Living With Less

The average debt burdening Americans under the age of 30 is approximately, “…$23,872…” (Business Insider and the Federal Reserve’s Survey of Consumer Finances). Between ages 31-39, the debt balloons to, “…$62,658…” (Business Insider and the Federal Reserve’s Survey of Consumer Finances). Credit card debt. Educational loan debt. Mortgage debt. Home equity loan debt. One would think that the older Americans get, the less debt they carry. But, the research does not support this assumption. Personal debt is growing.

The old ‘American Dream’ of owning a home is often the new ‘American Nightmare.’ Carrying a mortgage, for some people, is like a seatbelt; it holds them in place and holds them down. Many years ago, I took a course on personal finances from a realtor; she had us go through an exercise to determine if renting or owning a residence were a better deal. In the late 1980s, owning was the better deal. Now, it may not be.

While many people do not have the choice to live with fewer resources, property, others can choose to live with less. Fewer possessions, less stuff to manage, less stress, less debt and more freedom. How can you enjoy that level of freedom? Here are a few approaches to consider:

1. Make getting out of debt the priority. Dave Ramsey’s plan is comprehensive; he provides tools to help people become debt-free. His Debt Snowball is a superb technique to pay off debts. https://www.ramseysolutions.com .

2. Reduce your physical stuff, and embrace a minimalistic philosophy. The Minimalists offer some clever resources to reduce your stuff. One of their brilliant ideas is called the ‘Packing Party.’ https://www.theminimalists.com/packing/ .

3. Reduce your wardrobe. Having a ‘capsule wardrobe’ can be beneficial in many ways. It eliminates the need for lots of closet space. It makes it much easier to choose what to wear. While there are lots of websites and articles on living with fewer clothing items, the system that I like the best is called the ‘Project 333.’ To learn more, see https://bemorewithless.com/project-333-challenge/ .

4. Sell the expensive, fuel-guzzling, luxury vehicle. If your identity is tied to the vehicle you drive, your ego may need to be reduced too. You may have ‘identify clutter.’ Open this link for more on ‘identity clutter’: https://www.theminimalists.com/p320/ .

5. Save on food. Cook at home. Host parties that are ‘pot luck.’

6. Before you buy something, ask yourself three questions: a. Do I need it or do I want it?, b. Is this made to last?, c. What will I get rid of to make room for this to come into my life? In other words, when something new comes in, something old of equal size/value has to go. Or, you can leave the store or the website where you are shopping when you want to buy something. Take a week to consider the three questions listed above.

7. Reduce gift-giving; let your friends and family know you would prefer not to get gifts. Instead, do things together that are no cost or low cost.

Living with less does not mean you are reduced; only your possessions go under a diet. Embracing living with less may mean you will grieve the possessions, and then you may feel lighter, freer. And, your children will be grateful not to inherit a house-full, garage-full, storage facility-full of stuff they do not want. Perhaps, after you have reduced your stuff, the next step to living with less may be reducing your mental, emotional, and attitudinal clutter. Living with less stuff means living with more peace.

To reach me about Life Coaching or my Re-Imagine Writing online class, please email me at reimaginelife22@gmail.com.