Yes, so long as you spend it on others, suggests a recent study by the University of British Columbia and the Harvard Business School. The researchers found that people who spent money on others reported greater happiness than those who did not, or than those who spent it on themselves—regardless of income. Surprisingly, the amount of money spent on others did not matter; as little as five dollars a day did the trick.

The researchers wanted to test their theory that how males and females spend their money is at least as important as how much money they earn. Individuals participating rated their general happiness, reported their annual income, and provided a detailed breakdown of their monthly spending, including bills, gifts for themselves and others, and donations to charities.