Skip to main content
SpringerLink
Log in

Money for Happiness: The Hedonic Benefits of Thrift

  • Chapter
  • First Online:
Consumption and Well-Being in the Material World

Abstract

Thrift, a lifestyle of strategic underconsumption, offers a compelling alternative to consumerism, materialism, and overconsumption. Although thrift is often neglected in consumer research, under the right conditions, it confers a number of hedonic benefits to its practitioners. First, we summarize decades of research on the surprising relationship between money and happiness. Next, we investigate three chief reasons that more money fails to produce more happiness (and can actually detract from it): affective forecasting errors, hedonic adaptation, and chronic overspending. Then, we discuss the meaning and history of practicing thrift, with an emphasis on how it contrasts with modern mindsets and habits. Finally, we draw from decades of research in social and consumer psychology to suggest ten ways that individuals can practice thrift in their daily lives—spending and consuming less, but becoming happier in the process.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 84.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  • Addler, N. E., Boyce, T., Chesney, M. A., Cohen, S., Folkman, S., Kahn, R. L., & Syme, S. L. (1994). Socioeconomic status and health: The challenge of the gradient. American Psychologist, 49, 15–24.

    Google Scholar 

  • Ahrens, A. H. (1991). Dysphoria and social comparison: Combining information regarding others’ performances. Journal of Social and Clinical Psychology, 10, 190–205.

    Google Scholar 

  • Aknin, L. B., Dunn, E. W., & Norton, M. I. (2011). Happiness runs in a circular motion: Evidence for a positive feedback loop between prosocial spending and happiness. Journal of Happiness Studies, 13, 347–355.

    Google Scholar 

  • Alba, J. W., & Williams, E. F. (2013). Pleasure principles: A review of research on hedonic consumption. Journal of Consumer Psychology, 23(1), 2–18. doi:10.1016/j.jcps.2012.07.003

    Google Scholar 

  • Amyx, D., & Mowen, J. C. (1995). Advancing versus delaying payments and consumer time orientation: A personal selling experiment. Psychology & Marketing, 12, 243–264.

    Google Scholar 

  • Arnold, J. E., Graesch, A. P., Ragazzini, E., & Ochs, E. (2012). Life at home in the twenty-first century: 32 families open their doors. Los Angeles: The Cotsen Institute Press.

    Google Scholar 

  • Ayduk, O., Mendoza-Denton, R., Mischel, W., Downey, G., Peake, P. K., & Rodriguez, M. (2000). Regulating the interpersonal self: Strategic self-regulation for coping with rejection sensitivity. Journal of Personality and Social Psychology, 79, 776–792.

    PubMed  Google Scholar 

  • Babin, B. J., Darden, W. R., & Griffin, M. (1994). Work and/or fun: Measuring hedonic and utilitarian shopping value. Journal of Consumer Research, 20, 644–656.

    Google Scholar 

  • Bardhi, F. (2003). Thrill of the hunt: Thrift shopping for pleasure. Advances in Consumer Research, 30, 375–376.

    Google Scholar 

  • Bardhi, F., & Arnould, E. J. (2005). Thrift shopping: Combining utilitarian thrift and hedonic treat benefits. Journal of Consumer Behaviour, 4, 223–233.

    Google Scholar 

  • Barnes, M. D., Pase, M., & Van Leeuwen, D. (1999). The relationship of economic factors and stress among employed, married women with children. American Journal of Health Promotion, 13, 203–206.

    PubMed  Google Scholar 

  • Barry, D. (1992). Dave Barry talks back. New York: Three Rivers.

    Google Scholar 

  • Bassuk, S. S., Berkman, L. F., & Amick, B. C. (2002). Socioeconomic status and mortality among the elderly: Findings from four US communities. American Journal of Epidemiology, 155, 520–533.

    PubMed  Google Scholar 

  • Bauer, M. A., Wilkie, J. E., Kim, J. K., & Bodenhausen, G. V. (2012). Cueing consumerism: Situational materialism undermines personal and social well-being. Psychological Science, 23, 517–523.

    PubMed  Google Scholar 

  • Baumeister, R. F., Bratslavsky, E., Finkenauer, C., & Vohs, K. D. (2001). Bad is stronger than good. Review of General Psychology, 5, 323–370.

    Google Scholar 

  • Baumeister, R. F., Gailliot, M., DeWall, C. N., & Oaten, M. (2006). Self-regulation and personality: How interventions increase regulatory success, and how depletion moderates the effects of traits on behavior. Journal of Personality, 74, 1773–1802.

    PubMed  Google Scholar 

  • Bearden, W. O., Money, R. B., Nevins, J. L. (2006). A measure of long-term orientation: Development and validation. Journal of the Academy of Marketing Science, 34, 456–467.

    Google Scholar 

  • Belk, R. W. (1985). Materialism: Trait aspects of living in the material world. Journal of Consumer Research, 12, 265–280.

    Google Scholar 

  • Benham, W. G. (1907). Proverbs and household words. London: Cassell and Company.

    Google Scholar 

  • Berger, P. S., Powell, J., & Cook, A. S. (1988). The relation of economic factors to perceived stress in mobile families. Lifestyles, 9, 297–313.

    Google Scholar 

  • Bergermaier, R., Borg, I., & Champoux, J. (1984). Structural relationships among facets of work, non-work, and general well-being. Work and Occupations, 11, 163–181.

    Google Scholar 

  • Berlyne, D. E. (1971). Aesthetics and psychobiology. New York: Appleton-Century-Crofts.

    Google Scholar 

  • Bernthal, M. J., Crockett, D., & Rose, R. L. (2005). Credit cards as lifestyle facilitators. Journal of Consumer Research, 32, 130–45.

    Google Scholar 

  • Bianco, A. (1999). The Warren Buffett you don’t know. Businessweek Online. http://www.businessweek.com/1999/99_27/b3636001.htm

  • Bless, H., Hamilton, D. L., & Mackie, D. M. (1992). Mood effects on the organization of person information. European Journal of Social Psychology, 22, 497–509.

    Google Scholar 

  • Boehm, J. K., Lyubomirsky, S., & Sheldon, K. M. (2011). A longitudinal experimental study comparing the effectiveness of happiness-enhancing strategies in Anglo Americans and Asian Americans. Cognition & Emotion, 25, 1263–1272.

