Who said money cannot buy happiness? Apparently, a new study demystifies the age-old question and answers yes, it can buy happiness, as long it is spent on others.

The people from the Harvard Business School and the University of British Columbia who conducted the study reports that people who spend money, even as little as $5 on others through acts of kindness like charity or through donations are happier than those who do not.

The researchers gave the 600 participants $5 or $20 with specific instructions whether to spend the money on themselves or on someone else. The participants who spent the money on someone else reported feeling happier, “even when they had felt they would be happiest spending the cash on themselves.”

Elizabeth Dunn, an assistant professor of psychology at the University of British Columbia and the study lead author said she was amazed on “how the money was spent and more important is how much money the participants had.”