Hi, everyone! Welcome back to SugarMammaTV, your financial coach, counselor and creator.
Today, I'm going to be talking about something that has given me so much more time and so much more energy. It's called minimalism.
Now if you haven't heard of minimalism, or don't know what it's about
it's basically where you take look at everything in your life in your
world and you remove anything that's of excess, so you only keep what you love what you appreciate what you value and
everything else goes and you the idea is it leaves you feeling
lighter and you live a life with more meaning
and it's been [it's] definitely made a huge impact on me in the way Iive my [life]. Now,
there are heaps of people on YouTube talking about minimalism
and there's some fantastic videos some of my favorites are by like my cocoa my green closet project 3 3 3
Hello, Kathy, and all those people are showing you like how to downsize your life.
You know how to cull your wardrobe, how to have less bathroom products.
Really interesting stuff and very very helpful and and I think really interesting but no one's talking about this from a monetary perspective
and that's why I wanted to come in and talk [about] money because it's great that you [know] you can
tidy up your closet so you waste less money on clothes, and you know can eat a more
simplified diet, but also you can actually apply the same principles [to] money and
again live a life of more
financial meaning and I guess lighter
So here are my [steps] for applying minimalism in your financial affairs. [I] have one everyday
bank account, and that's where you have your attached Atm card pay for as much as [you] can in cash, or a direct debit that
[way] you cannot get into debt you can only spend what you've got and because you're only going to spend what you've got you'll actually
question what you buy each time.
You won't be getting into debt and you won't be buying things you don't value.
Two, have no credit card debt. Credit card
debt as I've explained previously is very toxic it [dilutes] your energy. If you have to have a credit card
[only] have one credit card and make sure that credit card is paid off in full every month.
Three have a savings account
you can have one maybe even two and I've explained that in my other video about how to manage your cash accounts
but the one savings account is your emergency savings account. Which is your life account which I mentioned previously and that's where you have
savings for those expenses that you planned or unplanned that catches [my] surprise you've got money [for] when those things
happen for example. You know medical bills or preying on your car or
you know that time of the year and all like a couple of big bills come through or even just Christmas time and you got to
Buy everyone's Christmas presents having a savings account with emergency money and and cash savings helps
take away that stresses of those expensive months when they happen.
The third account which the last account you should have is it's a again a savings account
and that's for when you have any extra money that you don't really know what you want to do with you'd like to put it
away for your financial future you can park it in there until you're ready to decide what you want to do with that money
and I'm going to be doing a separate video on how to you know start investing.
So I'll be covering all that separately but in the meantime have one everyday bank account. Have one credit card have
two - one to two savings account, and then that's it.
Forget about store cards, forget about discount cards,  forget about coupon,  groupons. They are just distractions.
Often we buy those things we'll have those things and they just end up
Costing us money because we end up using them or feeling obliged to use them because if you know there's a weekend where [we] can
Get 30% off the store
Don't worry about all that stuff. It's just distractions
You don't need it if you really love something you'll you'll pay full price for it
Don't just buy it because it's on [sale] because and those things are really tempting
also, you need to unsubscribe from any of those emails of your favorite fashion houses, so
Takes about 10 seconds to do each time you see an email come in whether you know this weekend special
Just press unsubscribe
It's so quick and easy to do and [it] will be you also find that you get a lot more work done because you're not
Constantly looking at your inbox
Seeing what the latest sale is all the latest
Arrival of clothes has come in now that also that was the same with Fashion magazines [I]?
know for myself when I buy
Certain Fashion magazines, [I] within a matter of 48 hours. I'll find myself perusing my local shops
This is bad if you're someone like [that] has that weakness like me you need to stop buying magazines
Only by the Monster and whale is a treat and once you're finished reading them throw them in the recycle bin
So you're going don't get tempted to go head to the shops?
Also, have a look at where you're spending your time. You shouldn't be spending your time. You know wandering around
Your local shopping mall. You [know] looking in the shops you're just depleting yourself of time and energy and
Creating a lot of unnecessary temptation that you don't need
[now] I personally guarantee if you follow these steps you're [going] to be living with
a lot less financial stress you'll have a lot [more] energy because your finances are just a just really quite simple and
effective
And you'll not only be feeling more secure and more in control of your finances because you'll have savings you won't have debt
and you'll only be buying the things that you value you'll have be living a life with a lot more substance and
You'll really appreciate what you've got. You know with a lot more depth and meaning
So I'll do some more [videos] further down the track on [my] experience with Millas and some of the challenges
[I've] done like the project for [9:1] and
Why how I fell into mill ism, because it's quite an interesting story
but in the meantime
I definitely recommend having a look on [Youtube] [of] other minerals and videos
there's some great guys called the minimalist that sort of started this movement off and
It's got some really powerful content which I'm sure you'll get a lot of value out so that's it for this video
Thank you for watching don't forget you [can] subscribe to my channel below you can also follow me on
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and we'll make sure we look at it and
try and create what you're looking for because we're here to help you and we're here to give value to your
Financial future so Chaffin and I'll talk to you soon. Bye