    Google Scholar 

  • Bonanno, G. A. (2004). Loss, trauma, and human resilience: Have we underestimated the human capacity to thrive after extremely aversive events? American Psychologist, 59, 20–28.

    PubMed  Google Scholar 

  • Boswell, W. R., Boudreau, J. W., & Tichy, J. (2005). The relationship between employee job change and job satisfaction: The honeymoon-hangover effect. Journal of Applied Psychology, 90, 882–892.

    PubMed  Google Scholar 

  • Boyce, C. J., Brown, G. D. A., & Moore, S. C. (2010). Money and happiness: Rank of income, not income, affects life satisfaction. Psychological Science, 21, 471–475.

    PubMed  Google Scholar 

  • Brady, S. S., & Matthews, K. A. (2002). The influence of socioeconomic status and ethnicity on adolescents’ exposure to stressful life events. Journal of Pediatric Psychology, 27, 575–583.

    PubMed  Google Scholar 

  • Brickman, P., & Campbell, D. (1971). Hedonic relativism and planning the good society. In M. Appley (Ed.), Adaptation-level theory: A symposium (pp. 287–302). New York: Academic Press.

    Google Scholar 

  • Brickman, P., Coates, D., & Janoff-Bulman, R. (1978). Lottery winners and accident victims: Is happiness relative? Journal of Personality and Social Psychology, 36, 917–927.

    PubMed  Google Scholar 

  • Brown, S., Taylor, K., & Price, S. W. (2005). Debt and distress: Evaluating the psychological cost of credit. Journal of Economic Psychology, 26, 642–663.

    Google Scholar 

  • Bryant, F. B. (1989). A four-factor model of perceived control: Avoiding, coping, obtaining, and savoring. Journal of Personality, 57, 773–797.

    Google Scholar 

  • Bryant, F. B. (2003). Savoring Beliefs Inventory (SBI): A scale for measuring beliefs about savouring. Journal of Mental Health, 12, 175–196.

    Google Scholar 

  • Bryant, F. B., & Veroff, J. (2007). Savoring: A new model of positive experience. Mahwah, NJ: Lawrence Erlbaum.

    Google Scholar 

  • Bryant, F. B., Smart, C. M., & King, S. P. (2005). Using the past to enhance the present: Boosting happiness through positive reminiscence. Journal of Happiness Studies, 6, 227–260.

    Google Scholar 

  • Buunk, B. P., Collins, R. L., Taylor, S. E., VanYperen, N. W., & Dakof, G. A. (1990). The affect consequences of social comparison: Either direction has its ups and downs. Journal of Personality and Social Psychology, 59, 1238–1249.

    PubMed  Google Scholar 

  • Carter, T. J., & Gilovich, T. (2010). The relative relativity of experiential and material purchases. Journal of Personality and Social Psychology, 98, 146–159.

    PubMed  Google Scholar 

  • Carter, T. J., & Gilovich, T. (2012). I am what I do, not what I have: The differential centrality of experiential and material purchases to the self. Journal of Personality and Social Psychology, 102, 1304–1317.

    PubMed  Google Scholar 

  • Chancellor, J., & Lyubomirsky, S. (2011). Happiness and thrift: When (spending) less is (hedonically) more. Journal of Consumer Psychology, 21, 131–138.

    Google Scholar 

  • Clark, A. E., Frijters, P., & Shields, M. A. (2008). Relative income, happiness, and utility: An explanation for the Easterlin Paradox and other puzzles. Journal of Economic Literature, 46, 95–144.

    Google Scholar 

  • Clark, A. E., & Oswald, A. J. (1996). Satisfaction and comparison income. Journal of Public Economics, 61, 359–381.

    Google Scholar 

  • Comptroller of the Currency, & Office of Thrift Supervision. (2010). OCC and OTS mortgage metrics report: Disclosure of national bank and federal thrift mortgage loan data. http://www.ots.treas.gov/?p=Mortgage%20Metrics%20Report&ContentRecord_id=65387be2-b388–56c5-c210-84194a4e283c

  • Conger, R. D. & Elder, G. H., Jr. (Eds.). (1994). Families in troubled times: Adapting to change in rural America. Hawthorne, NY: Aldine DeGruyter.

    Google Scholar 

  • Cooke, A. D. J., Meyvis, T., & Schwartz, A. (2001). Avoiding future regret in purchase-timing decisions. Journal of Consumer Research, 27, 447–459.

    Google Scholar 

  • Craig-Lees, M., & Hill, C. (2002). Understanding voluntary simplifiers. Psychology and Marketing, 19, 187–210.

    Google Scholar 

  • Danger time for America. (2006, January 12). The Economist. http://www.economist.com/node/5385434

  • Deaton, A. (2008). Income, health and well-being around the world: Evidence from the Gallup World Poll. Journal of Economic Perspectives, 22, 53–72.

    PubMed  Google Scholar 

  • Deci, E. L., La Guardia, J. G., Moller, A. C., Scheiner, M. J., & Ryan, R. M. (2006). On the benefits of giving as well as receiving autonomy support: Mutuality in close friendships. Personality and Social Psychology Bulletin, 32, 313–327.

    PubMed  Google Scholar 

  • de Silva, L. (2010, August 9). The Buddhist attitude towards nature. Access to Insight. http://www.accesstoinsight.org/lib/authors/desilva/attitude.html

  • De Young, R. (1996). Some psychological aspects of reduced consumption behavior: The role of intrinsic satisfaction and competence motivation. Environment and Behavior, 28, 358–409.

    Google Scholar 

  • Diener, E., & Biswas-Diener, R. (2002). Will money increase subjective well-being? A literature review and guide to needed research. Social Indicators Research, 57, 119–169.

    Google Scholar 

  • Diener, E., Sandvik, E., & Pavot, W. (1991). Happiness is the frequency, not the intensity, of positive versus negative affect. In F. Strack, M. Argyle, & N. Schwarz (Eds.), Subjective well-being: An interdisciplinary perspective (pp. 119–140). Oxford: Pergamon.

    Google Scholar 

  • Diener, E., Suh, E. M., Lucas, R. E., & Smith, H. L. (1999). Subjective well-being: Three decades of progress. Psychological Bulletin, 125, 276–302.

    Google Scholar 

  • Diener, E., Nickerson, C., Lucas, R. E., & Sandvik, E. (2002). Dispositional affect and job outcomes. Social Indicators Research, 59, 229–259.

    Google Scholar 

  • Diener, E., Ng, W., Harter, J., & Arora, R. (2010). Wealth and happiness across the world: Material prosperity predicts life evaluation, whereas psychosocial prosperity predicts positive feeling. Journal of Personality and Social Psychology, 99, 52–61.

    PubMed  Google Scholar 

  • Diener, E., Tay, L., & Oishi, S. (2012).Easterlin was wrong and right: Income and psychosocial changes and the changing happiness of nations. Manuscript submitted for publication, Universityof Illinois

    Google Scholar 

  • Dunn, E. W., Aknin, L. B., & Norton, M. I. (2008). Spending money on others promotes happiness. Science, 319, 1687–1688.

    PubMed  Google Scholar 

  • Dunn, E. W., Gilbert, D. T., & Wilson, T. D. (2011). If money doesn’t make you happy then you probably aren’t spending it right. Journal of Consumer Psychology, 21, 115–125.

    Google Scholar 

  • Easterlin, R. A., & Angelescu, L. (2010). Modern economic growth: Cross sectional and time series evidence. In K. C. Land (Ed.), Handbook of social indicators and quality-of-life research (pp. 113–136). New York: Springer.

    Google Scholar 

  • Easterlin, R. A., & Zimmerman, A. (2006). Life satisfaction and economic outcomes in Germany pre- and post-unification (Working Paper # 06.58). Institute of Economic Policy Research, University of Southern California.

    Google Scholar 

  • Easterlin, R. A., McVey, L. A., Switek, M., Sawangfa, O., & Zweig, J. S. (2010). The happiness-income paradox revisited. Proceedings of the National Academy of Sciences, 107, 22463–22468.

    Google Scholar 

  • Eckersley, R. (2005). Well and good: Morality, meaning and happiness (2nd ed.). Melbourne: Text Publishing.

    Google Scholar 

  • Eckersley, R. (2006). Is modern Western culture a health hazard? International Journal of Epidemiology, 35, 252–258.

    PubMed  Google Scholar 

  • Eisenberger, N. I., Lieberman, M. D., & Williams, K. D. (2003). Does rejection hurt? An fMRI study of social exclusion. Science, 302, 290–92.

    PubMed  Google Scholar 

  • Emmons, R. A., & Shelton, C. M. (2002). Gratitude and the science of positive psychology. In C. R. Snyder & S. J. Lopez (Eds.), Handbook of positive psychology (pp. 459–471). New York: Oxford University Press.

    Google Scholar 

  • Ferrer-i-Carbonell, A. (2005). Income and well-being: An empirical analysis of the comparison income effect. Journal of Public Economics, 89, 997–1019.

    Google Scholar 

  • Fincham, F., & Barling, J. (1978). Locus of control and generosity in learning disabled, normal achieving, and gifted children. Child Development, 49, 530–533.

    PubMed  Google Scholar 

  • Fisher, C. (1987). Postcards from the edge. New York: Simon & Schuster.

    Google Scholar 

  • Frank, R. (2008). Richistan: A journey through the American wealth boom and the lives of the new rich. New York: Three Rivers.

    Google Scholar 

  • Fredrickson, B. L., & Losada, M. F. (2005). Positive affect and the complex dynamics of human flourishing. American Psychologist, 60, 678–686.

    PubMed  Google Scholar 

  • Frodi, A. M., Lamb, M. E., Leavitt, L. A., & Donovan, W. L. (1978). Fathers’ and mothers’ responses to infants’ smiles and cries. Infant Behavior and Development, 1, 187–198.

    Google Scholar 

  • Fujita, K., Henderson, M. D., Eng, J., Trope, Y., & Liberman, N. (2006). Spatial distance and mental construal of social events. Psychological Science, 17, 278–282.

    PubMed  Google Scholar 

  • Furnée, C. A., Groot, W., & Pfann, G. A. (2011). Health and income: A meta-analysis to explore cross-country, gender and age differences. European Journal of Public Health, 21, 775–780.

    PubMed  Google Scholar 

  • Galak, J., Kruger, J., & Loewenstein, G. (in press). Slow down! Insensitivity to rate of consumption leads to avoidable satiation. Journal of Consumer Research.

    Google Scholar 

  • Gauvreau, E. H. (1941). My last million readers. New York: Dutton.

    Google Scholar 

  • GfK Roper Public Affairs & Media, & Associated Press. (2010). AP-GfK poll finances topline. http://www.ap-gfkpoll.com/pdf/AP-GfK%20Poll%20May%202010%20cc%20ds%20TOPLINE%20revised%20cc%20section%205.27.10.pdf Accessed 23 August 2011.

  • Gibbons, F. (1986). Social comparison and depression: Company’s effect on misery. Journal of Personality and Social Psychology, 51, 140–148.

    PubMed  Google Scholar 

  • Gottman, J. M., & Krokoff, L. J. (1989). Marital interaction and satisfaction: A longitudinal view. Journal of Consulting and Clinical Psychology, 57, 47–52.

    PubMed  Google Scholar 

  • Graham, C., Eggers, A., & Sukhtankar, S. (2004). Does happiness pay? An exploration based on panel data from Russia. Journal of Economic Behavior and Organization, 55, 319–342.

    Google Scholar 

  • Havighurst, R. J., & Glasser, R. (1972). An exploratory study of reminiscence. Journal of Gerontology, 245–253.

    Google Scholar 

  • Hill, S. E., & Buss, D. M. (2008). Evolution and subjective well-being. In M. Eid & R. J. Larsen (Eds.), The science of subjective well-being (pp. 62–79). New York: Guilford.

    Google Scholar 

  • Howell, R. T., & Hill, G. (2009). The mediators of experiential purchases: Determining the impact of psychological needs satisfaction and social comparison. The Journal of Positive Psychology, 4, 511–522.

    Google Scholar 

  • Howell, R. T., & Howell, C. J. (2008). The relation of economic status to subjective well-being in developing countries: A meta-analysis. Psychological Bulletin, 134, 536–560.

    PubMed  Google Scholar 

  • Howell, R. T., Pchelin, P., & Iyer, R. (2012). The preference for experiences over possessions: Measurement and construct validation of the Experiential Buying Tendency Scale. The Journal of Positive Psychology, 7, 57–71.

    Google Scholar 

  • Hudson, C. G. (2005). Socioeconomic status and mental illness: Tests of the social causation and selection hypotheses. American Journal of Orthopsychiatry, 75, 3–18.

    PubMed  Google Scholar 

  • Inglehart, R. (2000). Globalization and postmodern values. The Washington Quarterly, 23, 215–228.

    Google Scholar 

  • Jervis, R. (2011, August 17). Hobby fills Ky. man’s house with cut-rate groceries. USA Today. http://www.usatoday.com/news/nation/2011-08-17-coupon-craze-extreme-consumers_n.htm Accessed 23 August 2011.

  • Jin, B., & Sternquist, B. (2004). Shopping is truly a joy. The Service Industries Journal, 24, 1–18.

    Google Scholar 

  • Jose, P. E., Lim, B. T., & Bryant, F. B. (2012). Does savoring increase happiness? A daily diary study. The Journal of Positive Psychology, 7, 176–187.

    Google Scholar 

  • Kahneman, D., & Deaton, A. (2010). High income improves evaluation of life but not emotional well-being. Proceedings of the National Academic of Sciences, 107, 16489–16493.

    Google Scholar 

  • Kanner, A. D., Coyne, J. C., Schaefer, C., & Lazarus, R. S. (1981). Comparison of two modes of stress measurement: Daily hassles and uplifts versus major life events. Journal of Behavioral Medicine, 4, 1–39.

    PubMed  Google Scholar 

  • Kashdan, T. B., & Breen, W. E. (2007). Materialism and diminished well-being: Experiential avoidance as a mediating mechanism. Journal of Social and Clinical Psychology, 26, 521–539.

    Google Scholar 

  • Kasser, T. (2002). The high price of materialism. Cambridge, MA: MIT Press.

    Google Scholar 

  • Kasser, T. (2005). Frugality, generosity, and materialism in children and adolescents. In K. A. Moore & L. H. Lippman (Eds.), What do children need to flourish? (pp. 357–373). New York: Springer.

    Google Scholar 

  • Kasser, T. (2011). Can thrift bring well-being? A review of the research and a tentative theory. Social and Personality Psychology Compass, 5, 865–877.

    Google Scholar 

  • Kasser, T., & Ahuvia, A. (2002). Materialistic values and well-being in business students. European Journal of Social Psychology, 32, 137–146.

    Google Scholar 

  • Kasser, T., & Ryan, R. M. (1993). A dark side of the American dream: Correlates of financial success as a central life aspiration. Journal of Personality & Social Psychology, 65, 410–422.

    Google Scholar 

  • Kasser, T., & Ryan, R. M. (1996). Further examining the American dream: Differential correlates of intrinsic and extrinsic goals. Personality and Social Psychology Bulletin, 22, 280–287.

    Google Scholar 

  • Kasser, T., & Ryan, R. M. (2001). Be careful what you wish for: Optimal functioning and the relative attainment of intrinsic and extrinsic goals. In P. Schmuck & K. M. Sheldon (Eds.), Life goals and well-being: Towards a positive psychology of human striving (pp. 116–131). Ashland, OH: Hogrefe & Huber.

    Google Scholar 

  • Kenrick, D., Griskevicius, V., Neuberg, S. L., & Schaller, M. (2010). Renovating the pyramid of needs: Contemporary extensions built upon ancient foundations. Perspectives on Psychological Science, 5, 292–314.

    PubMed  Google Scholar 

  • Keough, K. A., Zimbardo, P. G., & Boyd, J. N. (1999). Who’s smoking, drinking and using drugs? Time perspective as a predictor of substance use. Journal of Basic and Applied Social Psychology, 21, 149–164.

    Google Scholar 

  • The Keynes comeback. (2009, October 1). The Economist. http://www.economist.com/node/14539560

  • Kivetz, R., & Simonson, I. (2002). Self-control for the righteous: Toward a theory of precommitment to indulgence. Journal of Consumer Research, 29, 199–217.

    Google Scholar 

  • Koo, M., Algoe, S. B., Wilson, T. D., & Gilbert, D. T. (2008). It’s a wonderful life: Mentally subtracting positive events improves people’s affective states, contrary to their affective forecasts. Journal of Personality and Social Psychology, 95, 1217–1224.

    PubMed  Google Scholar 

  • Knutson, B., Rick, S., Wimmer, G. E., Prelec, D., & Loewenstein, G. (2007). Neural predictors of purchases. Neuron, 53, 147–56.

    PubMed  Google Scholar 

  • Kramer, M. S., Séguin, L., Lydon, J., & Goulet, L. (2000). Socio-economic disparities in pregnancy outcome: Why do the poor fare so poorly? Pediatric and Perinatal Epidemiology, 14, 194–210.

    PubMed  Google Scholar 

  • Lane, R. E. (2000). The loss of happiness in market democracies. New Haven, CT: Yale University Press.

    Google Scholar 

  • Lasar, M. (2011). Mad about metered billing? They were in 1886, too. Ars Technica. http://arstechnica.com/tech-policy/news/2011/08/mad-about-metered-billing-they-were-in-1886-too.ars

  • Lastovicka, J. L., Bettencourt, L. A., Hughner, R. S., & Kuntze, R. J. (1999). Lifestyle of the tight and frugal: Theory and measurement. Journal of Consumer Research, 26, 85–98.

    Google Scholar 

  • Layous, K., Nelson, S. K., Oberle, E., Schonert-Reichl, K. A., & Lyubomirsky, S. (2012). Kindness counts: Prompting prosocial behavior in preadolescents boosts peer acceptance and well-being. PLOS ONE, 7,e51380

    Google Scholar 

  • Lee, V. E., & Burkam, D. T. (2002). Inequality at the starting gate: Social background differences in achievement as children begin school. Washington: Economic Policy Institute.

