MINIMALISM : Beyond decluttering material possessions

A defining feature of the minimalist lifestyle is purging your material possessions and living only with the items that, are necessary, adds value to your life or  brings you joy. The concept ‘less is more’ is predominant in minimalism. The common practices of minimalism include getting rid of duplicate items, reducing the number of items you own as a whole and having a capsule wardrobe. Decluttering your physical possessions is a basic feature of minimalism. 

Minimizing your possessions to the basic essentials is only one side of minimalism. Minimalism is a way to simplify your life so that you have more time to do the things that you enjoy and love. Principles of minimalism can be adopted to other areas of your life such as your relationships and how you handle your money. 

I would argue that, decluttering your material possessions is the easiest part of adopting minimalism. It is easier to get rid of that extra blouse in your closet, than to remove yourself from bad relationship. It takes less time and less effort to donate that extra  handbag you have not used in a year, than it is to become a conscious consumer. Some of these changes will take a lot more time, effort and mental energy to implement on a day to day basis. However, they will be more beneficial to you, your mental well-being and your finances in the long run. 

Minimalism and Relationships 

Thinking of 'Relationships' from a minimalist’s perspective can be somewhat controversial. Applying minimalist principles in to your relationships certainly does not mean that you cut off all contact with your family and friends and live alone. Minimalism encourages you to surround yourself with what brings you happiness and joy. It is obvious that our family and friends contribute a lot to our physical and mental well-being. As the famous saying goes you are the average of the five people that you spend the most time with. This means your relationships play a large role in  your health, your finances, the quality of your life, and your job performance. 

Today in the era of Social Media, we have the illusion of having hundreds, if not, thousands of friends. However, it is important to have a close circle of family and friends who you can trust and look for advice. We all have only 24 hours in the day. It is important to prioritize who we spend our time with. We can make a conscious choice to spend a majority of that time with people who are positive, kind and help us be the better version of ourselves. Spend time with people who inspire you, motivate you and make you happy to be around them. Listen to people who tell you the truth, even if you are not willing to hear it. Try to avoid people who are constantly negative and drains you of your energy (or at least limit your contact with them). 

Minimalism and Money 

The relationship between minimalism and money  can be described very simply as 'if you don't spend on what you don't need you will be able to save more money for things and experiences that you actually add value to your life'. Being a minimalist changes the importance that you attach to money and material possessions. Money is not the sole factor you consider when deciding on a career. This does not mean that someone leading a minimalist lifestyle, has no interest in earning money or their job or advancing their careers. Minimalists will focus on building a career from what brings them joy and helps them improve their skills. They look for opportunities that provide them with the ability to do what they love. They take on challenges to improve themselves and overcome their fears and limitations. Minimalists like spend on experiences rather than material possessions. 

Once you decide to limit your material possessions to what is essential, it is easy to buy higher quality items and, take care of what you already own. You become content with what you own and you don't feel compelled to buy the latest item on the market just because everyone else owns it. You are not driven by the latest sale or bargain. You don't feel the need to keep up with the latest trend, simply because you are aware that you do not need it as it does not align with your conscious lifestyle choices. You become a more conscious consumer and evaluate what you buy based on the value it can add to your daily life.  This in turn helps you to save and invest more and to build a better financial future.

EMERGENCY FUND - the importance of a Financial Safety Net

What is an “ EMERGENCY FUND ”? 

An emergency fund is a stockpile of cash that you have saved for sudden, unexpected or unforeseen financial expense that comes up in your life. The defining feature of a financial emergency is that it is difficult to predict. You cannot be certain when or if  such an emergency will arise and how much it will cost. These emergencies include a sudden illness, an accident, a lay off or a pay cut or a death in the family. A financial emergency is different from expenses that occur on a day to day basis. It is also different from expenses which occur less frequently such as maintenance costs/replacement costs of vehicles and household equipment. Having an emergency fund helps you to cover the unexpected expense without having to go in to debt. 

How much should you save? 

The answer to this question will vary depending on your personal financial situation, the type of job you have and whether you have dependents or not. Typically, financial experts advise you to save at least 3 to 6 months of expenses in your emergency fund. 

However, if you have a family or elderly parents whom you support, (or sometimes even pets)  it is advisable to save more. If you work in a field where it is difficult to get a job or have fewer vacancies or requires specialized knowledge/ certifications and you know that you maybe unemployed for a longer period time, it is advisable to save at least 8 to 12 months of expenses in your emergency fund. It is important that you have the emergency fund in an account which has high liquidity. It is essential to have easy access to your emergency fund in case you need it. 

