5 Steps to Embrace Lifestyle Deflation Without Deprivation
5 Steps to Embrace Lifestyle Deflation Without Deprivation
The Minimal Investor
Written by Adam on March 28, 2021.
Are you one of the millions of Americans who are currently rethinking their finances? If you want to reset and reevaluate not only your money but what your life will be after the pandemic, there are ways to bring it all into balance without feeling deprived.
Let me know if this sounds familiar. When you were younger, you had less money than you have now. You worked hard, and every dollar you earned was a new opportunity to support yourself, buy something fun or have an exciting experience.
As you progressed in your career, perhaps you upgraded different parts of your life. You worked hard, and every dollar you earned was a new opportunity to support yourself, buy something fun, or have exciting experiences with new people. As you made more money, you probably bought more things. Maybe you upgraded from an apartment to a house. Or from an inexpensive area to the center of a city. Or from a cheap used car to buying your dream car.
The path to lifestyle deflation goes at your own pace
How far down this path you go depends on when you pause to reflect. Some people never do and end up with piles of debt, cluttered houses, and empty hearts.
There’s a name for this: hedonic adaptation (also called the hedonic treadmill). Over time you add more luxuries to your life. You start using a dishwasher. Each adult gets their own car. You buy an Instant Pot. As time goes on, this life becomes your new baseline. The cost to support your lifestyle climbs ever higher, but it’s hard to figure out what you could cut out.
Did you know that you can change the speed of your treadmill? You can choose to slow it down and to live a more simple life. You can even lower the speed and bring the life you love with you. Let’s look at a few thought-exercises you can do today (or at any time) to nudge your mindset in a new direction.
1. Find What “Enough” Means To You
For everything in life – from money to possessions to relationships – there’s a sweet spot. Too many relationships, and you’ll be overwhelmed. Too few, and you’ll yearn for more connection to the world (just ask 2020). The trick is finding the sweet spot where you have enough.
Yet most of us, myself included, don’t think about how much enough truly is. If you never reevaluate what enough means to you, how will you ever know when you’re there? You might even have reached enough already but don’t even know it. You could slow down the treadmill while maintaining the same level of happiness you have today.
The concept of enough spans many aspects of your life:
Enough relationships – Does that mean one life partner? 5 close friends? 5,000 Instagram followers? A group that goes to brunch every week? What do enough relationships look like to you?
Enough money – Is it being able to pay bills and support your family? To afford an education? To create a better future for those you love? Is it enough to become financially independent and retire early?
To continue reading, please go to the original article here: