Recently I undertook a “Financial Fast”, which was renamed “Frugal February” by one of my lovely subscribers. During this 30 day period, I took a minimalistic approach to the way I used and spent money in my life. Basically I was a complete tight arse (well I tried to be), for the month of February.
Over the 30 day period (you can watch my Money Minimalism/Financial Fast video here), I had many a “Aha” moments, and realised what I truly value in my life. Spending less, meant having more money left over….money that I could do more things with to improve my life and reduce stress.
This challenge taught me more than a few things, but in looking at the total amount of money that I was able to save by exercising self control and only buying what I love, value and appreciate (and use), gave me a greater sense of appreciation and a lot more fulfillment for the things that I do spend my hard earned cash on. It was refreshing.
One other important discovery that I made, was the emotional benefits of having simpler finances, particularly around debt. I often describe having debt (particularly multiple debt), to juggling balls in the air. It takes a lot of energy, concentration and stress to keep it going….all of which could be directed into a more far productive and beneficial outlet.
If you are in debt, you need to make a plan to get out of debt and stay out of debt for good and the less balls that you have in the air, (as in the number of different debtors) the easier it is for you to fine tune your focus and be more productive and efficient in paying the debt off quickly.
So if you are in debt, start researching methods and options to get out of debt as quickly as possible. Maybe even try doing a month of “Money Minimalism” to make an extra repayment to your loans! And be careful to change your spending habits so that you don’t repeat history!