Why less can be more for your money
We think wealth equals complexity. New apps. Many accounts. A long list of goals. But complexity often leads to confusion. Confusion kills follow-through.
Financial minimalism is the opposite. It is about fewer accounts. Fewer goals. Clear priorities. The result? Less stress. Better decisions. Faster savings.
This post shows what financial minimalism is. It gives simple steps you can use at once. And it includes a 30-day financial declutter challenge to get you started.
What is financial minimalism?
Financial minimalism focuses on clarity. It strips away the noise and keeps what works, removing what doesn’t.
Key ideas:
- Choose a small number of clear goals.
- Keep only the accounts you need.
- Spend on what brings value.
- Automate the rest.
This is not about frugality only. It is about spending with purpose.
Why financial minimalism works
- Less friction. Fewer accounts and rules mean fewer decisions each month.
- Clear priorities. When goals are few, you follow them.
- Better automation. Simple systems are easy to automate.
- Lower fees & leakages. Fewer accounts often mean fewer fees.
- More calm. Less clutter reduces anxiety. You think clearly.
Quick checklist — start today (5-minute actions)
- List every financial account. (bank, cards, wallets, investment accounts)
- Find two accounts to close or merge.
- Choose one primary savings goal.
- Turn on a single automatic transfer for savings.
- Delete unused finance apps.
Simple wins build momentum.
Step-by-step: How to simplify accounts
- Audit first. Make a short list of all accounts. Note balances and fees.
- Keep one checking account. Use it for income and bills.
- Choose one high-yield savings. For emergency funds.
- Consolidate investment accounts where fees or management overlap.
- Close or freeze accounts you don’t use.
- Unsubscribe from marketing emails that tempt you to spend.
Step-by-step: How to simplify spending
- Set three spending categories: Needs, Wants, and Savings.
- Limit “Wants” to a small weekly budget.
- Use one card or one app for most purchases to track patterns.
- Apply a 48-hour rule for non-essential buys.
- Plan big purchases in advance—avoid impulse buys.
Mindset moves: What to change in your head
- Trade “more” for “better.” Buy fewer items that last longer.
- Ask: “Does this add value to my life?”
- Replace shopping time with a hobby or walk.
- Celebrate small wins: closed accounts, saved amounts, fewer subscriptions.
The 30-Day Financial Declutter Challenge
How to use: Do one task per day. If a day needs more time, split it across the day. By day 30 you’ll have simplified systems and money clarity.
Week 1 — Accounts & Subscriptions
- List all bank accounts and cards.
- Close or plan to close one unused account.
- List all paid subscriptions.
- Cancel 1–2 subscriptions you don’t use.
- Move recurring low-value subscriptions to a single reminder calendar.
- Choose one app for payments and stop using the rest.
- Automate one bill (set auto-pay).
Week 2 — Budget & Automation
8. Create a simple monthly budget with 3 buckets: Bills, Savings, Wants.
9. Set up one automatic transfer to savings.
10. Automate investment (even a small amount).
11. Review bank fees; switch if needed.
12. Create a one-line goal: “Save $X for Y.”
13. Remove one payment method from online stores.
14. Check and freeze one card you don’t use often.
Week 3 — Spending & Value
15. Track all spending for one week.
16. Identify the top 3 areas where you waste money.
17. Apply the 48-hour rule to non-essentials for the week.
18. Swap one paid habit for a free alternative.
19. Reassess “Wants” budget and reduce it if needed.
20. Plan one purchase to upgrade a low-value item.
21. Celebrate progress — list 3 wins.
Week 4 — Goals & Growth
22. Open (or verify) your emergency fund.
23. Set a clear 12-month savings goal.
24. Consolidate investment accounts where it makes sense.
25. Rebalance recurring transfers to match goals.
26. Write a short money mission statement (2–3 lines).
27. Share your money mission with a friend or partner.
28. List 3 long-term financial reads or podcasts to follow.
29. Create a quarterly review reminder in your calendar.
30. Reflect: write 3 things you’ll keep and 3 things you’ll drop.
Quick examples — before & after
Before: 5 bank accounts, 6 subscriptions, scattered savings, no automation.
After: 1 checking, 1 savings, 2 investing accounts, 2 subscriptions, automated transfers.
Small changes add up fast.
FAQs
Q: Will minimalism stop me from investing?
A: No. It focuses your money where it matters. You can still invest — just with clearer goals and less friction.
Q: Is closing accounts bad for credit?
A: Closing accounts can affect credit if it shortens your credit history or reduces available credit. Close accounts carefully. Consider freezing or leaving small, old accounts open if they don’t cost fees.
Q: How long before I see results?
A: You may feel less stress in days. Financial wins (savings, lower fees) often show in 1–3 months if you automate and stick to the plan.
Start the challenge today
Financial minimalism is a practice, not a one-time action. Start small. Automate. Keep what adds value. If you want help, Terces Finance offers a simple 1-hour audit service to help you consolidate accounts and build a 90-day automation plan.
Book a 1-hour finance audit with Terces Finance.
