Has your life seemed like it’s been all about the hustle for you lately? This is how the past few years have felt for me.
After adding up some numbers, I was excited to learn that my husband and I had our first 5-figure earning month last month. It was truly a proud moment. I’m all about earning more money because it helps accelerate our progress on our financial goals.
However, last month was pretty tiring because we both worked super hard. I enjoy a good hustle, but I don’t believe it can always be sustainable long-term. Quite frankly, I’m tired of feeling depleted at the end of the month and like I have to go, go, go all the time.
It’s okay to take a break and slow down especially during this time of year. One way you can take a break from side hustling without losing out on the positive effects of having more money to utilize is to try simplifying your life.
Here are a few ideas to get started with simplifying your life.
Own Less Stuff
Start by owning less stuff. In general, most of us don’t really need half of the things we bring into our homes. Things can easily add to your financial burden since they need to be maintained, cleaned, upgraded, etc.
I recently started purging my household of extra items that don’t really bring my family much value or joy. Instead, they create clutter and cost us more money.
Think about how much money you could save by becoming a one-car household or simply minimizing your wardrobe? You’d save money on clothing and probably even do laundry less often which could save you money on utilities and supplies.
By having less furniture, you’ll have less to clean and maintain. If you opt to not have a television in every room, you won’t have to pay for extra gadgets, cable boxes, and streaming devices.
Downsize Your Home
Next, you might want to consider downsizing your home. If your rent or mortgage payment is extremely high, and taking up more than 30% of your gross income, it may be time to downsize and choose smaller and more affordable living options.
My family of 3 currently lives in an 800-square foot, two-bedroom apartment. There is plenty of room for us and even quite a few guests since we try not to own too much stuff.
Plus, a smaller home is easier to clean. While we are considering becoming homeowners soon, we’re still aiming for a smaller, more affordable house vs. a large home that requires a ton of maintenance.
Hustling and working overtime just to be able to pay for your house doesn’t make much sense. You won’t be able to truly enjoy, cherish, and spend time in your home if you’re out making money all the time to pay the rent or mortgage.
Get Rid of Your Latte Factor
The latte factor is a money-saving strategy that prompts you to redirect your small, everyday purchases to your savings account, or back into your regular budget to improve your cash flow.
The latte factor is based on the premise that small expenses can truly add up over time. For example, if you buy Starbucks coffee each morning before work at $4.50 per cup, that adds up to $22.50 per week, $90 per month, or $1,080 per year. Just for coffee!
Instead, you can take that $1,000 and put it toward saving, investing, or other neccessities. The latte factor doesn’t only apply to lattes and can apply to any regular spending habit no matter how innocent it seems.
I have mixed feelings about the latte factor. On one hand, I feel people should be able to spend money on whatever brings them happiness and joy and simply focus on increasing their income so they can afford the added expense.
However, if these smaller ‘latte factors’ are just being purchased out of convenience and don’t really bring the person joy or value, they should be cut out. This is especially true if the person is feeling overworked and pressured to keep hustling to bring in more money.
If you’re tired of the hustle and everyday grind, you may want to eliminate your latte factor and see if it a positive or negative impact on your life. If it doesn’t have a negative impact, you can save that money and simplify your life. You’ll have one less thing to worry about spending money on.
Take Advantage of More Freebies
Another way to simplify your life and free up more of the money you already have so you can hustle less, is to take advantage of free offers and events.
Use free loyalty reward sites like Swagbucks to earn gift cards. Take advantage of freebies on your birthday. Use free coupons that come in the mail if they apply to your wants or needs.
Related Post: Swagbucks: What is it and How You Can Earn Swagbucks
Also, look into free events and places in the area to stay entertained. I love free local events because I don’t feel stressed or pressured to add an extra expense to my budget for the month, just so my family can have a good time.
Look up free zoos and free museum days, have a free date night at home with your partner, go to the library or rent movies from there and exercise at home or outside for free to eliminate the cost of a gym membership.
The hustle has its time and place in our lives and can be very effective, but it doesn’t have to dominate our very existence.
Even as you work on paying down debt, saving money, and investing, you can still take days off, spend quality time with family, and exit hustle mode without feeling guilty and pressured.
When you need less and have a simpler lifestyle, you don’t have to work as hard to maintain it and can still meet all of your financial goals.
Are you thinking about simplifying your life in the coming months? Why or why not?