"You can create financial freedom for yourself if you have strong enough reasons why take action and commit to it."

This episode is the third week of the Minimalist March series. Every week within this month, it will be about minimalism, essentialism, and living more with less. Today, I want to talk all about financial minimalism.

 

Let's dive in as we learn more about how minimalism helps my finances and the great debt discussion.

 [00:01 - 06:49] Opening Segment

• I give a brief introduction to this month's series and today's topic.
• •  Minimalist March: Financial Minimalism.
• The No spend challenges to experience.
• • Luxuries vs. necessities 
  • Budget my spending for a week
  • It helps you to see where you spend your money on.
• Audit your budget
• • Look at your expenses to see where you can save.
  • Audit the main things and the secondary things.
  • Look and audit all of your subscriptions to know what you use or not.

 

[06:50 - 19:35] Financial Minimalism

• Things to focus on spending money
• Spend money on what you value the most.
• 90-day rule for non-urgent purchases over $100
• • Often, we got tempted to feed into the impulse to buy something, but most of the time, we do not need those things.
• Ditch the fast fashion.
• • Take a moment to research some brands that ethical, sustainably made, and higher quality clothes.
  • In the long run, we do not need to buy clothes that often because we make sure to invest in high-quality pieces. 
  • Support local and your friends' businesses.

 

[19:36 - 27:34] Debt Discussion

• Your main goal should be eliminating as much debt and be debt-free.
• There are so much freedom and mental confidence in being debt-free.
• Make the sacrifices that you can make with your budget.
• • If you can aggressively make changes to do it, do it now.
  • Do what you got to do to eliminate your debts
• Questions to ask yourself.
• • Figure out why you want to pay off your debt.
  • Why do you want to save up enough money?
  • How is it going to make you feel about paying off that debt?
  • What kind of person will you show up as once you do that?
• The reason to pay off debt has to be bigger than yourself.
• • Have that toward and way motivation to make it happen.
• You can create financial freedom for yourself if you have strong enough reasons why take action and commit to it.

 

[27:35 - 29:48] Closing Segment

• One challenge for all listeners; - audit your budget and how you spend your money within the next 24 hours of listening to this podcast.
• • Be self-aware of where you are right now and where you want to go
  • Figure out why you want to get there and a way to leverage yourself to get there.
• If you enjoy this podcast episode, please let me know by leaving a five-star review and share it with your friends.
• I talk about the topic for next week's episode.
• • QnA about minimalism
  • Follow my Instagram page @CNsloan and submit your questions there.
• Final words from me

 

Tweetable Quotes: 

"A lot of times we got tempted to feed into the impulse to buy something, but most of the time we do not need those things." - C.N. Sloan.

"The reason to pay off debt has to be bigger than yourself." - C.N. Sloan.

"You can create financial freedom for yourself if you have strong enough reasons why take action and commit to it."- C.N. Sloan.

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