How to Create Memories Instead of Buying Stuff
Because our family gift exchange this past Christmas was too, too much, we have agreed to do things differently in the future. One concept seemed to resonate with everyone: why don’t we try to create memories instead of exchanging stuff? After all, memories are assets that appreciate in value as we remember, share, and relive those precious times. Stuff, on the other hand, produces short term euphoria for items which then depreciate in value forever. We agreed to replace our Christmas gift exchange with a family vacation. The excitement level is high, as we have already reserved an ocean front beach house and shared the pictures of it with all. Hopefully, this new tradition will pay the dividends of many great vacations and accompanying memories.
A psychological phenomena
Leaf Van Boven, an associate psychology professor at the University of Colorado, and Thomas Gilovich, chair of the psychology department at Cornell University, have run surveys asking people about past purchases and how happy they made them. “We generally found very consistent evidence that experiences made people happier than material possessions they had invested in,” says Van Boven.
Why? For one thing, Van Boven and Gilovich argue, experiences are inherently more social – when we vacation or eat out or go to the movies it’s usually with other people – people we will relive that experience with when we see them again.
So how can we use this mindset to change the way we spend?
Vacations
The vacation my family is planning this summer is already paying dividends. Why? Because the very acts of reserving the beach house, sharing the pictures, planning our travel arrangements and dreaming about how we will spend our time together are making us happy right now. This anticipation will grow as the time gets near. The actual vacation, of course, should be memorable (it will be the first time our grandchildren have ever seen the ocean) and the pictures and videos we make will create great fun times for years to come. Just last month we watched our 1993 vacation video . . . when four siblings in their 30s see themselves (and each other) as teens, the barbs really fly!
Mission Trips
Group efforts for a good cause create great memories. I have been on at least a dozen one week mission trips which have not only created great bonds with our teams, but have produced priceless memories. All four of our children have fond memories of those trips to Mexico they took while in high school. They did more than build houses; they met and befriended third world citizens. It was – and still is – life changing stuff.
Working on projects together
Taking on a joint project can produce great memories. It is similar to the bonding soldiers experience during war, but (hopefully) without the trauma. My son and I are in the midst of a house flip restoration in which we are doing 90% of the work ourselves. As we plan our strategies, do the work and step back to appreciate our accomplishments to date, we are also creating a deeper friendship and some meaningful memories.
A word of warning: nostalgia can cloud good sense
Because of the nostalgic memories my children have of camping with their grandparents, Jan and I decided to help them create some new camping memories. The concept was good but the process was flawed; we purchased an old Airstream trailer to be used by any and all children, but, for a variety of reasons, those outings never materialized. The Airstream turned into a money pit which we sold at a loss. In hindsight, we could have either rented a camper as needed or simply used tents. Of course, as you know, hindsight is better than foresight.
I realize that I have only touched on the edges of creating memories instead of buying stuff, but I hope these ideas will challenge you to rethink your purchases and consider the residual benefits of creating memories.
Readers: how do you go about creating memories? Are you intentional about forgoing or cutting back on purchases in order to create memories?
Photo by NeilsPhotography
Similar Articles:
- How to create lifelong memories
- 4 steps to spend your money wisely
- How To Have A Debt-Free Vacation
- Christmas gifts that will be remembered
- 5 Tips For Saving Money During Vacations!
- 5 Ways to Show Love to Your Kids Without Spending a Dollar
- How to sell stuff on Ebay
- How to Avoid Lifestyle Inflation
- Random Stuff…
- How much does it cost to raise a child & 10 ways to cut the cost!
Joe Plemon, a retired engineer, financial counselor and blogger, lives in Southern Illinois with Janice, his wife of 39 years. Joe likes online Scrabble, St Louis Cardinal baseball, blues music, power naps, high school football, short term mission trips and Sunday family dinners. You can read more from Joe at Personal Finance by the Book.
The articles on this site are for entertainment purposes and should not be taken as financial advice. Please contact a financial professional for specific advice regarding your situation. Also, many of the CPF articles help us pay the bills by using affiliate relationships with Amazon, Google, eBay and others. Find out more here.
