This is part of a 30-day series called the 30 Steps Program to Financial Independence.
Step 9: Minimize Your Stuff
You might be wondering how your belongings affect your journey to financial independence. It actually plays a significant role. Previously, I mentioned the importance of saving for your financial goals. The less stuff you have, the smaller the space you’ll need to store it. By downsizing, you might even rent out an extra bedroom to generate additional income.
Having fewer things means less cleaning, less worry about break-ins when you’re away, lower insurance premiums, and fewer repairs and maintenance. All these not only save you time but also money.
I don’t own many things myself; everything I have fits into a small car. This gives me a lot of freedom to move and travel lightly.
Take a good look at all your belongings. Yes, I’m talking about those forgotten boxes in the garage and the expensive storage unit you’re renting. Is everything in there truly essential to your life and happiness? Probably not, or you’d have it with you.
Try to declutter. Sell clothes that no longer fit on eBay or host a garage sale. You might even make some extra cash!
You don’t need many things. Focus on keeping just what you really need and invest in good quality items. A good bed, good shoes, a reliable computer—these things will add more value to your life. In the long run, you’ll appreciate your possessions more and spend less money by having fewer items around.
