40 Things People 'Bought For Life' And They Didn't Disappoint (New Pics)

Not to mention that buying longer-lasting and more durable products may cost more but will save you a lot of money in the long run. And it’s definitely better for the environment. For example, one study from the University of Arizona found that people who consume less are likely happier than those who engage in other pro-environmental consumer behaviors, like buying "green" and environmentally friendly products.

The study looked at two pro-environmental behaviors: reduced consumption and "green buying". "If you are able to buy environmentally friendly products, you can still live your materialist values," researcher Sabrina Helm said. "You're acquiring new things, and that fits into our mainstream consumption pattern in our consumer culture, whereas reduced consumption is more novel and probably more important from a sustainability perspective."

On the flip side, "Reduced consumption has effects on increased well-being and decreased psychological distress, but we don't see that with green consumption." According to Helm, having less and buying less can actually make us more satisfied.

"If you have a lot of stuff, you have a lot on your mind," she said. "Maybe you have a lot of debt because you bought all that stuff, and now you have to manage all that stuff. It requires maintenance and being organized. It's not like you buy it and you're done with it. There's a lot of burdens of ownership, and if you relieve yourself of that burden of ownership, most people report feeling a lot better and freer," Helm concluded.