<p>As the primary food assistance program and second largest anti-poverty program in the United States, the Supplemental Nutrition Assistance Program (SNAP) is critical to the US safety net. SNAP reduces food insecurity and poverty, and there is some evidence that it improves health. However, little is known about the effects of SNAP on more global measures of welfare and quality of life. In this study, I examine the effect of the monthly SNAP benefit cycle on subjective well-being using the American Time Use Survey (ATUS) Well-being Module and SNAP benefit issuance schedules from 2012 and 2013. Specifically, I compare the subjective well-being of SNAP-eligible individuals (those at or below the income limit) and near-eligible individuals (those above the income limit but below 250% of the Federal Poverty Level) (<i>N</i> = 4949) on the day SNAP benefits are issued and each subsequent day of the benefit month. Results show that average happiness scores decrease by about 0.013 points (0.30%) every day following benefit issuance for SNAP-eligible individuals, relative to near-eligible individuals. Additionally, the day of benefit issuance has negative implications for well-being, with increases in stress and pain scores on these days, particularly among certain populations. These findings indicate that benefit depletion may negatively impact the well-being of SNAP participants, but increasing the number of benefit issuance days per month may be harmful. This study thus contributes to understanding of SNAP’s effects and can inform design changes to improve the welfare of low-income populations.</p>