We often find ourselves chasing material possessions and status symbols that are marketed as keys to happiness. But what if the path to a richer, more fulfilling life didn’t require a bigger paycheck or constant spending? Ruth Soukup, personal finance blogger and author of Living Well, Spending Less: 12 Secrets of the Good Life, challenges the notion that spending more equals living better. According to Soukup, living well and spending less is not only possible—it’s essential for true happiness.

1. Discover What Truly Satisfies You

For many, the idea of “spending less” might seem synonymous with deprivation. However, Soukup stresses that the key is in identifying what truly brings you happiness and investing in those experiences and values rather than the latest consumer trends.

Action Step: Reflect on what genuinely brings you joy. Is it spending time with family, traveling, or exploring a hobby? Make a list of your values and align your spending with them. Mint is a great app to help you track your expenses and identify areas where you can reduce spending without sacrificing your happiness.

A study published in Psychological Science found that people who spend money on experiences rather than material goods report higher levels of happiness. When you focus on enriching experiences, like trips with loved ones or learning a new skill, you are investing in long-term fulfillment rather than temporary pleasures (Kasser et al., 2014, Psychological Science).

2. Reframe the Concept of “Enough”

One of the biggest traps of consumer culture is the belief that we never have enough. We’re constantly told that the key to happiness lies in acquiring more. Soukup challenges this by encouraging us to redefine what “enough” means for us individually.

Action Step: Take a break from your regular shopping habits and evaluate what you already have. According to research in the Journal of Consumer Research, people who express gratitude for what they own tend to feel more satisfied with their possessions and less tempted to make unnecessary purchases. You can use apps like Happyfeed to help you keep track of the things you’re grateful for and remind yourself of how much you already have (Van Boven & Gilovich, 2003, Journal of Consumer Research).

3. Prioritize Health and Relationships

The “good life” doesn’t revolve around possessions but rather experiences, health, and relationships. Soukup emphasizes that investing time and energy into nurturing your body and relationships often yields greater rewards than spending money on fleeting indulgences.

Action Step: Make health a priority by dedicating time to exercise, cooking nutritious meals, and practicing self-care. Apps like MyFitnessPal can help you track your diet and fitness goals while staying within your budget.

Investing time in meaningful relationships is also essential. A study from Harvard Medical School showed that social connections are crucial for overall well-being, even more than financial wealth or material possessions. It found that close relationships are one of the best predictors of happiness and health outcomes, with social connection reducing risks of mental decline and chronic diseases (Harvard Health, 2020).

4. Focus on Experiences, Not Stuff

Ruth Soukup’s advice is rooted in the idea that living a fulfilling life doesn’t require more stuff—it requires more meaningful experiences. Whether it’s traveling, taking up a new hobby, or spending time with loved ones, experiences enrich our lives in ways material possessions cannot.

Action Step: Consider the experiences you could invest in that would bring long-term joy. Apps like Airbnb or Eventbrite can offer affordable, memorable experiences that will contribute to your well-being and allow you to live richly without breaking the bank.

A report by The Wall Street Journal suggests that experiences, particularly those shared with others, provide a stronger sense of joy and satisfaction than material goods. When you prioritize experiences, you invest in memories and emotional fulfillment that money cannot buy (The Wall Street Journal, 2021).

5. Adopt a Minimalist Mindset

Living well on less is not just about cutting costs; it’s about shifting your mindset. Embrace a minimalist approach by simplifying your possessions, reducing clutter, and creating a space that fosters calm and focus.

Action Step: Begin decluttering your living space by sorting through items that you no longer need or use. Apps like Decluttr can help you sell items you no longer need, while keeping your living space organized and free from distractions.

A study published in Social Psychological and Personality Science found that people who embraced minimalism reported higher levels of life satisfaction and less anxiety (Vohs et al., 2013, Social Psychological and Personality Science).

By rethinking the way we spend and focusing on what truly brings us joy, we can live a life full of purpose, health, and connection. You don’t need more to live richer—you need to invest in what truly matters.

What’s one area in your life where you could start living with less, and how could it make your life more fulfilling? Join the conversation in our forum and share your thoughts with us: Age Brilliantly Forum.

References:

Kasser, , et al. (2014). Psychological Science. Spending Money on Experiences vs. Material Goods.
Van Boven, , & Gilovich, T. (2003). Journal of Consumer Research. Materialism and Gratitude.
Harvard Health Publishing (2020). The New Science of Well-Being. Social Connections and Happiness.
The Wall Street Journal (2021). The Joy of Experiences Material Things.
Vohs, D., et al. (2013). Social Psychological and Personality Science. Minimalism and Life Satisfaction.