Hi everyone, welcome back to my channel
SugarMama TV. This video is part of my
how-to series for minimalism. I'm taking
minimalism and going deeper with it and
giving you lots of ideas. Lots of steps,
lots of tips and tricks. So you can apply
minimalism beyond just simply
decluttering your life. So you can take
some of these ideas or all of these
ideas and hopefully you will feel the
benefits from this. Now this video is all
about minimalism and money. Which sounds
kind of counter-intuitive. Because we
always want to maximize money in
our lives. However I want to talk about
maybe making money in our life a lot
more efficient. Minimizing the financial
stresses in our lives. And learning to be a lot
more efficient and emotionally
comfortable with having money in our
lives. So here are 10 ideas or tips for
you to apply in your own personal
finances. Where you will quickly feel the
benefits and feel financially lighter.
Tip number one is to have one bank. Now
within that one bank I want you to have
one everyday account with an attached
ATM debit card. Then attached to that one
ATM everyday account. I want you to have
three online accounts. Now the reason why
I want you to just pick one bank account.
Is because when you log on to that one
bank account. You can see your whole
entire financial situation from a cash
flow perspective. There are no more
online bank accounts floating around in
cyberspace. You log in to one place and
you quickly and efficiently see
everything about your cash flow right
then and there. And use that ATM debit
card to pay for everything. The three
remaining online internet bank accounts.
One is for your life and emergency
account. That is where you stockpile for
all those infrequent, quarterly, biannual,
annual expenses. And things that just
happen in life, on top of your emergency
money.
The second online savings account is
your lifestyle account. This is where you
can put money for your lifestyle goals.
Such as saving up for a holiday, maybe
buying new investment piece for your
wardrobe or upgrading your laptop.
Whatever your lifestyle goals may be.
That is where the money goes
for that particular goal. The third
online savings account is your financial
goal account. Now this is where you put
money in for your future financial
investment whether it be to eventually
save up money to sign a share portfolio
or maybe even a deposit for your first
home whatever it may be but three online
bank accounts all linked to that
everyday account tip number two is to
have one or no credit cards in this day
and age you don't have to have a credit
card you can quickly and easily pay for
things online using that ATM debit card
also by having one or no credit card it
means you're not wasting money in fees
however if you are someone who is very
responsible with your credit card you
pay it off in full each month and you
appreciate the benefits that come with a
credit card such as free travel
insurance and frequent flyer points that
is absolutely fine but just have one
this also means that if you ever get
into a little bit of credit card debt
its contained to one credit card which
means it's quicker and easier to pay it
off and getting it back on track
and of course if you do have one credit
card make sure it has the benefits that
are right for you don't just go for the
code a car that has the maximum benefits
because you may not be making the most
of those benefits tip number three is to
remove all those store cards membership
loyalty program cards from your wallet
and unsubscribe from them often when we
have these types of memberships or
subscriptions they just encourage to
spend more money in their store and
often buy things that we simply do not
need it is a complete and utter
financial destruction remove them
tip number four is actually around
social media we always told social media
can be really toxic to our mental health
and that we can get encouraged to buy
things that we don't necessarily need or
want or have that pressure to keep up
the Joneses I do agree with this but
actually social media can be incredibly
powerful
why don't you detox or declutter your
social media take away all those people
or brands that you're following that
tend to encourage you to spend money and
replace them replace them with people
that inspire you motivate you and
empower you for example I love to follow
the debt free community all these people
will post up their financial goals share
with everyone their challenge
struggles and everyone helps support
each other and contribute ideas to help
people get back on track it's incredibly
inspiring and incredibly motivating tip
number five is to clean up and declutter
your internet banking go through your
pay accounts and go through your biller
codes and look at the accounts which
those people don't exist in your lives
or you know that those people's accounts
that were closed a long time ago and
remove them when you use your internet
banking it's supposed to be quick and
easy and efficient to use if you're
having to scroll through long lists of
people that you don't actually transfer
money to or pay money to anymore simply
delete them off your internet banking
will make it so much quicker and easier
for when you do use your internet
banking tip number six is to lighten
your wallet go through your wallet
remove any old bits of paper and
receipts and junk that it's just simply
clogging up your wallet will also free
up the energy of money in your life as I
said in the other tip remove those old
store cards and loyalty programs and
membership cards you don't need them
another great idea is to remove the flow
and heaviness of coins in your life
everyday when you come home why don't
you put the coins in a jar that you keep
next to your hall table so when you come
home you're not weighed down by these
anymore
as the jar increases and gets full take
it to a bank deposit into one of your
lifestyle or financial goal accounts so
you can actually feel the benefits of
this new habit tip number eight is about
your retirement savings account so in
Australia that's called superannuation
in the u.s. it's your 401k plan or RSA
account and in Europe it's your pension
account you only need one of these
accounts you do not want multiple
accounts all over the place you're
wasting money on fees and also there's a
lot of extra paperwork in your life that
you don't need which is not great for
the environment now when you've
consolidated all your retirement money
into the one account make sure that
money is invested for the long term
which means typically having a higher
asset allocation to long term
high-growth investments investments such
as shares international shares and
property but of course make sure you
understand your risk profile this also
means it's really easy to keep on top of
how much money you have
retirement savings account whether it be
super an RSA 401k or a pension account
you know how you're tracking towards
your financial goals for a healthy long
and luxurious retirement tip number nine
is to remove your financial danger zones
be aware of when you get that temptation
to spend money avoid going to the
shopping mall make it a really quick
in-and-out their trip don't spend your
spare time wandering around or looking
online on your favorite stores also for
things like takeaways and home
deliveries know that when you're feeling
tired you tend to waste money on those
things so pre-prepare have healthy food
in your fridge already do your food
planning do your meal prepping all those
things to remove and minimize financial
danger zones in your life and then the
final tip tip number 10 is to minimize
and remove those financially
self-destructive mindset beliefs things
like getting caught in the trap of well
I can afford it
just because you can afford something
doesn't necessarily mean you should go
ahead and buy it remember you know
anybody love value use and appreciate
also spend time being really conscious
and aware of any self-destructive toxic
mindsets you're having things around
self-worth there are a lot of people out
there who have this incorrect toxic
unhealthy attitude or mindset that was
planted in them at a very young age that
they're not worthy of being financially
free and independent that is complete
and absolute rubbish there are a lot of
fantastic blessings that come from being
financially secure in it
and independent such as having more time
more time that then you concern with the
people that you love and helping the
people that you love so take time to
really honor your financial habits take
time to explore sit with and remove
those toxic financial mindsets and
attitudes that you have around money now
that's it for this video around mill ism
and money remember the less expenses you
have the more money you have and the
more money you have the more time the
more twists and the more freedom now who
doesn't want that so that's it for this
video let me know what you think of this
video and if you like it and if you have
any other tips around mill ism and money
please put them in the comments box
below because I love hearing from you
now remember this is part of my 10-week
how-to
series around middle ism so if you
haven't subscribed already please make
sure you do and don't fit you can follow
me on instagram at sugar mama TV and at
can assess have a fantastic week
everyone and I'll see you next week
