We live in a consumer-driven society.
Everywhere you turn, there are ads for products that claim to make you smarter, thinner, or happier.
To say it’s challenging to avoid going into debt for material items is a bit of an understatement.
However, if you can successfully avoid going into consumer debt or succumbing to hefty lifestyle inflation, you’ll find the benefits of having a low-cost lifestyle are huge. Here’s why:
1. You Have More Career Freedom
If I didn’t live a low-expense lifestyle, it wouldn’t have been possible for me to quit my day job to work on my online business. With a budget of around $1,800 per month, the business I’ve built around my passions is more than enough to pay the bills.
When you’re not paying for a luxurious lifestyle, you have the opportunity to follow your dreams. With your basics covered, you can pursue a business idea that may take a while to flourish, or a career with a low starting salary.
This doesn’t mean you always have to be a low-income earner, though. Living a low-expense lifestyle affords you the freedom to start out as a low-income earner and work your way to the top at your own pace.
2. You Have Less Stress
When you’re not worrying about how you’re going to pay your bills or support your expensive habits, you’re under much less stress. You don’t have to work extra hours unless you want to.
Earning enough money to pay down accumulated debt is a huge source of stress. That being said, many people have accumulated debt from student loans to work toward the career they wanted. In some cases, those student loans may have been necessary, but in other cases, not so much.
Either way, debt in all forms can be a huge stressor. If you intentionally live a low-cost lifestyle, you’ll likely be living in less debt – and with less stress.
3. You Can Concentrate on the Important Things
When you’re not always chasing the almighty dollar, you can slow down a bit and really enjoy your life. You can spend more time on the things that are important to you, like family and friends.
When you have a bit of financial freedom, paired with a low stress level, the world starts looking better. You enjoy the beauty in each and every day and have the chance to go for those opportunities that really mean something.
What’s your favorite part of living a low-cost lifestyle?
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I think your last point is the big one for me Alexa. Life is just too short to not slow down and enjoy the things, and more importantly, the people around you. We’re not financially independent yet, but our lifestyle allows us to dictate the things we do so we can have the time we want and generally when we want to enjoy time together as a family.
My favorite part about living a low-cost lifestyle is that my extra money can be spent on travel. Seeing the world and taking advantage of life should definitely be a priority!
I agree that a low-cost lifestyle reduces stress. Reducing the sheer number of things that “need” to be purchased and maintained frees up a lot of energy.
the best things in life are free! I don’t know why people tend to forget that.
Actually I forgot about that too until recently when I was “forced” to cut expenses!
Thanks for the great read! 🙂
I have a great garden with a large vegetable garden that gives me peace and relaxation, while I save lots of money in the household budget for vegetable purchases.
For me, the freedom to stay at home and care for my autistic son and write are huge benefits to a low cost lifestyle.
Also maintenance. I see folks on my paper route with big houses — it seems like they’re forever fixing them up. I live in a low-cost co-operative situation, with a postage stamp sized backyard and a front yard that’s considered a common area, so someone else cares for it.
Too many people don’t realize that having too much stuff can be as confining or more so than not having enough money.
Another benefit is the ability to leave work early. I moved from a high unemployment area to one with a low cost of living with some employment opportunities. After saving for a few years, I bought a tiny house and paid it off in 10.9 years while raising 2 children. This left me many more years to save. My children now embrace the frugal lifestyle, and live on less than the “poverty line” in this country (as I do). Now we have stopped working (my wife is still working part time for a few more years by choice), we spend our extra dollars on travel (living out of a carry-on pack. Next year we are planning to visit Israel, then Finland, Estonia, and St. Petersburg, then California, then Milan. If you live many years frugally, you can leave the working world early. A great benefit!
More career freedom and less stress! Couldn’t agree with you more on these