【1054】Don't buy the stuff you don't need

Six years ago, we decided to embrace minimalist living. At first, the reasons were simple: we were spending too much time caring for possessions and we were wasting too much money on stuff we didn’t need. These possessions were not bringing joy or lasting happiness. Even worse, they were keeping us from the very things that did. Possessions had become the Great Distraction in our lives. And the simplest way to recenter ourselves on the things that mattered most was to remove the excess from our home and lives. It was one of the most life-giving decisions we have ever made—the benefits have been practical and soul-enriching. And we would recommend it to anyone. Owning fewer possessions means less cleaning, less organizing, less repairing, and less financial burden. It brings freedom, clarity, and opportunity. Our lives require space to be lived and experienced to the fullest. But in a world of ever-increasing speed, time for reflection and investment in the things that matter becomes more and more difficult to discover. Hans Hofmann, the legendary painter once said it like this, “The ability to simplify means to eliminate the unnecessary so that the necessary may speak.” 1. Choose a home based on need, not opportunity Sit down and determine what specific requirements your home will need to meet: size, location, length of stay, sometimes occupation. When you begin house-hunting, focus on them solely. Choose based on personal need instead. 2. Never carry a car payment. Almost every person I know who is falling behind in their finances carries a car loan and payment. Don’t do it—ever. Buy the most reliable car you can afford with your cash savings and immediately begin setting aside money for your next one. And even if you can afford a luxury car, remember you can do more good by simply buying a reliable one. 3. Purchase technology based on the problem it solves. Technology advances at a dizzying pace. Keeping up can become an all-consuming, savings-draining pursuit. Remember the purpose of technology is to make our lives easier by solving problems. Before purchasing any new technology billed as the latest and greatest, ask yourself this question: “What existing problem does it solve?” If a new technology is not solving an existing problem, it is only adding to them. 4. Put the spender in charge of family finances. I hold a Bachelor’s Degree in Banking and Finance. My first job out of college was Accounting. I understand budgets, spreadsheets, assets, and liabilities. But my wife is a bigger spender than me. And one of the most helpful actions we took as a family was to put her entirely in charge of the family finances. Because our bank account levels were always small, she became far more careful with her purchases—and worked really hard to keep me in line too. 5. Use entertainment for rest, not escape. Entertainment moves our emotion, occupies our heart, and exercises our mind—or at least, it should. Choose to invest your entertainment dollars in places that will improve your life. There is nothing wrong with enjoying entertainment. However, entertainment can quickly become a personal and financial burden if we use it as a means to routinely escape our own reality rather than deal with it in a healthy way.