Inside: Use these tips to see how much money living simply can save you in one year.
A guest post by Rose Morrison
As prices continue to rise, many people are looking for ways to save more money.
The good news is there are small and big changes that can be made that will have a positive impact on your finances.
Small changes you can make here and there, such as making coffee at home, add up. But also making bigger lifestyle adjustments can save you even more.
By choosing to live simply you can enjoy a variety of benefits including saving a good deal of money.
While the amount you can save depends on the individual person, you may be surprised to find out how much money living simply can save you in one year.
How Much Money Living Simply Can Save You in One Year
We live in a culture that often focuses on consumerism. You can purchase many things in a couple of clicks or even have a service that routinely takes money out of your account to restock your home with very minimal effort.
Getting sucked into the next big thing you “need” for your home, pets or wardrobe is easy. After indulging in some items, you might notice you spend too much on things you barely use.
There’s no better way to save money than to live simply. There are several great reasons to make this lifestyle change, but today we’re going to focus on how much money it can save you.
The amount you’ll save by living simply for one year might be a fantastic motivator.
6 Ways to See How Much Money Living Simply Can Save You in One Year
Want to see how much money living simply can save you in one year? That amount will depend on several factors including your current circumstances and spending as well as the cost of living in your area.
While the number you may save in a year will vary from others, you might be surprised at how much it is. So why not challenge yourself to live simply this year and see how much you can save?
You may find you enjoy other additional benefits of living simply as well!
1. Evaluate Wants vs. Needs
Instant gratification feels excellent since you get what you want when you want it. This mentality encourages you to give in to impulsive purchases your budget may not support.
When you see something you think you must have, think about it for a couple of days. After a while, you may realize it’s something you don’t necessarily need.
The process can be as simple as identifying it as a want, not a need. On average, adults in the U.S. spend $1,497 a month on nonessential items.
It might be nice to have for a little, but you could forget it by the end of the month. Thinking about purchases — whether necessary or not — will do wonders to keep your life simple and have more money in your pocket.
Being more intentional with shopping you can save yourself a lot of money each month!
2. Cancel Memberships and Subscriptions
Memberships and subscriptions are tricky since after you sign up, the service routinely takes money from your account without you noticing. You can go a while paying for something monthly that you don’t even use, like subscription boxes or entertainment services.
Consider how often you use your streaming services and see if you can reduce them. You might have Netflix, Hulu, Youtube TV and more, but how often do you use all these? Netflix and Hulu cost about $15 per month, depending on the plan.
By narrowing your streaming service to just one of these, you’re already saving $15. Evaluate the ones you use the most to narrow them down for a more reasonable monthly entertainment cost.
If you want to take things further, you can cancel other memberships, like the gym. Consider using the resources around you as your gym if you don’t go often and it seems like a waste of money.
Maybe you have some old weights in your basement or you could take your workouts outside. There are plenty of ways to get active outside of the gym.
3. Downsize Your Home
Downsizing might sound like a big step to living simply, but it can do wonders. Today, 60% of people living in homes over 2,000 square feet say they would pick a smaller house if they could start over.
When you have more space, you feel the need to fill rooms you might not even use.
In order to downsize it’s helpful to shift your mindset and use reverse decluttering. When you think about the things that are most important, it makes it easier to let go of the extra stuff.
It’s easy to think you’re making an impact by getting greenwashed products for your home — a marketing appeal so you buy the supposedly environmentally friendly version of things.
In reality, the most frugal and green products are the ones you don’t spend money on. Whether you want to save money or live greener, it’s best not to purchase any products that are unnecessary.
And if you have a smaller home, you may be less tempted to purchase additional things.
Not only will you need to buy less decor, but you can save money in other ways. A larger home means there’s more space to heat and cool.
When you have smaller areas to keep warm or cold, you’ll spend less money on bills. Additionally, a bigger house means more opportunities for maintenance, which can rack up expenses in the future.
4. Look Through Your Belongings
Sometimes you buy things you forget you have in the first place. Instead, you can save money by simply looking through your belongings and utilizing the items you purchased in the past.
A common occurrence is when the seasons change and you put away clothes you won’t wear during that time. When the season rolls around again, you think about how you need a warm jacket when you already have one packed away.
You should also do your best to cut down on impulse buying — two out of five Americans say the ability to shop online has made sticking to a monthly budget more challenging.
Additionally, more than half state it feels good to purchase things without considering the price. You might’ve heard the phrases “Treat yourself” or “You can’t take it with you.” These suggest splurging in the moment without regard for money in the future.
When looking through items, decide if you can get rid of any of them, too. Living simply involves saving money just as much as it does not cluttering your house.
There are a number of ways you can make money while decluttering your home.
You can sell items in good condition so other people can put them to good use. Even if you sell it for a small amount, you can get something out of the item you never use while freeing up space in your home.
5. Simplify Your Schedule
When you’re constantly short on time, convenient things will become your go-to, such as picking up coffee on the way to work, ordering food for dinner, or getting a yard service.
If you’re too busy, you’ll likely spend money on things you can do yourself. For example, 58% agree they waste money on overpriced beverages, like a morning drink from a coffee shop.
When planning your schedule, consider these things so you have time to take care of necessary things for yourself and your home. People who get takeout six times a week or more spend over $100 more per person on food in a month.
If you simply eat food from home or make your lunch instead of eating out, you can save a significant amount in just one week. All of the small adjustments you make will add up over time.
Determine how you can declutter your schedule to reduce your stress and increase your savings.
6. Focus on Relationships & Making Memories
If living simply is difficult for you to grasp, a good rule to remember is experiences and opportunities will feel more gratifying than gifts. When you look inward, you’ll start to see your value.
No new purchase will make you better than you are now and material things won’t provide lasting happiness. Things that lead to stories, experiences, and helping others will be much more rewarding than the newest phone or car.
The thrill of buying something new is very short-lived. After you buy the latest shoes everyone wants, you’ll wear them for a while and eventually, the next big thing will come out.
This is why saving money to spend on real experiences like a vacation is much more meaningful since the memories will last forever.
Take time with others and yourself by giving the gift of attention, being a good listener, and creating more profound and meaningful relationships.
The best gift you can give to yourself and other people is experiencing new things and creating a healthy relationship. The best part about it is it costs $0 to be a great friend.
See How Much Money Living Simply Can Save You in One Year
There are many benefits to be enjoyed from living simply and saving money is just one of them.
By focusing on what you truly need and resisting the urge to purchase unnecessary items, you will not only save yourself a lot of money but will also prevent clutter in your home.
Try implementing a couple of these tips and see how money much living simply can save you in one year.
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