I’m sure you’ve heard the saying, “Money makes the world go round.” or “Show me the money!” There is no doubt that money is important, but when it becomes the object of your affection, or the subject of your nightmares, it’s time to shift focus.
I recently had the honor of posting Living in the Land of Enough on one of my favorite blogs: becomingminimalist.com by Joshua Becker. If I didn’t know before, while writing that post, I realized that the Land of Enough is exactly where I want to live and wanted to explore it with you further. Over the next few weeks, we will dig deeper into money, time, unplugging, food, space, entertainment and gratitude.
Test driving the move to the Land of Enough for a few days or weeks is one thing, but to ensure permanent change, you need to define what is enough. While each of us will have a different version of enough, and that definition will change throughout our lives, some of the basics will be universal. Since I just wrote about getting out of debt, step one of Living in the Land of Enough is the perfect place to start.
1. Money
Save Your Money – There is no need for credit cards or therapeutic shopping in the land of enough. There are also no overdraft fees or ATM charges. Just put your cards away for 10 days. Then, keep a list of purchases you would have made if you were using your credit card, or if you were shopping for sport, and take note of the money that you didn’t spend.
That was the recommendation for a short hiatus in the Land of Enough. For a longer stay, like a lifetime, you will need to consider how much money you need. Ask questions like, do I need to make more or is this enough? If I started a minimalist business, what would I need to make? Consider this, if you are always trying to make as much as you can, and then more than that, what are you sacrificing? What is enough for you? This is not to say that you can’t make a bunch of money in the Land of Enough, but if you are making it just to have more, then other areas of your life may be lacking. Ask this question, Would I be happier if I worked less and made less?
There are three important things you can do with your money. You can save it, spend it or give it away. Each of these options has merit and having enough involves all three.
A long, long time ago, people bought what they could afford. Then, when they ran out of money, they stopped buying things until they made more money. In 1914, Western Union offered the first charge card, which was printed on paper, for consumers. The first official charge card was invented in 1950 by Frank McNamara, who called his card Diners Club. In 1959, American Express was the first company to issue embossed plastic charge cards.
With credit cards, no one had to wait for anything anymore. And they didn’t. Today, you can charge it, rent to own it and even cash checks early if you are willing to pay the price. Unfortunately, the price has become bigger than just an exorbitant interest rate. When you can get anything you want, anytime of day, you become unsatisfied, uninspired and kind of lazy.
Living in the Land of Enough How To:
Spending – Vote with your dollars and buy things that you need and care about. Do not buy to feel. If shopping gives you a rush, you are missing something else. Every dollar you spend supports someone or something. By supporting what you care about, every dollar gets a vote.
Saving – After you are debt free, save 15% of your income for retirement. It’s never too late to start, but the sooner the better. Compound interest is your friend.
Giving – When you enough, you can give to someone who doesn’t. Give to an individual or an organization that you support. Your dollars may change a life.
Let the way you manage your money be a reflection of who you are and how you want to live your life. With spending, saving and giving, do it simply, and do it on purpose. What would you change about money to make your world, or the world, a better place?
Reading Recommendations:
I particularly like the part about letting the way you spend money reflect who you are. And letting go credit. Wise and timely advice, Courtney. I shall strive to spend only with purpose.
Katie, Everything is better with purpose and awareness. I can see through your writing that you get that!
I was born in 1960, and as a child I remember my father saying, “Credit cards will be the ruination of our nation.” Such a wise man. (For all I know, he was quoting another wise man…either way, such truth.) Courtney, thanks for being one to turn these times around. You go, girl!!
Meg B. Thanks for the encouragement. That “you go, girl” got me fired up!
On the topic of money and it’s connection with minimalism, have you considered moneyless living? Daniel Suelo’s blog has lots of thought provoking information regarding the topic and I just can’t seem to get it off my mind. I’m curious if other minimalists have considered this step in their lifestyle.
Hmmmm…moneyless living? No, I haven’t considered it. It’s interesting but I am not ready for it.
I just looked at my bank balance. $16.01 until tomorrow’s paycheck. Two kids at home, and a husband who is unemployed and despite 100’s of resumes, nothing is happening. I am working 50/hrs a week, and will admit I spend too much on eating out…but that is pretty much our only “splurge,” and it’s mostly because I am just toooooo tired some nights to cook. Older daughter is working full time to pay for school and car, and going to school full time, younger daughter is 12.
I read posts like yours, or articles in magazines where they say to give up your morning espresso or dry clean less and I get all excited, and then I realize, I have almost no spending fat to trim because I don’t drink coffee and I soooo seldom dry clean anything, all three cars are old and long since paid for, don’t even have a credit card, etc….
