If you are thinking about downsizing, you are not the only one! There is so much economic turmoil that, for so many of us, the concept of downsizing has become a reasonable solution to most of our woes.
However, it’s important to remember that downsizing is actually not something that should just be done as a knee-jerk reaction to a financial problem, but can actually be a wonderful solution in every part of your lifestyle. Let’s show you why:
Because a larger home means more maintenance and upkeep, we don’t necessarily consider how this impacts our stress levels. If anything, we need to keep life simpler now, and if you can at the very least downsize and put some of your personal possessions into storage containers, you will make everything far easier in every aspect of your life.
You’ll have more leisure time, and it also means that when you simplify your surroundings, you are instantly having to declutter and organise your living environment regularly. You can then experience a greater sense of calm because you have that order in your life.
One of the biggest reasons to downsize is for financial stability. Many people have opted to buy properties based on the upper echelons of their earnings and so they’ve definitely hit issues because of the interest rates.
Bigger homes come with higher mortgages, not to mention really hefty utility bills. A more affordable living space means that if something came and knocked you for six, such as redundancy, you have far better financial breathing space because you can reduce your monthly household expenses, which frees up your money for other needs. Financial flexibility is tough to come by, so do you need all of that space?
Life is unpredictable, and downsizing offers greater flexibility. It’s not just because you’ve got more money in your back pocket, but smaller homes are easier to sell if you need to move for personal or family reasons.
A larger property is going to be tougher to sell, and when you downsize, especially as you approach retirement, you can fund a lot more in later life. The equity can easily finance your retirement dreams.
Because downsizing encourages a shift from accumulating stuff to focusing on the quality of life and the value of experiences, downsizing forces you to think about what you should keep and what you should get rid of. This means you end up with a far more meaningful existence.
Every item in your home needs to serve a purpose. As you’ve got less space to fill, you can invest in high-quality possessions, and this means you start to focus on what truly matters to you. As you make this change in mindset, you start to think beyond mere personal possession and focus on a more satisfying life.
Downsizing is gaining popularity, not just out of necessity, but rather than thinking that downsizing is something you need to do and is only going to cause negativity in your life, it’s far better to make the shift in mindset and think about what it really will do for you beyond the finances.
