In the "Myths of Happiness," University of California psychology professor Sonja Lyubomirsky says we should spend our money on things that, in turn, give us more free time to participate in meaningful activities that lead to happiness — like hanging out with friends, listening to music, or volunteering.
"If we spend our money to open up more 'free' hours in the day— for example, by reducing our work hours (because we already make enough) or paying others to perform time-consuming chores (e.g., fix the plumbing, stand in line at the post office, fill in tedious documents, call airlines) — we can spend our time enjoying those things in life that both empirical and anecdotal evidence suggests make us happy," she writes.