The old saying that money can't buy happiness isn't completely true

To make the most of your money, better go for a vacation rather than spending it on a designer dress, suggests a new study led by an Indian-origin researcher.

To make the most of your money, better go for a vacation rather than spending it on a designer dress, suggests a new study led by an Indian-origin researcher.

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Money spent on 'doing' or on experiences may provide more enduring happiness than money spent on having material possessions, the findings showed.

The researchers found waiting for an experience elicits significantly more happiness, pleasantness and excitement in people than waiting for a material good.

"The anticipatory period (for experiential purchases) tends to be more pleasant...less tinged with impatience relative to future material purchases we're planning on making," explained lead researcher Amit Kumar from the Cornell University.

Given the results, the researchers suggested that it may make sense to delay some purchases and shift spending away from material goods to more experiences.

In short -- start planning for vacations, dinner parties and concerts ahead of time to reap more benefits from anticipation.

The study was published in the journal Psychological Science.