By Vicki Robin and Jacquiline Blix

Getting your finances in order is only one benefit to following financial wellness programs – such as those offered in our books Your Money or Your Life and Getting a Life. Taking steps to lower your consumption and achieve financial health can also help balance your whole life. For example, examining your finances may help you discover you’re spending too much money on material things you don’t need. Once you cut down on those expenditures, you might find you can afford to work less – and spend more time on people and meaningful activities.

Part of working toward financial wellness means continually checking in with your values. As your purchases and activities begin to align with what you truly want in life, the stress of living at odds with your core truths disappears.

The following exercise provides a way to zero in on areas that may be tilting your life out of balance right now, from excessive clutter around your house to energy-draining activities. It will also help you think about what you need more of in your life.

Take a piece of paper and draw a big cross on it. The idea is to sort things in your life (material and non-material) into one of four categories; 1) Need and Have 2)Need and Don’t Have 3)Don’t Need and Have 4) Don’t Need and Don’t Have. Work with this diagram by examining one room or even one aspect of your life (relationships, life work, spirituality, etc.) at a time. Make a list of the items that fit each category and consider:

Need and Have: How often do we pay attention category? We take so much of what supports us in life for granted. Reminding ourselves of these blessings usually brings a wave of gratitude.

Don’t Need and Have: For this category, think “generosity.” Here’s a perfect opportunity to share with others what has come into your life, but no longer fits. Once you’ve let something go, move it from this category into the “Don’t Need and Don’t Have” category.

Need and Don’t Have: This category is a call to action. For material goods, you might turn to “smart shopping,” researching socially and environmentally responsible buys. Or, consider putting the word out among family and friends. Someone may have what you need sitting unused in their garage.

Yet not all our needs are met by stuff – despite what the consumer culture would have us think. Our need for love, respect, belonging, creativity and autonomy are more often met by communication (communion) rather than consumption. Think about the non-material things you need more of in your life, and reflect on ways you could nurture them.

Don’t Need and Don’t Have: This category is straightforward. It might best be called “freedom.”

Use the diagram to move items in the “Need and Don’t Have” into the “Need and Have” category and likewise with the “Don’t Need and Have” into the “Don’t Need and Don’t Have.” This movement will help create balance in all aspects of your life.

Originally Published January 2002 in Real Money Newsletter
Reprinted Here with Permission of Co-op America