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Published On: Tue, Feb 17th, 2015

Personal Finances Getting Affected Due To Minimalism? Let Us Find Out!

Going by the recent trend in the US market, Americans are looking at various ways to improve their financial condition and how they can take forward the minimalistic approach to reap some benefit on their financial situation.

The minimalistic approach is commonly referred to as living the minimalistic lifestyle. This might seem like an impossible task and there were quite a lot of heated arguments and discussions on the same as to how can a minimalistic lifestyle prove to give a better financial stability. But with time, this approach has helped quite a few US families and individuals.

photo Roman Oleinik via wikimedia commons

photo Roman Oleinik via wikimedia commons

Let us give you a closer picture at some of the most common problems that US consumers face on a regular basis. The issues are based on the lines of loss of job or mortgage. However, what is interesting is to find out that each of the financial problems that they are facing is unique and has a different story to tell. Hence, the growing need to benefit from some tips on personal finance has become the need of the hour today. It is best to summarize that the problem of each US consumer is diverse, therefore, the need to focus on the minimalistic approach.

Keeping aside this approach, consumers need to sit and chalk out a plan that would give them a comfortable solution to get rid of all their financial woes. But thinking of a solution would imply that you consider your lifestyle and the present financial condition. As far as the minimalistic approach is concerned, some consumers are of the opinion that they need to posses less than 100 important things. While some believe that living in minimalism implies living off the grid and settling in some forest. Well, at the end it is the final call of the consumers and they need to think of what suits them and their financial condition the most.

photo by photoSteve101 via Flickr

photo by photoSteve101 via Flickr

Seeking help from financial advisers is perhaps the wise thing to do. It is they who believe that this approach of a life living with minimalism is basically indicating that you get rid of all things that people have in excess. But this does not indicate that you sell of everything. All things excess is not just harmful for your lifestyle but also for your financial stability. Hence getting rid of excess is a must.

Going by recent statistics, on an average, 57% of US consumers have more than one microwave at home, so that they can whip up multiple dishes at the same time. According to them, this saves time specially during the morning office rush or at night when they are too bogged down after a hard day’s work. But little do they realize that this is burning a big hole in their pocket because of the excess electricity they are consuming.

When it comes to gadgets like Smartphones, Tablets, iPads, iPhones or even the iPod, an average American has minimum of 3 or more than that at home. These gadgets are not just time consuming and addictive but they take a toll on human health and at the same time consume a lot of excess electricity. That’s not all, when it comes to television, on an average 48% of Americans have one in every room.

Now that is definitely one thing that is extremely excessive for a house. To add to this problem, not only is it unnecessarily excessive, but it has hardly any utility since people have YouTube to fall back on. If this is the trending lifestyle of most of the US consumers, then financial advisers are so right when they say that the minimalistic approach should be adopted immediately in everybody’s lifestyle.

With this approach, one can take control of their future and stabilize their financial security, but what about the present financial condition? Dunked in a pool of loan?

The easiest way to get rid of it would be to consolidate the loans together and club it into one big loan. Through this process, you can pay off your debts but at a lower rate of interest and at the same time take control of your lifestyle to have financial stability for your future as well. Take help from your financial advisers to get the best debt consolidation plan for yourself. The best plan will keep in mind your present financial condition and will also help you to pay off your debt easily within a stipulated time frame.

The focus is on “easily” because the rate of interest tends to be a lot lower than expected, helping Americans to pay off smoothly. But before venturing into a debt consolidation plan, it is important that you convey your lifestyle pattern to your adviser. Not only are they advocates of the minimalistic lifestyle but they are also the guiding factors helping you recover from debts and loans.

Guest Post: Jimmy Simond

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  1. How to get out of debt – the 9 step plan - SmiLoans says:

    […] Personal Finances Getting Affected Due To Minimalism? Let Us Find Out! Hence, the growing need to benefit from some tips on personal finance has become the need of the hour today. it's best to &#8230. Before venturing into a debt consolidation plan, it's important that you convey your lifestyle pattern to your adviser … Read more on The Global Dispatch […]

  2. No plan for Greece ready, Athens must extend bailout: Moscovici - SmiLoans says:

    […] Personal Finances Getting Affected Due To Minimalism? Let Us Find Out! Through this process, you can pay off your debts but at a lower rate of interest and at the same time take control of your lifestyle to have financial stability for your future as well. Take help from your financial advisers to get the best debt … Read more on The Global Dispatch […]

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