In recent years, there have been a number of studies done to better understand how people derive happiness. Articles have detailed the importance of spending money on experiences rather than material possessions to be truly happy.
There are noteworthy reasons for this. When you plan to spend money, you are more likely to be excited counting down to the date of your vacation or concert but impatient if you're waiting for the delivery of an online purchase or when you have to save up for a new mobile phone.
When you buy material products, you are more likely to compare it against similar products other people own as well as constantly seek upgrades. Many people also purchase branded products to look good or mask their insecurities.
On the other hand, when you pay to experience skydiving or going to Malaysia on a durian tasting tour, it will always be personal and incomparable even if another person has experienced something similar. At the end of the day, experiences make you feel good as you will always have your unique story to share.
For all these reasons, these studies conclude that people tend to lead happier and healthier lives with less stress and more meaningful social interactions if they spent money on experiences rather than material items.
Here is the Singaporean version of how you can spend your money and time on unique experiences on our tropical island.