Importance of having an Emergency Fund 

The current unpredictable global economic situation has demonstrated to us, the value of having a stockpile of cash to cover emergency situations. Many of us  face an uncertainty about our jobs. The best thing about having an emergency fund is that it gives you peace of mind. Knowing that you have a significant amount of money in savings for such  emergencies, gives you a great deal of peace of mind. It takes away the stress related to coming up with money to pay for daily expenses and helps you to find the best solution for the problem at hand. Having an emergency fund in place will make any financial emergency in to an inconvenience instead of turning it in to a complete financial disaster. If you do not have an emergency fund you will be forced to borrow money to cover your regular bills through credit cards or pay day loans. The high interest rates attached to these debts will make it even harder for you to get back on your feet financially. An emergency fund will also help you maintain your standard of living, give financial stability to your family and stay current on your bills. 

How to save money for an Emergency Fund 

• Live a minimalist lifestyle for a few months until you save up enough money for an emergency fund. 
• Set up an automatic transfer from your salary to a separate emergency account. 
• Sell unused items that you have around the house online. 
• Take up a side job for a few months until you save up your  an emergency fund. 
• Savings challenges – eg:-Saving coins, 52 week savings challenge 
• Take additional hours at your job and directly put that extra money towards building your emergency fund. 
• Save tax refunds or bonuses from your job 

It is important to understand that it will take some sacrifice and discipline to save at least 6 months of expenses. However, these sacrifices will be temporary, and the benefits of having an emergency fund will greatly out weight the minor inconveniences that you will have to face in the short-term.

11 SIMPLE STEPS ON MONEY MANAGEMENT

BASIC STEPS TO CREATE A BUDGET

Disclaimer - It is important to note that the above tips are my personal views and opinions on money management. These tips should not be considered as  professional financial or legal advice. This information is  general in nature, may not be suitable to your individual, financial or legal situation. Always consult a competent and qualified Financial Professionals and a Legal Professional before you chose any investment, and, do all  necessary research and understand the risks involved  before you purchase any financial product.

Does Minimalism help you to face difficult times better ?

We all go through difficult times in our lives. Major illnesses, loss of a loved one, loss of a beloved family pet, being fired from your job, accidents, and financial emergencies all affect us adversely. We all respond to and handle these situations differently. Certain situations which may seem like minor inconveniences to certain people may appear to  some as devastating  circumstances. 

Adopting a minimalist lifestyle means that you intentionally choose to keep material things that  are essential or things that add value to your life or things that bring you joy. You also make a conscious choice to remove anything material that is cluttering up your life.

How does minimalism help you to face difficult times better? 

Minimalism helps you to identify your priorities 
As a Minimalist you intentionally choose your material possessions. Similarly, you also exercise caution and make conscious decisions about people you surround yourself with and the activities that you spend your time on.  
When you are going through a difficult time it is very difficult to function as you would under normal circumstances. The reason is that a lot of your mental and physical energy is spent on dealing with the problem at hand. It becomes very difficult to focus on daily tasks. 

Minimalism helps you manage your time better. Minimalism helps you to identify your top priorities and the tasks that require your immediate attention. It also gives you permission to put certain tasks which are not as  important  in the back burner and focus all  of your energy on dealing with the difficult situation. In turn, it improves the quality of your  life even during difficult times
Less stuff, Less clutter, Less chores = More time  

Being a minimalist saves you a lot of time on household chores and simplifies your life. A minimalist lifestyle involves surrounding yourself with a few material possessions which are essential and adds value to your life. Decluttering what is not essential frees up a lot of space in our homes. This means chores such as cleaning, laundry, cooking  and organizing  takes a lot less time and effort. Time is an invaluable asset. It helps tremendously when you have an extra few hours to deal with the problematic situation you are facing, instead of performing some mundane chores. 

Minimalism helps to clear your mind and focus only on the things you can control. 

Being a minimalist has a significant impact on our mind. It helps us to clear our mind and be present. This is an essential life skill that every adult needs to learn.  It helps to  remove the unnecessary emotional stress as well as toxic people from our lives. Minimalism helps to focus on what you can control. If your loved one is sick, unnecessarily worrying or overthinking, is not going to help either of you. If you can clear your mind, you can focus on finding the best treatment option for them. You can't control the illness, or the time someone will take to recover,  but you can control how you react to the situation.  Focusing on only what you can control helps you gain clarity and helps you take your conscious choices about the situation.

