One important benefit of minimal living is the simple reality that it costs less. As you accumulate fewer things, you spend less money. Additionally, it costs much less to store them, maintain them, repair them, clean them, and even discard them. And as your affection for physical possessions begins to fade, you’ll find far more opportunity to use your finances in other ways.
Many people believe the secret to financial freedom is earning more money. Unfortunately, when we begin to make more money without spending restraints in place, we just spend more money… this truth has proven true over and over again (maybe even in your own life). Conversely, the reverse is probably more true: the secret to financial freedom is actually spending less. It’s the simplest solution to (almost) all your money problems.
Live a life that accumulates only the essential often results in the financial freedom you’ve been searching for.
To live below your means is to never spend more than your total earnings. You're successfully living below your means if you make more money from your job and other income than you pay toward expenses. That said, living below your means doesn't require sacrificing what you enjoy.
Some common synonyms of frugal are economical, sparing, and thrifty. While all these words mean "careful in the use of one's money or resources," frugal implies absence of luxury and simplicity of lifestyle.
The word closest in meaning to what you want is spendthrift. Spendthrift is a noun that means "a person who spends money in a careless or wasteful way."
The 50-30-20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should dedicate 20% to savings, leaving 30% to be spent on things you want but don't necessarily need.
Money should help us to create the life we want, NOT make us feel miserable. Spending less money will give you the FREEDOM and CHOICE to live your very best life.
Hobby: Reading, Ice skating, Foraging, BASE jumping, Hiking, Skateboarding, Kayaking
Introduction: My name is Cheryll Lueilwitz, I am a sparkling, clean, super, lucky, joyous, outstanding, lucky person who loves writing and wants to share my knowledge and understanding with you.
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