    Google Scholar 

  • Lekes, N., Hope, N. H., Gouveia, L., Koestner, R., & Philippe, F. L. (2012). Influencing value priorities and increasing well-being: The effects of reflecting on intrinsic values. The Journal of Positive Psychology, 7, 249–261.

    Google Scholar 

  • Leventhal, A. M., Martin, R. L., Seals, R. W., Tapia, E., & Rehm, L. P. (2007). Investigating the dynamics of affect: Psychological mechanisms of affective habituation to pleasurable stimuli. Motivation and Emotion, 31, 145–157.

    Google Scholar 

  • Levitt, S. D. (1999). The changing relationship between income and crime victimization. Economic Policy Review, 5, 87–98.

    Google Scholar 

  • Liberman, N., Sagristano, M. D., & Trope, Y. (2002). The effect of temporal distance on level of mental construal. Journal of Experimental Social Psychology, 38, 523–534.

    Google Scholar 

  • Liberman, V., Boehm, J. K., Lyubomirsky, S., & Ross, L. (2009). Happiness and memory: Affective significance of endowment and contrast. Emotion , 9, 666–680.

    PubMed  Google Scholar 

  • Lucas, R. E. (2005). Time does not heal all wounds: A longitudinal study of reaction and adaptation to divorce. Psychological Science, 16, 945–950.

    PubMed  Google Scholar 

  • Lucas, R. E., & Clark, A. E. (2006). Do people really adapt to marriage? Journal of Happiness Studies, 7, 405–426.

    Google Scholar 

  • Lucas, R. E., Clark, A. E., Georgellis, Y., & Diener, E. (2003). Reexamining adaptation and the set point model of happiness: Reactions to changes in marital status. Journal of Personality and Social Psychology, 84, 527–539.

    PubMed  Google Scholar 

  • Luttmer, E. F. P. (2005). Neighbors as negatives: Relative earnings and well-being. Quarterly Journal of Economics, 120, 963–1002.

    Google Scholar 

  • Lynch, J. W., Smith, G. D., Kaplan, G. A., & House, J. S. (2000). Income inequality and mortality: Importance to health of individual income, psychosocial environment, or material conditions. British Medical Journal, 320, 1200–1204.

    PubMed  Google Scholar 

  • Lyubomirsky, S. (2001). Why are some people happier than others? The role of cognitive and motivational processes in well-being. American Psychologist, 56, 239–249.

    PubMed  Google Scholar 

  • Lyubomirsky, S. (2011). Hedonic adaptation to positive and negative experiences. In S. Folkman (Ed.), The Oxford handbook of stress, health, and coping (pp. 200–224). New York: Oxford University Press.

    Google Scholar 

  • Lyubomirsky, S., & Layous, K. (2013). How do simple positive activities increase well-being? Current Directions in Psychological Science, 22, 57–62.

    Google Scholar 

  • Lyubomirsky, S., & Ross, L. (1997). Hedonic consequences of social comparison: A contrast of happy and unhappy people. Journal of Personality and Social Psychology, 73, 1141–1157.

    PubMed  Google Scholar 

  • Lyubomirsky, S., Tucker, K. L., & Kasri, F. (2001). Responses to hedonically conflicting social comparisons: comparing happy and unhappy people. European Journal of Social Psychology, 31, 511–535.

    Google Scholar 

  • Lyubomirsky, S., King, L., & Diener, E. (2005a). The benefits of frequent positive affect: Does happiness lead to success? Psychological Bulletin, 131, 803–855.

    Google Scholar 

  • Lyubomirsky, S., Sheldon, K. M., & Schkade, D. (2005b). Pursuing happiness: The architecture of sustainable change. Review of General Psychology, 9, 111–131.

    Google Scholar 

  • Lyubomirsky, S., Dickerhoof, R., Boehm, J. K., & Sheldon, K. M. (2011). Becoming happier takes both a will and a proper way: An experimental longitudinal intervention to boost well-being. Emotion , 11, 391–402.

    PubMed  Google Scholar 

  • Mano, H., & Elliott, M. T. (1997). Smart shopping: The origins and consequences of price savings. Advances in Consumer Research, 24, 504–510.

    Google Scholar 

  • Marks, G. N., & Fleming, N. (1999). Influences and consequences of well-being among Australian young people: 1980–1995. Social Indicators Research, 46, 301–323.

    Google Scholar 

  • Maslow, A. H. (1954). Motivation and personality. New York: Harper & Brothers.

    Google Scholar 

  • Meehan, M. P., Durlak, J. A., & Bryant, F. B. (1993). The relationship of social support to positive life events and subjective mental health in adolescents. Journal of Community Psychology, 21, 49–55.

    Google Scholar 

  • Miller, S. M., Ginsburg, H. J., & Rogow, S. G. (1981). Self-esteem and sharing in fourth-grade children. Social Behavior and Personality, 9, 211–212.

    Google Scholar 

  • Millar, M., & Thomas, R. (2009). Discretionary activity and happiness: The role of materialism. Journal of Research in Personality, 43, 699–702.

    Google Scholar 

  • Mischel, W., & Ayduk, O. (2002). Self-regulation in a cognitive–affective personality system: Attentional control in the service of the self. Self and Identity, 1, 113–120.

    Google Scholar 

  • Mischel, W., Shoda, Y., & Rodriguez, M. I. (1989). Delay of gratification in children. Science, 244, 933–938.

    PubMed  Google Scholar 

  • Mitchell, T. R., Thompson, L., Peterson, E., & Cronk, R. (1997). Temporal adjustments in the evaluation of events: the ‘rosy view.’ Journal of Experimental Social Psychology, 33, 421–48.

    PubMed  Google Scholar 

  • Moll, J., Krueger, F., Zahn, R., Pardini, M., de Oliveira-Souza, R., & Grafman, J. (2006). Human fronto-mesolimbic networks guide decisions about charitable donation. Proceedings of the National Academy of Sciences, 103, 15623–15628.

    Google Scholar 

  • Morewedge, C. K., Gilbert, D. T., Keysar, B., Berkovits, M. J., & Wilson, T. D. (2007). Mispredicting the hedonic benefits of segregated gains. Journal of Experimental Psychology, 136, 700–709.

