We may think spending money on ourselves will make us happier than spending it on someone else. That belief can make it hard to carve money out of our budgets to donate to good causes.
This seems to be a worldwide phenomenon and one that applies whether we have a lot of money or only a little.
“Generosity and happiness are pretty clearly linked in the research,” says Kristy Archuleta, a professor of financial planning at the University of Georgia. “When we are generous of our time, our talents, giving to others in whatever kind of capacity we can, we tend to be happier.”
However, some generous acts create more positive feelings than others. Here is what to consider if you want to maximise your happiness while helping others.
Make it social
Canadian social psychologist Lara Aknin says she has been interested in the emotional benefits of financial generosity since she was about eight and daydreaming ways she could help other people.
“I remember thinking if I save $10, I could give it to my parents and they could go out for dinner,” she says. “I clearly had no concept of money [because] I thought $10 would give them an evening out on the town.”
As a graduate student, Ms Aknin investigated ways money could improve well-being and found that “prosocial spending”, which is spending on others, was a source of happiness.
In subsequent research, Ms Aknin, now an associate professor at Simon Fraser University in Burnaby in British Columbia, determined that giving was most rewarding when it offered a social connection.
The more information we have about the positive impact of our gifts, the greater the emotional rewards
Lara Aknin,
social psychologist
Instead of sending someone a gift card to a restaurant, for example, we will feel happier if we take them out to dinner, Ms Aknin says.
Volunteering can connect us with others, as can organising or attending a fundraiser. Giving a group gift or donation is another way to up the social factor, Ms Aknin says.
Investigate your impact
We also want to know that our giving matters. Being able to see or envision the change our contributions will make tends to increase our happiness, Ms Aknin says.
In a 2013 study led by Ms Aknin, participants were given a choice to donate to one of two charities dedicated to improving children’s health in impoverished areas – Unicef and Spread the Net.
Spread the Net offered a concrete example of a donation’s impact by specifying that every $10 given would buy a lifesaving mosquito net. Unicef did not provide such details. Participants who donated to Spread the Net felt happier after their contribution but those who gave to Unicef did not, researchers found.
“The more information we have about the positive impact of our gifts, the greater the emotional rewards,” Ms Aknin says.
This does not mean you should not give money to Unicef. But you may find more satisfaction from your donation if you read stories about the organisation’s impact or peruse its annual report.
Emphasise choice
Want to take the joy out of giving? Make it an obligation, Ms Aknin says. For maximum happiness, people need to have a choice about whether to give, to whom and how much.
“If people feel caught or forced or obliged, these emotional rewards sometimes disappear or can be severely dampened,” she says.
You can increase your sense of autonomy by planning your charitable giving, says Ms Archuleta, a certified financial therapist and co-founder of the Financial Therapy Association.
Think about what you value, investigate non-profits that support those values and consider making recurring contributions part of your budget
Kristy Archuleta,
financial therapist
Think about what you value, investigate non-profits that support those values and consider making recurring contributions part of your budget, she says.
If you are trying to encourage your children to be charitable, consider letting them choose the cause and how much to donate. (You can offer guidelines, such as giving away a nickel, a dime or a quarter of every dollar they receive.)
Find ways to demonstrate their impact: $20 might buy a flock of chickens for a family through Heifer International, for example, or feed a shelter pet for a few weeks. Encourage them to make social connections by volunteering or fundraising with friends.
“Giving in the more rewarding ways is important, not only because you feel good in the moment, but because that warm glow will be one factor that encourages you to give again,” Ms Aknin says.
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SHOW COURTS ORDER OF PLAY
Wimbledon order of play on Tuesday, July 11
All times UAE ( 4 GMT)
Centre Court
Adrian Mannarino v Novak Djokovic (2)
Venus Williams (10) v Jelena Ostapenko (13)
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Court 1
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Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
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If you go:
Getting there:
Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.
Getting around:
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
