Downsizing is something that most of us think about in terms of older age, usually in relation to property, but it is something that we can do at any stage of our lives, whether we are looking to save money, live a more minimalistic lifestyle or make better decisions.
Downsizing is often the smartest option from a financial and quality of life perspective, which is why it is something we should all be thinking about at various stages in our lives. If you want to downsize your life, but you don’t know where to start, look at the following suggestions, that will help you to get started and hopefully save you money at the same time!
Downsize Your Vehicle
One of the simplest things for many of us to downsize, which can have the biggest impact, is your car. If you own a vehicle, on average you will be spending £162 per month on its running. For most of you, it will be possible to trim this down by downsizing to a smaller, more fuel efficient, greener vehicle, which does not demand as much money in terms of insurance, taxes and fuel. If you have an expensive vehicle, you could even save money by selling it and buying a much cheaper model. So, why not value Your Aston Martin or put your Renault up for sale right now? As long as you switch to a vehicle which meets your needs, it should be absolutely fine.
Of course, it could be the case that you don’t really need a car at all. If you live somewhere with good transport links, or you’re able to walk or cycle most of your common journeys, you could save literally thousands of pounds over the years by downsizing to no vehicles at all.
Downsize Your Home
The home is the most common thing to downsize when you’re looking to save money and live more simply. If you have more rooms than people and much of your house goes unused not only might you be paying hundreds more on your mortgage than you need to each month, but you will needlessly be wasting money heating those unused spaces too. Do yourself a favour and work out exactly how much space you really need, weight that up against the costs of moving – both financial and personal – then think about finding a new place. The money you save can be used to secure your future in savings, or to give yourself a few extra treats throughout the year.
Automate Your Finances
What does automating your finances have to do with downsizing? Well, it will help you to downsize the amount of time you spend dealing with and thinking about bills, which has to be worth the effort! If you automate all of your bills to be paid by direct debit and you set up an automatic transfer of funds to your savings account each pay day (so the money you make goes out of your account before you even see it!), as long as you’re sensible, things will run smoothly without stressing you out. You may even save money because you won’t have any more late payment charges, and you can spend the extra time you free up working on a side gig, relaxing, or figuring out how to downsize other areas of your life, depending on what you value most.
Downsize now for a simpler, richer life!