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#FLM2017 What are the Rewards of Adopting a Minimalist Lifestyle?

The “minimalism” trend has gone viral this year. It’s the idea that less belongings and more experiences equals happiness. What are the rewards of adopting a minimalist lifestyle, though, when it comes to debt relief?

First, let’s discuss a few steps to take if you want to live a minimalist lifestyle:

  1. Write down your reasons. Maybe you’re stressed by clutter, or maybe you just want to sell your extra things. Knowing why you want to be minimalist will help you decide whether to take the plunge.
  2. Sell duplicate items and make clutter-free zones. If you own 10 dress shirts and only wear two, why hold on to the others? You can also sell unneeded appliances, books, or other household items. The money you get from selling your stuff can then be used for extra debt payments.
  3. Travel lightly. This can be a freeing experience, and a thrifty one too. Travelling lighter fits your minimalist lifestyle, and is also a surefire way to save on baggage fees.
  4. Start an emergency fund. With your minimalist lifestyle, you should be saving more money. Using those savings to start an emergency fund will help with the holistic approach of minimalism: being less stressed.

How it helped others with debt. Financial writer Jessica Moorhouse has a great post about permanence, and why you shouldn’t believe in it. It includes a section on collecting “stuff” and why making the most out of life involves living with less. All this can help lower stress, and keep you motivated toward paying off debt.

Make a plan for 2018 and get started. Now’s the best time to review your financial goals, since November is Financial Literacy Month in Canada. Starting a minimalist lifestyle should be about more than money, but there’s no doubt it can help you reduce debt.

Go through your apartment or house room by room and decide what items are essential, and what you can sell or get rid of. Embracing the rewards of adopting a minimalist lifestyle, especially one that work for you, is a great way to reduce debt in 2018.

Any tips for going minimalist? Join the conversation on social media by using the hashtags #DebtSolutions and #FLM2017.

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