Can you really establish a habit of buying well-being? This may sound far-fetched, but research clearly shows you can.

What would you do if you were given some money and asked to spend it that day? What would make you happier—spending it on yourself or others?

That is exactly what Elizabeth W. Dunn, Associate Professor of Psychology at the University of British Columbia, Lara B. Aknin, Assistant Professor of Psychology at Simon Fraser University, and Michael I. Norton, Associate Professor of business administration at Harvard University, wanted to find out. They gathered a group of students and gave them money randomly—to some they gave $5 and others they gave $20.

They told the students that the money was theirs and to spend it any way they wanted, but they needed to spend it by the end of the day. They could buy things for themselves or spend it on others. Before receiving the money, and at the end of the day (after spending the money) the participants filled out questionnaires that allowed the researchers to measure their happiness level.

Participants also reported how they spent their money. For those who spent the money on themselves, they mostly purchased magazines, school supplies, and food. Those who spent the money on other people mostly purchased toys for siblings, meals for the homeless, or shared a meal with a friend.

It turned out that participants who spent the money on others ended the day much happier than the participants who decided to spend the money on themselves. It is also interesting to notice that the amount of money did not matter—the results were about the same regardless of whether they received $5 or $20. The only thing that mattered is how they spent the money. Regardless of the amount of money they spent, the people who spent money on others were happier.

How can you improve your happiness level based on this research? What can you do today to make it happen?

Braco Pobric is an Internationally Recognized Positive Psychology Expert, Executive Coach, and Corporate Trainer. He is the bestselling author of Habits and Happiness: How to Become Happier and Improve Your Wellbeing by Changing Your Habits. Braco is a founding member and Chief Happiness Officer of the Life Success Academy, Certified Positive Psychology Master Trainer, and former globally Certified Trainer and Business Coach for Dale Carnegie Training. He trained over 60,000 Students in 172 countries.