    PubMed  Google Scholar 

  • Muraven, M., & Baumeister, R. (2000). Self-regulation and depletion of limited resources: Does self-control resemble a muscle? Psychological Bulletin, 126, 247–259.

    PubMed  Google Scholar 

  • Muraven, M., Baumeister, R. F., & Tice, D. M. (1999). Longitudinal improvement of self-regulation through practice: building self-control through repeated exercise. Journal of Social Psychology, 139, 446–457.

    PubMed  Google Scholar 

  • Myers, D. G. (2000). The funds, friends, and faith of happy people. American Psychologist, 55, 56–67.

    PubMed  Google Scholar 

  • Nelson, L. D., Meyvis, T., & Galak, J. (2009). Enhancing the television-viewing experience through commercial interruptions. Journal of Consumer Research, 36, 160–172.

    Google Scholar 

  • Nezlek, J. B., & Gable, S. L. (2001). Depression as a moderator of relationships between positive daily events and day-to-day psychological adjustment. Personality and Social Psychology Bulletin, 27, 1692–1704.

    Google Scholar 

  • Nickerson, C., Schwarz, N., Diener, E., & Kahneman, D. (2003). Zeroing in on the dark side of the American dream: a closer look at the negative consequences of the goal for financial success. Psychological Science, 14, 531–536.

    PubMed  Google Scholar 

  • Nicolao, L., Irwin, J. R., & Goodman, J. K. (2009). Happiness for sale: Do experiential purchases make consumers happier than material purchases? Journal of Consumer Research, 36, 188–198.

    Google Scholar 

  • Norton, M. I., Dunn, E. W., & Aknin, L. B. (2009). From wealth to well-being: Spending money on others promotes happiness. Paper presented at the Society for Consumer Psychology, San Diego, CA.

    Google Scholar 

  • Oaten, M., & Cheng, K. (2006). Longitudinal gains in self-regulation from regular physical exercise. British Journal of Health Psychology, 11, 717–733.

    PubMed  Google Scholar 

  • Oehman, A., Lundqvist, D., & Esteves, F. (2001). The face in the crowd revisited: A threat advantage with schematic stimuli. Journal of Personality and Social Psychology, 80, 381–396.

    Google Scholar 

  • Ohira, H., Winton, W. M., & Oyama, M. (1998). Effects of stimulus valence on recognition memory and endogenous eyeblinks: Further evidence for positive-negative asymmetry. Personality and Social Psychology Bulletin, 24, 986–993.

    Google Scholar 

  • Oishi, S., Diener, E., Choi, D. W., Kim-Prieto, C., & Choi, I. (2007). The dynamics of daily events and well-being across cultures: When less is more. Journal of Personality and Social Psychology, 93, 685–698.

    PubMed  Google Scholar 

  • Otake, K., Shimai, S., Tanaka-Matsumi, J., Otsui, K., & Fredrickson, B. L. (2006). Happy people become happier through kindness: A counting kindnesses intervention. Journal of Happiness Studies, 7, 361–375.

    PubMed  Google Scholar 

  • Pasupathi, M., & Carstensen, L. L. (2003). Age and emotional experience during mutual reminiscing. Psychology and Aging, 18, 430–442.

    PubMed  Google Scholar 

  • Pchelin, P. (2011). In pursuit of happiness: When do purchase experiences live up to expectations? Unpublished master’s thesis. San Francisco State University, San Francisco, CA.

    Google Scholar 

  • Peeters, G., & Czapinski, J. (1990). Positive-negative asymmetry in evaluations: The distinction between affective and informational negativity effects. In W. Stroebe, & M. Hewstone (Eds.), European review of social psychology (Vol. 1, pp. 33–60). New York: Wiley.

    Google Scholar 

  • Penman, S., & McNeill, L. S. (2008). Spending their way to adulthood: Consumption outside the nest. Young Consumers: Insight and Ideas for Responsible Marketers, 9, 155–169.

    Google Scholar 

  • Piliavin, J. A., & Siegl, E. (2007). Health benefits of volunteering in the Wisconsin Longitudinal Study. Journal of Health and Social Behavior, 48, 450–464.

    PubMed  Google Scholar 

  • Pollan, M. (2009). Food rules: An eater’s manual. New York: Penguin.

    Google Scholar 

  • Porter, S., & Peace, K. A. (2007). The scars of memory: A prospective, longitudinal investigation of the consistency of traumatic and positive emotional memories in adulthood. Psychological Science, 18, 435–441.

    PubMed  Google Scholar 

  • Pratto, F., & John, O. P. (1991). Automatic vigilance: The attention-grabbing power of negative social information. Journal of Personality and Social Psychology, 61, 380–391.

    PubMed  Google Scholar 

  • Prelec, D., & Loewenstein, G. (1998). The red and the black: Mental accounting of savings and debt. Marketing Science, 17, 4–28.

    Google Scholar 

  • Prelec, D., & Simester, D. (2001). Always leave home without it: A further investigation of the credit-card effect on willingness to pay. Marketing Letters, 12, 5–12.

    Google Scholar 

  • Price, L. L., Feick, L. F., & Guskey-Federouch, A. (1988). Couponing behaviors of the market maven: Profile of a super couponer. Advances in Consumer Research, 15, 354–359.

    Google Scholar 

  • Price, R. H., Choi, J. N., & Vinokur, A. D. (2002). Links in the chain of adversity following job loss: how financial strain and loss of personal control lead to depression, impaired functioning, and poor health. Journal of Occupational Health Psychology, 7, 302–312.

    PubMed  Google Scholar 

  • Pritzker, M. A. (2002). The relationship among CEO dispositional attributes, transformational leadership behaviors and performance effectiveness. Dissertation Abstracts International, 62(12-B), 6008. (UMI No. AAI3035464)

    Google Scholar 

  • Quoidbach, J. (2009). La régulation des émotions positives [Positive emotion regulation]. In M. Mikolajczak, J. Quoidbach, I. Kotsou, & D. Nélis (Eds.), Les compétences émotionnelles [Emotional competences] (pp. 193–219). Paris: Dunod.

    Google Scholar 

  • Quoidbach, J., Dunn, E. W., Petrides, K. V., & Mikolajczak, M. (2010). Money giveth, money taketh away: The dual effect of wealth on happiness. Psychological Science, 21, 759–763.

