Downshifting
The act of reducing one's standard of living for an improved quality of life. Downshifting assumes a trade-off between standard of living, such as level of wealth, and quality of life, which relates to well-being. Investopedia Says:
People who downshift are looking to improve their personal life. These changes could take the form of more spare time, a reduced workload or a lower stress level. To achieve these goals, the person must be willing to give up their current standard of living and look to reduce the cost of living. For example, someone may attempt to downshift by reducing their monthly expenses, moving to a smaller house or selling unnecessary possessions. Related Terms:
Budget
Disposable Income
Expense
Personal Income
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