less is moreSociety often encourages us to have “more.” But big, beautifully decorated homes, faster cars, and more possessions carry a cost that can be limiting instead of satisfying.  A “less is more” lifestyle can open the way to a more fulfilling future.

The Cost of Having Too Many Possessions

It’s expensive to keep up with the Jones’s. Not only that, but the costs go far beyond the money spent to acquire more things. Buying into the “more” mentality means increased time at work earning the needed extra cash. The additional time at work makes it difficult to find time for friends and family. Ironically, it also gives you less time to enjoy the possessions you work hard for.

Continually trying to pay for “more” can cause us to spend money set aside for emergencies or tempt us to add to our debt load. Living outside of our means and living from paycheck to paycheck is stressful. Instead of benefiting from and enjoying our things, we become slaves to our possessions.

The “Less is More” Concept

 Abandoning the pursuit of more possessions gives you more freedom to spend time with family, less stress because you aren’t as worried about money, and more time to focus on things that are really important. When we buy or accumulate less, we free up time and money, allowing us to pursue things we enjoy.

How to Incorporate “Less is More” in Your Own Life

“Less is more” is not about foregoing nice things or not treating yourself from time to time. Instead, it’s about being smart with your time and money. A few ways you can adopt this principle include:

  • Look for small ways to incorporate the “less is more” principle. It may be as simple as cancelling cable subscriptions and using that time to read, play games with your family, or pursue your favorite hobby.
  • Don’t make impulse purchases. Make conscious spending decisions. Make sure the reasoning behind your purchase is sound and will make you happier. Purchasing a designer purse solely to impress your friends may not be the best way to spend your money.
  • Know what each purchase truly costs. For example, you may be able to afford the payments on a luxury car, but will you still be able to afford things you enjoy, like vacations? If a purchase drives you further in debt or makes it so you can no longer afford things you enjoy, you may want to rethink your spending.
  • Focus on your priorities. It can be difficult to adopt a “less is more” lifestyle when everyone else around you is acquiring more things? Remember, what you do with your money may be different than your family and friends, and that’s ok. Make your decisions based on your own priorities and needs, and not anyone else’s.

Choosing to live a “less is more” lifestyle is liberating. It frees you from the worries associated with spending too much and allows you to pursue the things that matter most to you.

About - David was initially drawn to accountancy because he was ‘good with numbers’. He has been an insolvency professional since 1993. Soon after he began to work with debt issues he discovered that the most satisfying part of his role was the ability to make a positive difference in other people’s lives. It is the person, not the numbers that continues to guide his approach toward helping others deal with debt issues.