suefoster.info contains affiliate links marked with an *. If you click one of these links I may earn a small commission at no extra cost to you, thank you! Please see my Disclosure Policy for further information.
How Downsizing Can Help Your Finances
Is it time for you to downsize your home and make your lifestyle more manageable? There are many reasons for wanting to make this change, and one of them is to do with money. You can save yourself a lot of money and find more ways to improve your financial situation if you’re willing to make it happen. Downsizing could just be the spark you need to get you started.
A Smaller Home is Cheaper to Maintain
When you eventually get round to downsizing your home, you will find that a smaller home is far easier and far cheaper for you to maintain than a bigger one would be. Don’t be fooled into choosing a home that’s big and spacious because these are the homes that really require upkeep, especially if the property is on the older side as well.
You Can Run a More Fuel Efficient Car
When we talk about downsizing, it can also refer to the car that you drive. Ideally, you should try to drive a car that is compact and fuel efficient. You don’t want to waste money on a vehicle that isn’t going to be those things for you. Go to your local Smart car dealership and talk to them about these cars. They’re small and they’re very good at using their fuel efficiently.
You’ll Avoid Hoarding and Collecting, Which Will Save You Cash
If you have less space at your disposal, you will find that you’re simply not able to collect and hoard as much of the stuff as you might ordinarily. You should try to save cash by not buying things that fill up your space.
By forcing yourself into doing this by living in a more compact home, you will indirectly save yourself significant sums of money.
The Released Equity Will Provide You With a Financial Boost
Selling your large home and moving to a smaller and cheaper one will mean that some of the money from your home sale will be left over after the purchase of your new property. That cash is then yours to do with as you will.
Perhaps you want to start a business or go travelling. Whatever you want to do is now possible thanks to the wonders of downsizing.
Even Your Health Will Improve
Your health might also improve if you feel more relaxed and less stressed out by the size and scale of your home and all the work that has to go into maintaining it. This is obviously a great thing in itself, but it will also save you money on care and medical costs going forward, which can’t really be a bad thing, can it?
Downsizing and living a smaller scale life really is a viable option for just about anyone. Why continue with more space than you really need if it’s going to do nothing other than lead you to spend more money later?
A smaller house or simply a smaller way of living could be exactly what your finances are praying for.