Buy happiness—by giving your money away

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Here’s our latest suggestion: Next time you’re feeling stressed, try giving some money away. Generosity is a powerful drug even in small doses. Donations to a worthy cause or acts of kindness to friends give your mind and body a boost.

Yes, the side effects of a charitable act may include a better mood, lower blood pressure and a longer life, according to studies from brain scientists and economists. You might experience a spike in serotonin and dopamine, hormones associated with happiness, and a drop in cortisol, researchers say. (You also get some tax benefits.) Before you start using your checkbook as a prescription pad, there is one caveat.

How you give money and time matters more than how much, says Sara Konrath, a social psychologist leading a research lab at the Indiana University Lilly Family School of Philanthropy. Here’s the formula to getting the best return on giving: Generosity works best when you mean it. You won’t feel the same high if you were guilted into giving by your Aunt Linda.

You’ll feel 10% more satisfied giving a voluntary donation than when it is an obligation, a 2007 study from the University of Oregon found. When you’re genuinely excited about the gift, the good feelings linger. A study by the University of Chicago Booth School of Business found that the joy of making a $5 gift lasted five days, while the effect of the more self-serving “retail therapy" faded much faster.