stipend. And while I have not yet learned how to stop time or how to grow money on trees, social psychology does offer insight into when time and money may help vs. hinder happiness. Continue reading →
If you found an unexpected $20 bill in your coat pocket this afternoon, what do you think would be the best way to spend this money to maximize your happiness? Take a minute to think about your response. If you imagined spending this $20 on something for yourself — such as indulging in a foamy cappuccino and lunch at your favourite cafe — you might want to rethink your spending decision. In fact, you may even want to turn to entrepreneur Warren Buffet for expert financial advice. Continue reading →