Educators, like many professionals, constantly navigate the tradeoff between time and money. Sometimes that means giving more time to earn more income, taking on leadership roles, coaching, or additional responsibilities. Other times it means using money to “buy” time such as hiring help at home, choosing on‑campus housing, or paying for conveniences that free up precious hours.
While different seasons of life may call for different choices, a growing body of research shows that buying time is one of the most effective ways to increase overall wellbeing.
Contrary to the old saying that “money can’t buy happiness,” Elizabeth Dunn and Michael Norton’s book, Happy Money demonstrates that how we spend our money and even how we earn it, meaningfully shapes our enjoyment and emotional wellbeing. Their research suggests that happiness often comes not from maximizing wealth, but from spending intentionally: choosing experiences over possessions, buying time, and even directing resources toward others.
And while increases in household income (up to roughly $75,000, including the value of school‑provided housing) are associated with greater emotional wellbeing, how educators spend their money can have an equally significant impact on happiness and life satisfaction.
Below are five research‑supported ways money can, in fact, buy happiness, especially relevant for educators balancing vocation, purpose, and financial realities.
1. Should I Buy Experiences and Not Stuff?
When people reflect on their lives, they are far more reluctant to give up memories of experiences than material possessions. Experiences such as vacations, events, adventures, shared moments, all create lasting emotional value. The length of the experience matters less than simply having it.
For educators, experiential joy often comes through school‑related travel as well. Ask anyone who has chaperoned a student trip to a place they might never have visited otherwise, and most will say it enriched their life. Personally, I’ll never forget the lacrosse trips I coached: Hilton Head Island, Phoenix, San Diego, London, Bermuda, or that Washington DC trip as a middle school student myself. These memories often far outweigh any material purchase.
2. How Do I Make It a Treat?
Variety enhances enjoyment. A daily Frappuccino becomes routine, but a weekly Frappuccino amid regular coffee becomes a treat. The same principle applies to gifts: while practical items are appreciated, giving someone something they wouldn’t buy for themselves often sparks more happiness.
Research also shows that small, frequent pleasures often bring more joy than occasional big ones. Think of how grateful your student advisees are when you bring donuts to a meeting and how good you feel doing it.
3. How Do I Buy Time?
Experiences and treats matter, but only if you have time to enjoy them. Spending a little more to reclaim time can dramatically improve wellbeing.
This might mean hiring a periodic housekeeper (within reason), choosing a direct flight, or paying slightly more for gas rather than driving across town to save a few cents. For boarding‑school faculty, on‑campus housing is a powerful example: even if it comes with slightly lower pay, the five‑minute walk to work instead of a twenty‑minute to one-hour commute can be a meaningful source of daily happiness.
4. How Do I Buy Now But Enjoy Later?
Anticipation itself creates happiness. Purchasing tickets for a sporting event, concert, or show weeks in advance gives you something to look forward to. A psychological boost that often rivals the event itself. Whether boarding or day, faculty know this well: the anticipation of Friday or Saturday night can be as enjoyable as the evening itself.
5. Should I Spend on Others?
One of the strongest happiness‑boosting uses of money is prosocial spending - giving to others. Research consistently shows that spending on others correlates more strongly with happiness than spending on ourselves.
This helps explain why educators frequently give to charities as well. The more our giving feels voluntary, meaningful, and impactful, the more happiness it generates. And in many ways, pursuing the educational vocation is itself an act of prosocial investment, improving the lives of the young people we teach, coach, and guide.
Navigating the Tradeoffs
The unspoken burdens of an educator’s path - long hours, modest compensation, and the emotional labor that comes with shaping young lives, can often be eased in the short run by buying time and spending intentionally. These choices help sustain the vocation you’ve committed to, a vocation worth honoring and one you should feel proud to be part of.
But long‑term financial wellbeing requires more than short‑term relief. It calls for anticipating future shifts, understanding how your needs will evolve, and planning ahead with a trusted advisor who can help you align your resources with the life you want to live.
Bottom Line: Is Money Better Spent or Saved?
Money is often enjoyed most when it is spent. Yet every educator must balance spending for today with saving for tomorrow. A thoughtful financial plan helps thrifty educators imagine how their money might serve them more fully, and helps spendthrift educators understand the trade-offs of today’s choices.
Whatever your values, priorities, and aspirations, we’re here to help you clarify, quantify, and coordinate how your money can support the life you want to live.
Come talk to us
We’d be honored to help you shape a plan that feels truly your own. Clear Skies Planning & Wealth is proud to champion the financial wellbeing of independent school educators and our wider community.
David Brown was the Chief Financial Officer/Business Administrator at Blanchard Memorial School, Groton School, Alexander Dawson School, Rippowam Cisqua School, and Portsmouth Abbey & School over a 23-year school career. During that time, he advised and/or helped heads and administrators assemble and negotiate benefit packages that would ensure a comfortable life through “end of plan”. For over 10-years Dave has helped his clients effectively plan, save, and invest to and spend appropriately through retirement.
For personalized financial planning and/or investment guidance, contact Clear Skies Planning & Wealth Strategies at www.clearskieswealthplanning.com or directly at 720-833-8611.
Clear Skies Planning & Wealth Strategies, Inc provides advisory services through XY Investment Solutions, LLC, an SEC registered investment advisor. All views included in this communication are subject to change. Please contact Clear Skies Planning & Wealth Strategies to receive a copy of our Form ADV and other disclosure information.