The COVID‐19 outbreak has become one of the largest public health crises of our time. Governments have responded by implementing self‐isolation and physical distancing measures that have profoundly impacted daily life throughout the world. In this study, we aimed to investigate how people experience the activities, interactions, and settings of their lives during the pandemic. The sample (N = 604) was assessed in Ireland on the 25 March 2020, following the closure of schools and non‐essential businesses. We examined within‐person variance in emotional well‐being and how people spend their time. We found that while most time was spent in the home (74%), time spent outdoors (8%) was associated with markedly raised positive affect and reduced negative emotions. Exercising, going for walks, gardening, pursuing hobbies, and taking care of children were the activities associated with the greatest affective benefits. Home‐schooling children and obtaining information about COVID‐19 were ranked lowest of all activities in terms of emotional experience. These findings highlight activities that may play a protective role in relation to well‐being during the pandemic, the importance of setting limits for exposure to COVID‐19‐related media coverage, and the need for greater educational supports to facilitate home‐schooling during this challenging period.