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w w w .insidehalton.com | OAKVILLE BEAVER | Thursday, Au gust 17, 2017 |30 Research suggests buying time may make you happier T adults, who spent even a small amount of m oney on time-saving services were happier. Study author, Elizabeth Dunn, a UBC psy chology professor, shared som e observations. Research suggests you do not have Dunn suggested the concept of hiring a to have significant excess funds, nor do you housekeeper or someone to do other un have to spend that much in order to feel hap wanted tasks was obvious. Peter pier. The key is what you spend your money However, something as small as shop Watson on. ping in a more expensive grocery store, if it Guest Contributor The journal Proceedings of the National Acad is closer and more convenient to home, can emy of Sciences recently published results of a add happiness. study done by the University of British Colum Stress caused by lack of time is a modern-day Dunn said, "Theoretically, what we think bia (UBC) and Harvard Business School. is that buying time protects people from the reality. Life is busy. Time is limited. The survey of 6,000 people from Canada, negative effects of time stress in daily life." Investing even a small amount of m oney in the U.S., and Europe showed that working something to make your life simpler by giving you more time, can have signifcant results. Over one weekend, researchers gave 60 of the Vancouver survey participants $40 to spend on any material item they wanted. Their purchases included wine, clothes and board games. The next weekend they were given the same amount, but were directed to spend it on something that would save them time. Their purchases included hiring people to cut lawns and run errands. After each weekend, researchers evaluated the participants' level of happiness. Feedback showed there was signifcantly more joy from spending m oney on time-sav ing services than on material purchases. This Ending wasn't limited to Vancouver. Over seven studies and 6,000 respondents, here is new evidence that the old ad age of "m oney can't buy you happi ness" is incorrect. Dollars & Sense spending to buy time-saving services was linked to greater life satisfaction. The Endings are in sharp contrast to how people actually spend their money. Using the same prompt as the Vancouver study, the researchers asked an additional 98 working adults how they would spend the $40. Only two per cent said they would actually spend m oney on services that freed up som e of their time. This research is useful because it helps with a Enancial planning dilemma. The dilemma is whether to spend now or save in order to be able to spend later. Financial planners will outline the impor tance of saving a little of what you earn on a regular monthly basis. The deterrent to sav ing comes from aggressive advertising that at tempts to get us to spend freely. A proper balance of saving for the future and treating yourself to some extras on an ongoing basis is the best approach. Determine what tasks you perform and which of those are not satisfying. Consider spending som e of your disposable income on purchasing these services -- perhaps even diverting m oney typically spent on material things to time-saving services instead. W hat is m ost important to you? Spend ac cordingly. -- submitted by Peter Watson, of Peter Watson Investments. MBA, CFP®, R.FP, CIM, FCSI BASKETBALL (HALEI ROTISS ERIE & GRILL X S W I$S CHECK OUT THE NEW LOOK (A cross FROM TRAFALGAR GO STATION) 217 c r o s s ave OPEN DAILY FROM 11AM OAKVILLE FALL REGISTRATION NOW OPEN MONARCHS BASKETBALL IS COMING TO OAKVILLE SUNDAYS THIS FALL BOYS 7-13 SHERIDAN COLLEGE G re a t food, G re a t people, G re a t new look Voted Best Accountant by Oakville Beaver Readers for 10 Consecutive Years CPA, CA, MBA, B. Eng R E G IS T E R A T: www.monarchsbasketball.ca Ricky Wong 1200 Speers Rd., Unit 32, Oakville, Ont. L6L 2X4 (905) 845 -1408 | Fax (905) 845 - 59311ricky@rickywong.ca For more information please check our website www.rickywong.ca · Accounting · Auditing · Taxation