Will more money make you happier?

Recent research suggests that the answer is 'not necessarily'.
From the articles:

"The belief that high income is associated with good mood is widespread but mostly illusory," the researchers wrote. "People with above-average income are relatively satisfied with their lives but are barely happier than others in moment-to-moment experience, tend to be more tense, and do not spend more time in particularly enjoyable activities."

This raises the question: If more money won't make us much happier, what will? Here are four pointers.
• Keep your commute short. Tempted to use your latest pay raise to buy a big house in a distant suburb? Don't do it.
• Choose time over money. Cutting back the hours you work will likely leave you happier, even if it means less pay.
• Think carefully about how you spend your dollars. While a new car may not boost your happiness for long, maybe a trip to Europe would.
• Use your leisure time wisely. Surveys show that leisure is better for your happiness than work. But much also depends on how you spend your leisure time.

Money and Happiness
Link between Income and Happiness