If you're thinking about simplifying your life in the New Year, consider the following to decide if a simplified lifestyle is right for you. Motives Ask yourself what you hope to gain from a simpler lifestyle.
Some people do it to save money or to get out of debt.
Others choose a simpler lifestyle to de-stress or to escape commercialism and live in a way that better reflects their values. Still others just want to spend more time with their families. In the financial planning world, people assess their risk tolerance to decide how to invest their money. When it comes to living a simple life, you'll need to assess your simplicity tolerance to figure out how far you want to go. To some people a simple life means living without any of today's conveniences, such as running water, electricity, or a telephone.