In a study by the Proceedings of the National Academy of Sciences of the USA, 2 groups of people were given $40 each. One group was told to spend it in buying a possession (an object, something they wanted). The other group was told to spend it in ways that would enable them to have more free time (eg: having food delivered to save them from cooking, or hiring a cleaner instead of cleaning their house themselves.)
Each participant in the study then measured their happiness to a 10-point scale. The result: Those who spent money on more free time were almost always 1 whole point ahead of those who spent money on stuff.
In other words, those who spent money on time found an increase in life satisfaction. For those who bought stuff, this did not have much of an effect on their happiness.
~ edited excerpts from Global Village Space