TANG: Do not cheap out with your happiness
As college students, we are often told to be smart with our money — to avoid unnecessary spending and prioritize saving for long-term financial goals. We are constantly trying to balance exams, assignments and part-time jobs. With all the stress, it is easy to get caught up in the idea that money should be spent only on necessities like textbooks, rent and, of course, the occasional overpriced coffee.
But life is not just about existing — it is about enjoying every moment. Spending money on things we truly love, whether it is tickets to a concert or a random object to keep around in the dorms, can be the best way to invest in our happiness and well-being.
College is not all about studying but about building memories, finding ourselves and caring for ourselves.
It is important to establish that happiness is an investment. Spending money on experiences and things that make us happy boosts our long-term well-being. A weekend trip may cost money now, but the memories and positive feelings last longer than the temporary satisfaction from buying a material good.
Research by Dr. Thomas Gilovich, a psychology professor at Cornell University, explains that humans tend to adapt to material possessions over time.
While we may feel initial excitement from a new item — whether it be a phone, car or luxury product — the joy it brings diminishes as we become used to it. This phenomenon, known as the "hedonic treadmill," means that the happiness derived from material things fades over time, and they eventually become part of the new normal.
Gilovich also found that shared experiences bring people together rather than shared material possessions. Whether it is a vacation with a friend or family or attending a concert with a friend, these experiences foster stronger social bonds.
Spending money on hobbies outside the classroom leads to personal growth and opens up opportunities. College is a vital time for self-discovery, and spending money on experiences can push us out of our comfort zones and contribute to finding ourselves.
American author and entrepreneur Ramit Sethi writes in "I Will Teach You to Be Rich" that "frugality, quite simply, is about choosing the things you love enough to spend extravagantly on — and then cutting costs mercilessly on the things you do not love." In other words, you must experiment with countless things and discover what aligns with your personality because there is no exact guide to finding happiness.
Experiences are investments in our future. They offer the opportunity to develop in ways beyond grades and the classroom.
It is important to remember that it is okay to spend money on things we enjoy without feeling guilty or worried that it was a waste. Research shows that focusing too much on financial responsibilities can lead to emotional exhaustion.
It is important to prioritize your mental health by allowing for some small indulgences. A night out with your friends or buying a special item that makes you feel special does not need to be justified. The main idea that needs to be considered is that there is a balance, and we are not disregarding happiness for frugality.
By engraving the idea that money can be spent on what makes us happy, we develop a healthier and more sustainable approach to our finances and mental health. There should not be guilt for treating ourselves every once in a while.
I am not saying to go on a shopping spree every weekend or to buy everything you touch. But at the end of the day, college is not only about studying and preparing for the future but also about growing as a person, maintaining your mental health and experiencing things that add to making life meaningful.
As college students, it is reasonable to be cautious about where your money is going, making it easy to feel guilty about spending money on non-necessities. However, academic success is just as important as personal growth, which can be achieved when you go beyond your comfort zone and try new things.
Ultimately, spending money on what makes you happy and allows you to grow is not a waste. Spending money is an essential part of living a balanced and fulfilling life.
Kelly Tang is a junior in the Rutgers Business School majoring in Finance and Supply Chain Management. Tang’s column, “Don’t Get Me Started,” runs on alternate Wednesdays.
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