Good advice, anyhow. Hopefully someday soon, my sweet husband, who is suffering more than I can describe with his job situation, will be back at work, and we can start putting aside money, and happily living in the land of enough money 🙂
Lindsay, Wishing the best for you and your family. Your blog is great and I look forward to connecting thru email!
Reads like this lady – Lindsay – should be the reicpient of some of the “give” finances._
Hello Lindsay,
I would suggest your husband start looking for work from home jobs if he can’t find one in his state. If you email me I will send you some legit work from home sites that list reviewed work from home jobs 🙂
Vote with your dollars
I have been saying this for almost a year now to anyone with ears. I became more aware of the concept after my local grocery refused to bring in Agave sweetener. They suggested I use Splenda as it tasted similar. I told them I wouldn’t and that my dollar was my vote of support and because I wouldn’t spend it on Splenda, I wouldn’t support Splenda. Fast forward 4 months when the shelves were stocked with 8oz. bottles and 12 oz. bottles of Blue Agave nectar!
If everyone practiced what they preached, so to speak, and only paid for what they wanted/needed and weren’t sidetracked by other things, there would be more resonance in the consumer voice.
Thank you for the wonderful post today!
I love that! A perfect example of how to spend purposefully.
I know a lot of people knock credit cards because they cause so much financial ruin for so many people. But there are plenty of us out there who use credit cards responsibly. We pay off the balance every month and never spend more than we can afford. My wife and I use a joint card for pretty much every purchase. We improve our credit scores and receive modest cash back rewards. My wallet consists of two credit cards, a driver’s license and my health insurance card bound together with a rubber band. Credit cards can be part of a minimalist lifestyle too 🙂
Have to agree with Nick. I carry two cards but don’t think of them as credit cards and in fact they really aren’t because they are both debit cards that work like a plastic checks. One I use for general purchases and the other I use only for gas because it gives me a 5% rebate on fuel purchases. I carry as little cash as possible, usually no more than $20-$30. The advantage I find to this is all my spending is electronically tracked. I link it all to Mint.com, a free service, and I can find out where every penny went and why. I don’t bother tracking the cash I do carry and spend because it’s inconsequential.
The disadvantage is that given the convenience it allows me to spend on things I might not otherwise have purchased. I resist but I’m not always successful. 🙂
Hi Courtney,
Really enjoyed this post. Thought this was so true: “When you can get anything you want, anytime of day, you become unsatisfied, uninspired and kind of lazy.”
There’s much more satisfaction to be had when you have to work towards something, rather than just receiving it in almost the same instant as the impulse arises. There’s great value in having more consciousness about what we really want, and also knowing what we don’t really want (even when we sometimes think we do.)
What a lovely post, really inspiring! I am currently trying to earn small amounts of money online, in order to be able to save more, and I am still learning about minimalism. So this is really helpful for me!
Hi Courtney.
Right on about saving at least 15% of your income after you have paid off debt. Of course paying off debt is the first step.
You said that we have three choices of what to do with our money, spend it, save it, or give it away. We only have those choices if we are debt free. Vote with your dollars and do not support big banks by paying them interest on credit cards.
I have just read a great book “The Art of Choosing”. In this book the author (Sheena Iyengar) sites a number of studies about theuse of cridt cards and spending. “Research has shown that people are will to significantly spend more paying with a credit card than with cash – over twice as much in some studies”(The Art of Choosing).
So people put way the credit cards, and when you buy, buy what is important to you!
Great post, I also read the post from Joshua. And yeah always running behind “more” is stressful. To be confident is less stressful and so in my eyes it is very important to make that working for your mind. Because mind and your ambience is telling you to make “more”.
Only you are the part which is able to stop that! And you showed us how!
Thank you for that! 😉
I found your website through another blog and I am so glad I did.
I have only had a quick glance as I am meant to be studying 😉 But I shall definately be back. For me personally, finding people who inspire me to try harder and do better is one of the great wonders of the web and you have definately done that! I hope I will be in the land of enough very soon.
Thanks and keep up the great work x
They have created different websites with the purpose of advertising their respective v3 diet pills products. People who have used v3 diet pills for reducing extra fat do not hold similar opinion about the result they have derived.
Thank you so much for this. I’m learning to feel happy about who I am now and not who I would like to be at some other time/place. A big part of that is being happy with what I have now and living within my means so that when I get to a place where I have more I’m not pay off what I wanted before. You have helped me be more peaceful and content today.
I love how you encourage people to distribute their wealth after things are paid off! I am working very hard on learning how to define the boundaries of “enough” and adjust our finances and lifestyle to reflect that instead of always looking for “more”. Great work and wise words!
@growingfourlife