The Little Book of Lykke is a study on what contributes to a greater sense of wellbeing and satisfaction with life, written by Meik Wiking, the CEO of the Happiness Research Institute. Last month the Mental Health & Wellbeing Team wrote about the subject of Health and over the next few months, we’ll be exploring some of the other things that Wiking says contribute to a greater sense of wellbeing and satisfaction, such as Money, Freedom, Togetherness, Trust and Kindness. We hope that, through reading these blog posts, you’re encouraged to make small lifestyle changes that can have a big impact.

This month Hayley Blakely, Mental Health and Wellbeing Caseworker, explores the subject of Money.

The ‘Money’ chapter in the book explores many different aspects about the relationship between money and happiness and explains clearly that the relationship is not a simple one.

Something that got me thinking was that the author asks us to imagine two different worlds: in the first world you make £50,000 per year and everybody else makes £25,000 per year. In the second world, you make £100,000 per year (so twice as much as before) and everybody else makes £200,000. Prices are constant, so a cup of coffee will cost the same in either world. Which world would you choose to live in?

The general response is the first world. This is because a large proportion of us prefer to be able to buy things we want and to also have a higher place in the social hierarchy.

In the Money chapter, the author also explores consumerism and the fact that some of us are spending money we don’t have, to buy stuff we don’t need, to impress people we don’t like.

There is a case study of a woman who decides to not buy anything for a year, and only spend money on necessities like mortgage, essential bills and basic groceries. The challenge was tough and she had to change habits. However, it taught her to be more adventurous, discover all the free stuff on offer, and say ‘yes’ to offers of going out to do free things. She realised she didn’t need ‘stuff’ to make her happy.

If this has got you thinking, then let’s look at some practical ideas from the book which could relate to student life.

Putting the advice into practice

1. If you do have some spare money and want to buy things, link them to happy milestones or memories. For example, you see a lovely new sweater but you don’t buy it until you’ve handed in your dissertation.
2. If you have any spare money, consider avoiding buying more ‘stuff’ and buy experiences for future enjoyment. This gives you something to look forward to and will then create memories to look back on.

Inexpensive attitudes that can bring happiness

1. Reading: the art of using books to solve the problems people are experiencing has been around for decades. Go to the library or find your local library, grab a book, a blanket and sit in the shade of a tree for an afternoon. Check OneSearch for copies of the Little Book of Lykke to borrow.
2. Create a smile file: create a scrap book or something similar and write down anything anyone says that is a compliment or positive thing. We remember criticism very easily but not the praise we get from others.
3. Free-fun fellowship: why not challenge a group of friends to individually come up with ideas for a social gathering that doesn’t cost anything. Perhaps a walk to the lake with a fire, free entry to museums, hike up a mountain. Each person will bring a different idea and you will do things you might have not considered before.

We’re here to help

When we are at University it can be the first time we are controlling our own finances, which can be difficult and overwhelming. There is a range of support and guidance at the University of Cumbria from our finance team and students union. Visit this Money and Finance link to find out more.