Giving vs. getting

Here's one instance where money does buy happiness: when you give it away.

• Why it matters: The joy of getting money seems to fade, while the joy of giving it stays strong, The Wall Street Journal reports.

💼 Case in point: In one study, University of Chicago researchers compared the relative happiness you get from giving vs. getting.

• Participants got $5 a day for five days and were instructed to spend it the same way every day. But some were told to spend the cash on themselves *(such as buying a coffee) — and others, on someone else (leaving a tip in the jar at the coffee shop).
• They all started with similar happiness levels. But those who spent the money on themselves reported that the joy of doing so diminished day by day.
• Those who gave it away felt as much joy doing so on the fifth day as on the first.

🔎 Zoom in: The Journal has two useful tips for making generosity count.

1. Don't do it passively. Putting a credit card down for a subscription-style donation, where you automatically give to a cause every month, erodes your connection to that cause. And you can lose the mental-health perks of giving.
2. Follow the money. Pick charities that tell you exactly how your money is being used. Seeing the impact of a donation makes us likelier to give again.

Zoom out: There are endless ways to be generous that don't cost a dime.

• Americans are spending less time volunteering than we did in the early 2000s. But nonprofits still need help.
• There are many informal ways to give your time — from cooking dinner for friends who just welcomed a new baby, to leaving a great online review for a local small business.

What's next: Giving Tuesday, the first Tuesday after Thanksgiving, is coming up. It's a great opportunity to find new ways — whether it's donating, volunteering or sending a thank-you note — to make the world a brighter place.