Recently, more and more people have come to the realization that spending money on experiences rather than things is a much better way to feel happier than simply buying the trendiest clothes or new gadget. There are plenty of benefits that come with investing in experiences instead of material items and there’s even science to back this knowledge up and millennials seem to have mostly mastered this mindset.

The science behind it

For a long time, it was believed that purchasing items brought people greater happiness because the items bought lasted longer than a trip or concert. However, after thorough research it seems like this initial conclusion was incorrect. Now, it’s clear people prefer creating lasting memories through great experiences rather than spend their money on something to set around their home.

Benefits to yourself

While you may have already realized this reality, if you aren’t convinced you’ll feel happier spending money on experiences rather than things, there are many benefits. Regardless of who you are, happiness in new possessions only lasts for a short time, while great memories from an experience last forever. You might also learn about a new passion or gain experience that helps you in another area of your life. Experiences define who you are, so make them great ones. Finally, when you own less items, you have more room in your home and do not have to worry about clutter. If you need to move, it can be done with relative ease and you don’t hoard items you don’t really need.

Benefits to others

Investing in experiences allows you to grow closer to the people around you. Whether you’re traveling with a friend or going to an event with your family, you’re making great memories that bring you closer together. You can also gift others with an experience, such as a festival or tickets to a concert. Giving makes you feel good and provides that person with a memorable experience. Also, when you’re happier, it helps you do better in other areas of your life, like your personal and professional life. You’ll be in a better mood and do better, which could lessen the stress of the people around you.

Benefits to the world

Finally, investing in experiences provides plenty of benefits to the world in general. First off, every event requires people to work it. If you attend a festival or concert, you’re providing money to the people working. With travel, you’re helping boost a tourism industry to wherever you’re going, which is often what a town or business relies upon. Avoiding purchasing too many items also helps cut back on pollution and waste, since you’re not contributing to the creation of those items and then discarding them.