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Published : 14 Dec 2025, 09:16 PM
During the COVID-19 pandemic — a time when people were panic buying toilet paper and hand sanitiser — many were also ditching materialism. For Rebecca Goodwill, a 35-year-old personal finance writer based in Norfolk, England, the global health crisis was a catalyst for her to buy less and save more. Since 2021, she’s saved and invested an average of 2,000 pounds ($2,660) a month. That discipline has paid off: Today, she estimates her investments to total half a million pounds.
Back when Goodwill worked a nine-to-five job, splurging on clothes was second nature — a habit carried over from her days as a fashion communications student. "Every single season, it was a whole new wardrobe,” she says. "It was just so exhausting.” The seasons of life played a role, too. Goodwill noticed that her spending often coincided with major life moments, leading to “very emotionally driven" decisions.
Goodwill has since cut back on clothes, as well as home decor and TV subscriptions. Minimalism, she says, is key. "My life now looks, on the outside, a lot more basic. I'm really not afraid to do those things like repeat-wear outfits."
Equipped with self-taught financial skills, Goodwill initially thought her money would grow quickly after learning that diversifying investments was how rich people stayed rich. But the journey wasn't a get-rich-quick tactic. "If you haven't got a lot of money to start with, if you start putting it absolutely everywhere, you haven't really got a lot in each pot to grow," she says.
THE WIDER TREND
Gen Z and millennials are prioritising underconsumption by making more meaningful purchases, according to a recent PwC study, which found that 51 percent of Gen Zs surveyed cut back on dining out or takeaways.
Money coach Natalie Scott says consuming less is a short-term fix for saving goals, but the longer-term solution is learning new skills. "As young people, we need to start upskilling and going for those jobs that pay more, because that's the only way we're going to beat inflation,” Scott says. “With the short-term underconsumption, you're building that discipline of delayed gratification, strengthening that muscle."
TAKEAWAYS
Make short-term sacrifices. "It's okay to have a season of our life where we do say, ‘I'm just going to have a really quiet life and I'm going to save as much as I can,’" Goodwill says.
Keep one treat. The key to long-term success is balance, not deprivation, so don’t be afraid to keep small joys like a weekly coffee. "I think you always need something in your budget for you,” Goodwill says. “If not, life is going to be miserable."
Prioritise career advancement. The best hedge against inflation is increasing your earning power, so try to upskill and learn more about how you can progress in your career. This can be as simple as speaking to people in the roles you want.
