Tag Archives: Staycations

Money And Happiness in Adulthood: The Value of Experience

“It’s amazing how many things in life would be better if you just had more money,” a friend of mine once observed. She wasn’t particularly sad when she said it, or even particularly wistful. In her view, it was just another of those life lessons you pick up along the way.

I’ve given her comment a lot of thought over the years because – let’s face it – we all give in to the temptation from time to time to imagine what we’d do if a boatload of money suddenly rained down upon us. In my current life stage, I’m quite certain that I’d purchase some additional childcare to help me with the daily schlep around North London between 3 and 5 p.m. Then there’s always that second home in Southern France I’ve coveted (and maybe another one in Hawaii…hey, why not? Live large.) And as a newly card-carrying member of the biking brigade, I’d sure love some of that fancy schwag that goes with the whole cycling thing.

Despite the apparent perspicacity of my friend’s casual remark – the relationship between money and happiness isn’t quite so straightforward after all. According to an article in The New York Times over the weekend, just getting more stuff doesn’t actually make you any happier. What counts is how you spend your money.

It turns out that spending money on experience-related purchases – the article cites things like concert tickets, French lessons, and sushi-rolling classes — produces longer-lasting satisfaction than spending money on plain old stuff. As a scholar interviewed in the article sums it up: “It’s better to go on a vacation than to buy a new couch.”

The article goes on to say that over the past few years, consumers have been gravitating more and more towards experience-rich expenditures. Indeed, one study by Thomas DeLeire of The University of Wisconsin and Ariel Kalil of The University of Chicago showed that the only category of consumption to be positively related to happiness was leisure: vacations, entertainment, sports and equipment like golf clubs and fishing poles. (Full disclosure: DeLeire and Kalil are both former colleagues.)

While much of that shift has been driven by the global economic downturn, many analysts are predicting that these changes are likely to last. Simply put, people have discovered – albeit by circumstance – that they actually prefer their pared down, leisure-oriented purchases to the more lavish consumption patterns of yore.

Which brings us to the staycation. I wrote last week about the rise of the staycation as a lifestyle choice in advanced, industrial countries like the U.S. and the U.K. But what the Times article is suggesting is that part of the staycation’s appeal is precisely that it gibes so well with leisure- (read happiness) oriented purchases like barbeques and movies and board games that enhance the value of experience over mere acquisition. Particularly over at The Huffington Post – where I also blog – commenters noted that their choice to “staycate” (is that a verb?) was driven less by financial squeeze than it was by the fact that were actually happier just staying home and hanging out doing simple things with their families.

I once wrote a post where I asked readers where they drew the line between what counts as a luxury vs. what counts as a necessity in their daily lives. (The post was occasioned by the acquisition of a new rice cooker in our household.) I confessed that for me, at least, a New Yorker subscription constituted a necessity, even though many would probably term it a luxury. But now that I’ve read this article, I’m thinking that the reason that I continue to value The New Yorker so highly is actually that it brings me so much happiness.

So I’m curious. As you narrow your spending to focus on what counts – (if you are, in fact, doing that) – what sorts of things do you find bring you the most happiness?

Image: I.T barbeque by alliance1911 via Flickr under a Creative Commons License

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Tips For Adulthood: Five Things To Do On A Staycation

Every Wednesday I offer tips for adulthood.

My family is doing a staycation this year. We’re taking a few local trips here and there. But mostly – due to assorted work deadlines and exhaustion from our recent move – we’ll be at home in London.

Apparently, we’re not alone. Here in the U.K., a combination of airline strikes and the Eurozone debt crisis have prompted many more British people to holiday at home this year. In the United States, the whole concept of staycation (a word now enshrined in the Merriam-Webster’s Collegiate Dictionary) has shifted from being a temporary outgrowth of the financial crisis to a social phenomenon that’s here to stay.

I love London, so I don’t really mind being here in the summer. Still, the longer days, warmer weather, and changes to the kids’ schedules do inspire me to do things a bit differently, if for no other reason than to shake up my own routine.

So if, like me, this is a summer when you’re going to give traveling a pass, here are some ways to mark the occasion:

1. Discover a new place. One way to make a staycation feel special is to travel somewhere new near your home. This might be a new museum, a restaurant you’ve been meaning to try or that park that’s just a bit too far to visit during the school year. At the top of my list is to take a backstage tour of the Theatre Royal Drury Lane, London’s oldest theatre. On their tours, a group of actors perform key events from this theatre’s rich history while you look around. I may even (gasp) do this on my own, since I don’t think any of my friends or family members quite shares my thespian enthusiasm. (Adulthood fantasy #6 is where I manage a community theatre troupe in which I also make the occasional cameo. Hey, we all need to dream…)

2. Get a new toy. Usually, we associate the novelty of a new toy with children. But it’s equally valid for adults, who also need to play. This year, my summer treat to myself is a bicycle. Because our new house is located considerably further from the kids’ schools and assorted other activities, I find that I’m often in motion between the hours of three and five on any given afternoon. And so we finally broke down and bought a bike for me on Ebay. It’s one of those funky collapsible things – (a Brompton, for those in the know) – because I’ll need to take it on the Tube and the bus with the kids. Bonus? I feel terribly hip and urban. Bonus-by-association? Guess who’s got a handy new gadget to play with?

3. Learn a new skill. “It’s like riding a bike.” The only problem with that old chestnut is that it only means something if you actually *know* how to ride a bike. In light of our staycation, my husband and I took the command decision that this was an opportune time to teach my nine year-old how to ride a bike. (I know, I know. Ridiculously late to be teaching him this life skill, especially since his six year-old sis has been bike riding for more than a year. What can I say? We’re bad parents.) But we’re on it now, and – in light of #2 – it also means that we can now go for family bike rides.

4. Tackle something on your “dreaded” to-do list. I once wrote a post entitled “Five Ways To Get On Top Of Your To Do List.” One of the strategies I recommended was to divide your to-do list in half into long-term and short-term items. The idea was to tick something off of the short list every day, and to take a step towards removing something on the long list every week. I think this strategy works very well. But it does pre-suppose that every so often, you really do take that crucial step on the dreaded (long) to-do list. In my case, I’ve had “clean rugs” on there for – oh, you really don’t want to know how long. But darn it if I didn’t pluck up my courage yesterday and call around for some estimates. (Needless to say – and like most of the “dreaded” tasks – contemplation was much worse than execution.) And now I feel so much better as a result. Up next? Wash duvet cover…

5. Read some really long books. Let’s face it. We all have a list of books on our bedside table which – tempting as they might seem – we never get around to reading because they’re just too long. And I don’t mean the medicinal ones that you feel you *ought* to read so that you’re up to speed on such and such a topic. (Eternal Message of Muhammed anyone? Oh, is that just me?) No, I mean the really good ones that entail a level of commitment that’s just beyond your comfort level during a busy week. I just finished the third volume in the highly addictive Dragon Tattoo series – The Girl Who Kicked The Hornets Nest. Now I’m on to Hilary Mantel’s Booker Prize-winning Wolf Hall. Up next? Cloud Atlas by David Mitchell. If time, there’s always Tolstoy’s War and Peace. No, seriously. Don’t laugh.

What are you doing this summer around home?

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For those who are interested, I’m over on Politics Daily today talking about a lawsuit against the British government on the grounds of gender discrimination in its new austerity budget.

Image: Very early Brompton (number 333) by marcus_jb1973 via Flickr under a Creative Commons license.

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