The importance of financial savings is always a well-covered topic, especially the reiteration of setting up savings accounts and creating spending plans to stay on top of your finances. However, there are many life factors that can also affect our financial decisions and in turn affect our savings techniques.
Many individuals live very overfull lives, without realising the significant and often overwhelming effects this can have long term. Overfull lives can come in many forms, whether that be by spending too much money and obtaining too much unproductive debt, obtaining too many possessions which leads to too much clutter, or taking on too many commitments and being left feeling busy and behind on everything. This in turn will enforce those long-term effects by requiring you to have a longer career than necessary.
Living a simplistic lifestyle can have many benefits both mentally and financially for you. Buddhist meditation master Chogyam Trungpa once said “You can’t act on your desires alone. You have to contemplate the details of what needs to be removed and what needs to be cultivated”.
By cutting down on the unnecessary elements of life, this leaves us with a clearer mind and more time to figure out what we really want and what is just unnecessary noise distracting us from the finer details of life. Cutting down on possessions or unnecessary purchases not only eliminates overcrowding or clutter from our lives but it also helps aid us in reaching important financial goals for ourselves. Putting money into a savings account can in turn lead you to more opportunities than buying a new piece of furniture just because you want it, or it is on sale.
Making small alterations to living a simpler life now can help you to live a more fulfilling life in the future. When your basic needs have been taken care of and you are more level headed you can then find yourself in the position to indulge in smart spending decisions and your simplistic approach to saving can alter the value of this indulgence.
Taking the time out of your busy schedule to acknowledge the areas where your life is feeling overfull and how you may be able to remove the congestion from your lifestyle, can help you to make calmer and clearer decisions in the long run. It is not about eliminating certain activities that you enjoy, it is about prioritising the parts of your life that are more beneficial than others.
Finding joy in owning or participating in as little as possible helps you to acknowledge what the essentials are for your life and provides you with a clear canvas to rearrange and action the necessary changes for both your life and your financial needs. Holding on to unnecessary attachments may be causing us more damage than we are fully internalising.
If you are feeling as though your life has become overfilled and you can feel the affect it has on your financial situation, contact the team at Financial Architects for help.
Making an Introductory meeting with one of our Financial Architects Advisers to undergo a Comprehensive Financial Plan, will certainly assist you to declutter your financial world and therefore give you true perspective on the future; what we call “Happiness in Wealth”.