Although this sounds counterintuitive in a consumerist culture, owning less can actually improve our quality of life.

In 1978, researcher Phillip Brickman from Northwestern University conducted a study to see if wealth truly brought happiness. He found that the happiness of those who had won the lottery was no higher than the control group who only met their basic physical needs. 

A psychological study was done by LN Chaplin and DR John, which found a strong link between materialism and low self-esteem among young people. 

Plus, it actually improves our mental well-being when our houses aren't cluttered with things. According to Psychology Today, clearing our closets of possessions that we don't absolutely love can reduce stress and foster peace of mind. 

Spending less on material things also cuts back on financial stress, as well as taking away the pressure of always having to earn and buy more. While buying your favorite pair of pants in three colors may feel right in the moment, this doesn't ultimately lead to long-term happiness. 

By embracing a minimalist lifestyle you can make your life less complicated and less stressful—all while saving money. Perhaps less really is more.