Money Matters: The Year of Less

After the excesses of the festive season, Adele Trathan recommends that we start the new year on the right foot by committing to 12 months of consuming less

According to Madonna, we are living in a material world (and have been for at least 32 years), but there is evidence to suggest that our habits of consumption are not only harming the planet but also impacting our communal mental and physical health. 

However, by committing to a ‘year of less’, you can open yourself up to empowerment and a chance to take control of your finances by living with greater intention. 

To succeed on this path, begin by creating a clear budget – write down your income, list all essential expenses and set realistic spending limits. Track every purchase for a month to see where your money is truly going. This awareness alone often highlights surprising opportunities to cut back. 

One effective strategy is to implement a waiting period for non-essential purchases. In short, whenever you feel the urge to buy something, wait at least 24 hours before making the decision. Frequently, the desire passes, and you’ll save money simply by delaying.

Another helpful practice is to unsubscribe from marketing emails and avoid browsing online shopping sites, as this can trigger unnecessary spending urges. 

If you use social media, consider following minimalism and personal finance accounts for inspiration, and unfollow influencers who encourage consumerism. 

Next, reframe your mindset by prioritising experiences over possessions – a picnic with loved ones, free community events or learning a new skill can bring joy without adding clutter. On that note, it’s definitely worth decluttering your home, donating, selling or repurposing items you nolonger need. As you do, reflect on what each item truly adds to your life and let this guide future purchasing decisions. 

Embrace the art of borrowing or swapping with friends, family or neighbours for things you’ll use only occasionally, such as books, years), but there is evidence to suggest that our habits of consumption are not only harming the planet but also impacting our communal mental and physical health. 

However, by committing to a ‘year of less’, you can open yourself up to empowerment and a chance to take control of your finances by living with greater intention. 

To succeed on this path, begin by creating a clear budget – write down your income, list all essential expenses and set realistic spending limits. Track every purchase for a month to see where your money is truly going. This awareness alone often highlights surprising opportunities to cut back. 

One effective strategy is to implement a waiting period for non-essential purchases. In short, whenever you feel the urge to buy something, wait at least 24 hours before making the decision. Frequently, the desire passes, and you’ll save money simply by delaying.

Another helpful practice is to unsubscribe from marketing emails and avoid browsing online shopping sites, as tools or formalwear.

Explore local libraries, repair cafes, and sharing platforms to make the most of community resources. In addition, cooking at home, planning meals and making coffee instead of buying out are simple yet powerful ways to reduce daily expenses. 

Finally, set personal goals for what you want to achieve financially – from paying off debt to building an emergency fund – and celebrate your progress. Practise gratitude daily, appreciating what you already have. 

Remind yourself often that your worth isn’t measured by what you own, but by the richness of your experiences and relationships. Over time, you’ll discover that living with less not only benefits your bank account, but also brings clarity, focus and a deeper sense of fulfilment.