Minimalism helps you  save money

When you stop spending on unnecessary stuff and buy only what is essential you can save a significant portion of your monthly income. A minimalist lifestyle helps you save money. If you have saved up money for an emergency to cover your expenses for a few months, this will help you take away the additional stress relating to your daily finances. Even if your problem is  not related to your finances, having a decent amount of savings will definitely help you face difficult times better, and handle the situation better  without being emotionally strained by financial worries.

My previous posts on minimalism :-

BENEFITS OF A MINIMALIST LIFESTYLE
Advice for aspiring minimalists
My Thoughts on Minimalist Living

Importance of Self Care

When the New Year rolls around we all resolve to take better care of ourselves. Sometimes self care can be seen as being selfish. Putting your needs ahead of, any one of the hundred of things on our never ending  to-do list, just feels wrong. In the fast paced modern society even taking ten minutes to yourself may feel like the precious time that could be spent doing something more productive or useful. When there appears to be some urgent chore to finish  or deadline to meet or a meeting to attend, spending time on Self Care may seem like a waste of your valuable time.

However, Taking time to take care of our physical and mental health should be a priority in our lives. It is difficult to argue about the necessity of self care in the modern society. No one else will be able to take better care of our bodies and our minds than us. Taking steps to incorporate simple self care routines in to your daily  life may help you to avoid major health problems in the future. Your health become your greatest asset as you grow older.
No one is more capable of taking care of yourself than you. Therefore it is extremely important that you prioritize self care, even if you feel like the busiest person in the world .    

• Take care of your physical health

This is the number one thing you can do when it comes to Self Care. Taking care of your physical health  includes the most basic self care practices and habits such as eating  a balanced diet, drinking  plenty of water, taking any medication that you need to take for your illnesses at the correct time, getting 6 to 8 hours of sleep every night, including some form of physical exercise into your daily routine, and prioritizing annual medical checkups and dental visits. Although these habits are obviously extremely beneficial to our health, it is pretty common to see these basic self care practices being easily forgotten. Therefore, make a conscious decision  to include good health practices into your daily routine this year.

• Put yourself first 

Although, this may sound incredibly selfish at first, there is merit to putting your own needs first. You must be in  good physical and mental health, to be a good parent, partner or a productive employee. If you are sick or stressed your ability to take care of your family and to do your job properly becomes compromised. No one can or is going to make your interests or needs their priority. Only you can do that. It is crucial that you take the time to prioritize the things that are important to you and your mental health even if you feel like that  you don't have a minute to spare for your needs. Take time to relax and take active steps to deal with any form of stress. Meditate or do yoga. Listen to classical music.  If you are a religious person take time to pray or do a bible study or anything that will help you connect with your faith. Adopt minimalist habits and simplify your life Take a day off  from work or even go on a solo weekend get-away.  Even if your family will find it inconvenient at the time, they will surely be grateful that you took the time to take care of yourself in the long run.

• Set up a plan to get your financial life in order

Stress relating to finances can lead to many mental and even physical problems. This year take time to come up with a plan to put your finances in order. This will include coming up with a debt repayment plan, saving up money for emergencies, and planning for your retirement. If you are thinking of asking for a promotion or a changing your career path, consider obtaining new educational qualifications or attending training sessions and improving your skills.  

Simple Tips on Money Management

• Make it a priority to take care of your mental health 

It is very important to prioritize your mental health. Take steps to reduce stress and anxiety in your life. Seek professional or medical help if you suffer from any form of  mental illness. Don't hide the fact that you need help to deal with an illness because of the stigma attached to mental health. If you require to take medicines to deal with depression or anxiety make it a priority. Create a habit to take the medicines as prescribed by your doctor at the correct time. Talk to a therapist or a mental health counselor at your school. Avoid or (if possible) completely cut out toxic relationships from your life. Surround yourself with people and things that make you happy. Be with positive people who support you and make you feel energized, instead of people who are constantly negative and drain your mental energy. Put your needs and mental health first. Life is way too short so don't waste it on people you don't deserve you or treat you with the respect you deserve.

How to reduce stress in your daily life