Financial Minimalism
What happens when you stop chasing more and focus on what really matters?
What Do These People Have in Common?
What do Joshua Fields Millburn, Ryan Nicodemus, Marie Kondo, and Cal Newport have in common? They are part of a growing movement that asks a simple question:
What happens when you stop chasing more and focus on what really matters?
That question is at the heart of minimalism. And it’s not just about getting rid of old sweaters or clearing off your kitchen countertops. It’s about a new way of looking at life, deciding what has real value, and yes, how we use our money.
Most of us didn’t grow up with this idea. We grew up in a world that celebrated more. More things, more shopping, more upgrades. Our phones and feeds push us to want more every single day. At some point, though, all that “more” started to feel heavy. It drained our energy, and it cost a lot, too.
Joshua Fields Millburn and Ryan Nicodemus, better known as The Minimalists, earned good money and had the kind of success many people admired. But they were unhappy. They started letting go of things, careers and pressure, and found a new type of freedom. Their message is simple: you don’t need to own a lot to live a meaningful life.
Marie Kondo, a Japanese organizing consultant and author who created the KonMari Method of decluttering, is known for her simple question: “Does it spark joy?” That idea was enough for many people to open a closet and see things differently. Maybe it’s an unused toy or a skirt that never quite fit right. We hold on to these things, but why? Letting them go doesn’t mean you’re losing anything. Joy isn’t in the pile of stuff. It’s in the time you spend with family, the stories that get told around the dinner table, the laughter, the memories that stick long after the things themselves are gone.
Cal Newport, an MIT-trained computer science professor at Georgetown University, talks about digital clutter, which most of us don’t even notice. His idea of digital minimalism is about using technology with intention instead of habit. Constant notifications, endless updates and too much screen time weigh us down, just like a cluttered house does.
Different people, different approaches, but the message is the same. Less clutter in your life makes room for what really matters.
What Is Financial Minimalism?
Financial minimalism takes the same idea and applies it to money.
It doesn’t mean moving into a bare apartment without bookshelves or sefarim, or giving up the little things that make life enjoyable, like a decadent chocolate bar for Shabbat. It means being intentional about how you use money.
A financial minimalist might say:
• I don’t need to overspend on semachot, whether it’s the gown, the flowers or the music, just to keep up appearances.
• I don’t need a dozen bank accounts, gemach loans, and credit cards that make my finances confusing.
• I want my money to bring me menuchat hanefesh, not keep me awake at night with stress.
Financial minimalism means decluttering your finances the way you’d clean out a closet before Pesach. Why hang on to something that doesn’t serve a purpose or bring you joy?
We grew up in a world that celebrated more. More things, more shopping, more upgrades. . . . At some point, though, all that “more” started to feel heavy. It drained our energy, and it cost a lot, too.
When Financial Minimalism Hits Home
You don’t have to move off the grid or cancel every credit card to live more simply. Most people begin with small steps. Maybe this sounds familiar:
• You’re earning more than you did five years ago, but yom tov expenses or tuition hikes keep you feeling just as stretched.
• Keeping track of bills, credit cards, tuitionpaymentsand loan repayments feels like a second job.
That’s financial clutter. Minimalism offers a way to clear it out and restore a sense of calm and control.
Chanukah, Gifts and the Orthodox “More”
The need to financially declutter feels especially relevant around Chanukah. In many homes, what began as a holiday of light and family has turned into night after night of gifts. For some, it’s no longer just a toy here and there—it’s gadgets, matching pajamas, games, even trips. And with social media flooded with images of overflowing gift tables, the pressure to keep up only grows stronger.
But here’s the question: Does all this really add simchah? Or does it just drain families emotionally and financially?
Financial minimalism doesn’t say “don’t give.” It says give with intention. Maybe one thoughtful gift per child is enough. Or maybe you add something new to the tradition: one night of giving tzedakah together, or one night of family time with dreidel, songs and latkes. Those moments are what your children will remember.
The same is true beyond Chanukah. Yom tov clothing, bar mitzvahs and weddings all come with pressure to outdo the next person. But our real value is not in outspending someone else. Financial minimalism reminds us to focus on what matters and to stop proving ourselves through our purchases.
What Financial Minimalism Can Look Like
Here are a few ways you can start financially decluttering:
• Keep your accounts simple. One credit card, one checking account, one savings account. That really is enough.
• Buy fewer things, but choose better ones that last. One good pair of shoes can serve you better than three that hurt your feet.
• Value time over money. Extra hours with family will bring you more joy than another dollar earned.
Living with Enough
Financial minimalism isn’t really about giving things up. It’s about making choices. For some people, that might mean spending on family dinners; for others, it might be travel, a hobby or simply having the freedom to walk away from a job that doesn’t fit their lifestyle anymore. It’s about freeing yourself from what doesn’t matter, so you can put your time and money into what does. Maybe that means learning more with your chavruta, helping out at your child’s school or taking on a role in your shul.
The Mental Health Connection
Money stress is one of the biggest drains on people today. Too many bills and accounts pile up. Add all the “must-buys,” and it’s no wonder we feel anxious and exhausted.
Simplifying helps. You feel calmer when you have fewer accounts to track, fewer payments to worry about and fewer “shoulds” running through your head. It’s like walking into a clean room after ignoring a messy one for weeks. Suddenly, you can breathe.
How to Get Started
You don’t have to change everything overnight. Try one of these small steps:
1. Make a list of your accounts, bills and obligations. Cross off what you don’t really need.
2. Pause before you buy. Ask yourself, “Do I really need this or is it just a habit?”
3. Watch your spending for one week and set a small goal, like saving a certain amount of money per week, returning clothing you never wore or trimming one yom tov expense you don’t really need.
That’s enough to get started.
The Bottom Line: It’s Not Just About Money
At the end of the day, financial minimalism isn’t really about dollars and cents. It’s about what we value most. It might help to ask yourself:
• Do I own my things or are they starting to own me?
• Am I spending because it makes me happy or because I want others to notice?
• Is this choice moving me toward the life I want or just keeping me busy?
Judaism has always taught us to appreciate what we already have. As Pirkei Avot says: “Who is rich? One who is happy with what he has.” That’s the heart of financial minimalism.
When Chanukah comes around and every ad is shouting about sales, give yourself a chance to slow down. Ask if this year you need so much. Maybe it’s fewer gifts, but they are gifts that actually matter. Perhaps it’s not about piling on more but about noticing what’s already in your home.
Real wealth has never been about what’s in a shopping bag. It shows up in the family we raise, the community we lean on and the memories that stay with us long after the gifts are forgotten.
Rivka Resnik is the author of three financial literacy textbooks. The high school textbook can be purchased at cost at https://livingsmarterjewish.org/high-school-curriculum-payment/. For more information, or for advanced and junior textbooks, email lsj@ou.org.
More in this section:
Crushed by the Costs: The Hidden Financial Strain of the Orthodox Middle Class by Shalom Goodman
Financial Minimalism by Rivka Resnik
The Cost of Community: The OU’s Bold Effort to Make Frum Life Sustainable by Tova Cohen