MINIMALISM & MONEY: 10 TIPS TO SIMPLIFY YOUR FINANCES – Episode 1 || SugarMamma.TV


Hi everyone, welcome back to my channel
SugarMama TV. This video is part of my how-to series for minimalism. I’m taking
minimalism and going deeper with it and giving you lots of ideas. Lots of steps,
lots of tips and tricks. So you can apply minimalism beyond just simply
decluttering your life. So you can take some of these ideas or all of these
ideas and hopefully you will feel the benefits from this. Now this video is all
about minimalism and money. Which sounds kind of counter-intuitive. Because we
always want to maximize money in our lives. However I want to talk about
maybe making money in our life a lot more efficient. Minimizing the financial
stresses in our lives. And learning to be a lot more efficient and emotionally
comfortable with having money in our lives. So here are 10 ideas or tips for
you to apply in your own personal finances. Where you will quickly feel the
benefits and feel financially lighter. Tip number one is to have one bank. Now
within that one bank I want you to have one everyday account with an attached
ATM debit card. Then attached to that one ATM everyday account. I want you to have
three online accounts. Now the reason why I want you to just pick one bank account.
Is because when you log on to that one bank account. You can see your whole
entire financial situation from a cash flow perspective. There are no more
online bank accounts floating around in cyberspace. You log in to one place and
you quickly and efficiently see everything about your cash flow right
then and there. And use that ATM debit card to pay for everything. The three
remaining online internet bank accounts. One is for your life and emergency
account. That is where you stockpile for all those infrequent, quarterly, biannual,
annual expenses. And things that just happen in life, on top of your emergency
money. The second online savings account is
your lifestyle account. This is where you can put money for your lifestyle goals.
Such as saving up for a holiday, maybe buying new investment piece for your
wardrobe or upgrading your laptop. Whatever your lifestyle goals may be.
That is where the money goes for that particular goal. The third
online savings account is your financial goal account. Now this is where you put
money in for your future financial investment whether it be to eventually
save up money to sign a share portfolio or maybe even a deposit for your first
home whatever it may be but three online bank accounts all linked to that
everyday account tip number two is to have one or no credit cards in this day
and age you don’t have to have a credit card you can quickly and easily pay for
things online using that ATM debit card also by having one or no credit card it
means you’re not wasting money in fees however if you are someone who is very
responsible with your credit card you pay it off in full each month and you
appreciate the benefits that come with a credit card such as free travel
insurance and frequent flyer points that is absolutely fine but just have one
this also means that if you ever get into a little bit of credit card debt
its contained to one credit card which means it’s quicker and easier to pay it
off and getting it back on track and of course if you do have one credit
card make sure it has the benefits that are right for you don’t just go for the
code a car that has the maximum benefits because you may not be making the most
of those benefits tip number three is to remove all those store cards membership
loyalty program cards from your wallet and unsubscribe from them often when we
have these types of memberships or subscriptions they just encourage to
spend more money in their store and often buy things that we simply do not
need it is a complete and utter financial destruction remove them
tip number four is actually around social media we always told social media
can be really toxic to our mental health and that we can get encouraged to buy
things that we don’t necessarily need or want or have that pressure to keep up
the Joneses I do agree with this but actually social media can be incredibly
powerful why don’t you detox or declutter your
social media take away all those people or brands that you’re following that
tend to encourage you to spend money and replace them replace them with people
that inspire you motivate you and empower you for example I love to follow
the debt free community all these people will post up their financial goals share
with everyone their challenge struggles and everyone helps support
each other and contribute ideas to help people get back on track it’s incredibly
inspiring and incredibly motivating tip number five is to clean up and declutter
your internet banking go through your pay accounts and go through your biller
codes and look at the accounts which those people don’t exist in your lives
or you know that those people’s accounts that were closed a long time ago and
remove them when you use your internet banking it’s supposed to be quick and
easy and efficient to use if you’re having to scroll through long lists of
people that you don’t actually transfer money to or pay money to anymore simply
delete them off your internet banking will make it so much quicker and easier
for when you do use your internet banking tip number six is to lighten
your wallet go through your wallet remove any old bits of paper and
receipts and junk that it’s just simply clogging up your wallet will also free
up the energy of money in your life as I said in the other tip remove those old
store cards and loyalty programs and membership cards you don’t need them
another great idea is to remove the flow and heaviness of coins in your life
everyday when you come home why don’t you put the coins in a jar that you keep
next to your hall table so when you come home you’re not weighed down by these
anymore as the jar increases and gets full take
it to a bank deposit into one of your lifestyle or financial goal accounts so
you can actually feel the benefits of this new habit tip number eight is about
your retirement savings account so in Australia that’s called superannuation
in the u.s. it’s your 401k plan or RSA account and in Europe it’s your pension
account you only need one of these accounts you do not want multiple
accounts all over the place you’re wasting money on fees and also there’s a
lot of extra paperwork in your life that you don’t need which is not great for
the environment now when you’ve consolidated all your retirement money
into the one account make sure that money is invested for the long term
which means typically having a higher asset allocation to long term
high-growth investments investments such as shares international shares and
property but of course make sure you understand your risk profile this also
means it’s really easy to keep on top of how much money you have
retirement savings account whether it be super an RSA 401k or a pension account
you know how you’re tracking towards your financial goals for a healthy long
and luxurious retirement tip number nine is to remove your financial danger zones
be aware of when you get that temptation to spend money avoid going to the
shopping mall make it a really quick in-and-out their trip don’t spend your
spare time wandering around or looking online on your favorite stores also for
things like takeaways and home deliveries know that when you’re feeling
tired you tend to waste money on those things so pre-prepare have healthy food
in your fridge already do your food planning do your meal prepping all those
things to remove and minimize financial danger zones in your life and then the
final tip tip number 10 is to minimize and remove those financially
self-destructive mindset beliefs things like getting caught in the trap of well
I can afford it just because you can afford something
doesn’t necessarily mean you should go ahead and buy it remember you know
anybody love value use and appreciate also spend time being really conscious
and aware of any self-destructive toxic mindsets you’re having things around
self-worth there are a lot of people out there who have this incorrect toxic
unhealthy attitude or mindset that was planted in them at a very young age that
they’re not worthy of being financially free and independent that is complete
and absolute rubbish there are a lot of fantastic blessings that come from being
financially secure in it and independent such as having more time
more time that then you concern with the people that you love and helping the
people that you love so take time to really honor your financial habits take
time to explore sit with and remove those toxic financial mindsets and
attitudes that you have around money now that’s it for this video around mill ism
and money remember the less expenses you have the more money you have and the
more money you have the more time the more twists and the more freedom now who
doesn’t want that so that’s it for this video let me know what you think of this
video and if you like it and if you have any other tips around mill ism and money
please put them in the comments box below because I love hearing from you
now remember this is part of my 10-week how-to
series around middle ism so if you haven’t subscribed already please make
sure you do and don’t fit you can follow me on instagram at sugar mama TV and at
can assess have a fantastic week everyone and I’ll see you next week

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