    PubMed  Google Scholar 

  • Read, D., & van Leeuwen, B. (1998). Predicting hunger: The effects of appetite and delay on choice. Organizational Behavior and Human Decision Processes, 76, 189–205.

    PubMed  Google Scholar 

  • Read, D., Loewenstein, G., & Kalyanaraman, S. (1999). Mixing virtue and vice: Combining the immediacy effect and the diversification heuristic. Journal of Behavioral Decision Making, 12, 257–273.

    Google Scholar 

  • Richins, M. L., & Dawson, S. (1992). A consumer values orientation for materialism and its measurement: Scale development and validation. Journal of Consumer Research, 19, 303–316.

    Google Scholar 

  • Rick, S. I. (2008). When spendthrifts act like tightwads: Factors that reduce spendthrift/tightwad spending differences (Working Paper # 2008-04-13). Pennsylvania, PA: University of Pennsylvania, Wharton School, Department of Operations and Information Management.

    Google Scholar 

  • Rick, S. I., Cryder, C. E., & Loewenstein, G. (2008). Tightwads and spendthrifts. Journal of Consumer Research, 34, 767–782.

    Google Scholar 

  • Rolls, B. J., Rowe, E. A., Rolls, E. T., Kingston, B., Megson, A., & Gunary, R. (1981). Variety in a meal enhances food intake in man. Physiology and Behavior, 26, 215–221.

    PubMed  Google Scholar 

  • Rose, P., Smith, S. T., & Segrist, D. J. (2010). Too cheap to chug: Frugality as a buffer against college-student drinking. Journal of Consumer Behavior, 9, 228–238.

    Google Scholar 

  • Rozin, P. (2006). Domain denigration and process preference in academic psychology. Perspectives on Psychological Science, 1, 365–376.

    Google Scholar 

  • Ryan, R. M., & Deci, E. L. (2000). Self-determination theory and the facilitation of intrinsic motivation, social development, and well-being. American Psychologist, 55, 68–78.

    PubMed  Google Scholar 

  • Ryff, C. D., & Keyes, C. L. M. (1995). The structure of psychological well-being revisited. Journal of Personality and Social Psychology, 69, 719–727.

    PubMed  Google Scholar 

  • Sanfey, A. G., Rilling, J. K., Aronson, J. A., Nystrom, L. E., & Cohen, J. D. (2003). The neural basis of economic decision-making in the ultimatum game. Science, 300, 1755–58.

    PubMed  Google Scholar 

  • Schindler, R. M. (1989). The excitement of getting a bargain: Some hypotheses concerning the origins and effects of smart-shopper feelings. Advances in Consumer Research, 16, 447–453.

    Google Scholar 

  • Schnitker, S. A. (2012). An examination of patience and well-being. The Journal of Positive Psychology, 7, 263–280.

    Google Scholar 

  • Schwarz, N., Kahneman, D., & Xu, J. (2009). Global and episodic reports of hedonic experience. In R. Belli, D. Alwin, & F. Stafford (Eds.), Using calendar and diary methods in life events research (pp. 157–74). Newbury Park, CA: Sage.

    Google Scholar 

  • Seligman, M. E. P., & Schulman, P. (1986). Explanatory style as a predictor of productivity and quitting among life insurance sales agents. Journal of Personality and Social Psychology, 50, 832–838.

    Google Scholar 

  • Seligman, M. E. P., Steen, T. A., Park, N., & Peterson, C. (2005). Positive psychology progress: Empirical validation of interventions. American Psychologist, 60, 410–421.

    PubMed  Google Scholar 

  • Sheldon, K. M., & Lyubomirsky, S. (2009). Change your actions, not your circumstances: An experimental test of the Sustainable Happiness model. In A. K. Dutt & B. Radcliff (Eds.), Happiness, economics, and politics: Towards a multi-disciplinary approach (pp. 324–342). Cheltenham, UK: Edward Elgar.

    Google Scholar 

  • Sheldon, K. M., & Lyubomirsky, S. (2012). The challenge of staying happier: Testing the Happiness Adaptation Prevention model. Personality and Social Psychology Bulletin, 38, 670–680.

    PubMed  Google Scholar 

  • Sheldon, K. M., Ryan, R., & Reis, H. T. (1996). What makes for a good day? Competence and autonomy in the day and in the person. Personality and Social Psychology Bulletin, 22, 1270–1279.

    Google Scholar 

  • Sheldon, K. M., Elliot, A. J., Kim, Y., & Kasser, T. (2001). What is satisfying about satisfying events? Testing 10 candidate psychological needs. Journal of Personality and Social Psychology, 80, 325–339.

    PubMed  Google Scholar 

  • Sheldon, K. M., Ryan, R. M., Deci, E. L., & Kasser, T. (2004). The independent effects of goal contents and motives on well-being: It’s both what you pursue and why you pursue it. Personality and Social Psychology Bulletin, 30, 475–486.

    PubMed  Google Scholar 

  • Sheldon, K. M., Boehm, J. K., & Lyubomirsky, S. (2012). Variety is the spice of happiness: The hedonic adaptation prevention (HAP) model. In I. Boniwell & S. David (Eds.), Oxford handbook of happiness (pp. 901–914). Oxford: Oxford University Press.

    Google Scholar 

  • Shi, D. (1985). The simple life. New York: Oxford University Press.

    Google Scholar 

  • Skeat, W. W. (1993). The concise dictionary of English etymology. Hertfordshire, England: Wordsworth Editions Ltd.

    Google Scholar 

  • Smith, N. K., Larsen, J. T., Chartrand, T. L., Cacioppo, J. T., Katafiaz, H. A., & Moran, K. E. (2006). Being bad isn’t always good: Affective context moderates the attention bias toward negative information. Journal of Personality and Social Psychology, 90, 210–220.

    PubMed  Google Scholar 

  • Solberg, E. G., Diener, E., & Robinson, M. D. (2004). Why are materialists less satisfied? In T. Kasser & A. In D. Kanner (Ed.), Psychology and consumer culture: The struggle for a good life in a materialistic world (pp. 29–48). Washington: American Psychological Association.

    Google Scholar 

  • Soman, D. (2001). Effects of payment mechanism on spending effects: The role of rehearsal and immediacy of payments. Journal of Consumer Research, 27, 460–474.

    Google Scholar 

  • Stammerjohan, C., & Webster, C. (2002). Trait and situational antecedents to non-consumption. Advances in Consumer Research, 29, 126–32.

    Google Scholar 

  • Stevens, E. S. (1992). Reciprocity in social support: An advantage for the aging family. Families in Society, 73, 533–541.

    Google Scholar 

  • Stevenson, B., & Wolfers, J. (2008). Economic growth and happiness: Reassessing the Easterlin Paradox. Brookings Papers on Economic Activity, 1–87.

    Google Scholar 

  • Tamney, J. B. (1980). Fasting and modernization. Journal for the Scientific Study of Religion, 19, 129–137.

    Google Scholar 

  • Tay, L., & Diener, E. (2011). Needs and subjective well-being around the world. Journal of Personality and Social Psychology, 101, 354–365.

    PubMed  Google Scholar 

  • Taylor, S. E. (1991). Asymmetrical effects of positive and negative events: The mobilization-minimization hypothesis. Psychological Bulletin, 110, 67–85.

    PubMed  Google Scholar 

  • Taylor, S. E., & Lobel, M. (1989). Social comparison activity under threat: Downward evaluation and upward contacts. Psychological Review, 96, 569–575.

    PubMed  Google Scholar 

  • Telzer, E. H., & Fuligni, A. J. (2009). Daily family assistance and the psychological well-being of adolescents from Latin American, Asian, and European backgrounds. Developmental Psychology, 45, 1177–1189.

    PubMed  Google Scholar 

  • Trocchia, P. J., & Janda, S. (2002). An investigation of produce purchase and subsequent non-consumption. Journal of Consumer Marketing, 19, 188–204.

    Google Scholar 

  • Tucker, D. M. (1990). The decline of thrift in America: Our cultural shift from saving to spending. New York: Praeger.

    Google Scholar 

  • Tugade, M., & Fredrickson, B. L. (2007). Regulation of positive emotions: Emotion regulation strategies that promote resilience. Journal of Happiness Studies, 8, 311–333.

    Google Scholar 

  • Tversky, A., & Griffin, D. (1991). Endowment and contrast in judgments of well-being. In F. Strack, M. Argyle & N. Schwarz (Eds.), Subjective well-being: An interdisciplinary perspective (pp. 101–118). Elmsford, NY: Pergamon Press.

    Google Scholar 

  • Van Boven, L. (2005). Experientialism, materialism, and the pursuit of happiness. Review of General Psychology, 9, 132–142.

    Google Scholar 

  • Van Boven, L., & Gilovich, T. (2003). To do or to have? That is the question. Journal of Personality and Social Psychology, 85, 1193–1202.

    PubMed  Google Scholar 

  • Vohs, K. D., Mead, N. L., & Goode, M. R. (2006). The psychological consequences of money. Science, 314, 1154–1156.

    PubMed  Google Scholar 

  • Weinstein, N., & Ryan, R. M. (2010). When helping helps: Autonomous motivation for prosocial behavior and its influence on well-being for the helper and recipient. Journal of Personality and Social Psychology, 98, 222–244.

    PubMed  Google Scholar 

  • Wergin, R. (2009, April). The frugal and the environmentally concerned: Who are they, what do they want, and how do you influence them? In M. Krush & T. Reilly (Chair), Eighteenth Annual Robert Mittelstaedt Doctorial Symposium Proceedings. Symposium conducted at the Department of Marketing, University of Nebraska-Lincoln, Lincoln, NE.

    Google Scholar 

  • Wertenbroch, K. (1998). Consumption self-control by rationing purchase quantities of virtue and vice. Marketing Science, 17, 317–337.

    Google Scholar 

  • Wicker, B., Keysers, C., Plailly, J., Royet, J. P., Gallese, V., & Rizzolatti, G. (2003). Both of us disgusted in my insula: The common neural basis of seeing and feeling disgust. Neuron, 40, 655–64.

    PubMed  Google Scholar 

  • Wills, T. A., Sandy, J. M., & Yaeger, A. M. (2001). Time perspective and early-onset substance use: A model based on stress-coping theory. Psychology of Addictive Behaviors, 15, 118–125.

    PubMed  Google Scholar 

  • Wilson, T. D., & Gilbert, D. T. (2003). Affective forecasting. Advances in Experimental Social Psychology, 35, 345–411.

    Google Scholar 

  • Wilson, T. D., & Gilbert, D. T. (2005). Affective forecasting: Knowing what to want. Current Direction in Psychological Science, 14, 131–134.

    Google Scholar 

  • Wilson, T. D., & Gilbert, D. T. (2008). Explaining away: A model of affective adaptation. Perspectives on Psychological Science, 3, 370–386.

    Google Scholar 

  • Witkowski, T. H. (2010). A brief history of frugality discourses in the United States. Consumption Markets & Culture, 13, 235–258.

    Google Scholar 

  • Wood, G. (2011, April). Secret fears of the super-rich. The Atlantic. http://www.theatlantic.com/magazine/archive/2011/04/secret-fears-of-the-super-rich/8419/

  • Wrosch, C., Heckhausen, J., Lachman, M. E. (2000). Primary and secondary control strategies for managing health and financial stress across adulthood. Psychology and Aging, 15, 387–399.

    PubMed  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Department of Psychology, University of California, 92521, Riverside, CA, USA

    Joseph Chancellor & Sonja Lyubomirsky

Authors
  1. Joseph Chancellor
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Sonja Lyubomirsky
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Joseph Chancellor .

Editor information

Editors and Affiliations

  1. State University of New York, Nanuet, New York, USA

    Miriam Tatzel

Rights and permissions

Reprints and permissions

Copyright information

© 2014 Springer Science+Business Media Dordrecht

About this chapter

Cite this chapter

Chancellor, J., Lyubomirsky, S. (2014). Money for Happiness: The Hedonic Benefits of Thrift. In: Tatzel, M. (eds) Consumption and Well-Being in the Material World. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-7368-4_2

Download citation

Publish with us

Policies and ethics

Search

Navigation