5 Ways to Downsize Your Life

Would you like to downsize your lifestyle but aren’t sure how to get started? If so, explore some of the most common techniques for achieving success. Fortunately, there are multiple tried and true tactics, like eliminating unnecessary activities and habits. What else can hard-working adults do to achieve their downsizing goals? Along with culling their wardrobes, minimizing monthly expenses, and creating a monthly master time schedule, they move to smaller homes, combine outings to reduce driving, and sell excess belongings to reduce household clutter. Review the following techniques and see which ones might deliver results for you.

Use the EUA Strategy

EUA stands for Eliminate Unnecessary Activities, and the practice is gaining traction among a new generation of working people who value the simple life. The definition of unnecessary is up to everyone, but most consumers have an accurate idea of what constitutes an unneeded activity. What are the most common culprits? Look at your monthly spending to get a feel for how to get rid of at least a few expense items. Consider avoiding things like eating at fast food restaurants except on rare occasions, purchasing snacks and sweets at convenience stores when you stop to gas up, making impulse buys while grocery shopping, and acquiring clothing items that you could do without.

Minimize Monthly Expenses

Keeping monthly expenses as low as possible is the single most powerful way to reduce the complexities of daily life. For most modern adults, some of their largest expense categories include things like student loan payments, car insurance premiums, homeowners’ policy payments, and mortgages. For those who rely on comparison platforms like Marketplace by Navient, it’s easy to find the best rates on personal loans, insurance coverage, student loan refinancing packages, and other products and services. When you have the chance to compare multiple providers’ terms and rates side-by-side, there’s no guesswork about getting the most advantageous deals. Saving cash on recurring expenses is immensely worthwhile because the savings are locked in and keep delivering financial relief month after month.

Cull Wardrobe & Personal Belongings

Do you own two cars but could get along with one just fine? What about household appliances like toasters, washers, portable ovens, hair dryers, coffee makers, and so many others? Next, look in the closet and tally up the number of items you haven’t worn in more than a year. All the above, and much else, are candidates for the personal belongings’ graveyard. Decide whether to give them away, donate to a charity, recycle some or all the items, or sell them via an online auction site. The culling process is meant to eliminate excess belongings that have built up over the years. Once you get into the downsizing mentality, it’s less of a struggle to part with such things.

Combine Outings & Errands

Reduce weekly driving distance by combining several kinds of errands into fewer trips. Avoid making late night runs to mail a single letter or fill the car with gas. Instead, make a list of planned weekly errands and attempt to do as many as possible at once. If your family is taking a day trip on the weekend, plan to do grocery shopping, fueling, and other chores on the way home. It takes a bit of practice to cut down on car mileage, but after about a month of trial and error, most people discover that they save money on gas and spend less time running around.

Move If Necessary

It’s not always necessary to move to achieve a downsizing goal. However, for many retired people, the timing is right, and it makes good sense to sell a larger home and find a more efficient living space. Financially, opting for a smaller home can deliver huge financial benefits for people of all ages and income levels. Be sure to consult a reputable real estate professional who specializes in helping owners find smaller dwellings. Additionally, consider working with a tax accountant to make sure you structure the sale and purchase correctly. In most cases, people can avoid high rates of tax on sale proceeds by putting some or all the money directly into another home. Working with knowledgeable professionals can minimize costs and streamline the process of moving from a larger home into a smaller one.

Help Keep Big Easy Magazine Alive

Hey guys!

Covid-19 is challenging the way we conduct business. As small businesses suffer economic losses, they aren’t able to spend money advertising.

Please donate today to help us sustain local independent journalism and allow us to continue to offer subscription-free coverage of progressive issues.

Thank you,
Scott Ploof
Big Easy Magazine

Share this Article

Leave a Reply

Your email address will not be published. Required fields are marked *