Ah, the American dream: make a lot of money to buy a big house with more toilets than you live in, then buy cars and lots of nice things to look at.
But since we’ve spent more time in our homes than expected with all of our belongings, we’ve found that it’s not our shoe collections or hundreds of kitchen appliances that make us happy. It’s our connections with family and friends and creating new memories as we experience the world.
This is why the minimalism movement has influenced our lives so much lately. By selling * stuff * and getting rid of it, we can free up our money for savings and investments, and use it to see the people and things that matter to us.
So we created this weeklong minimalism challenge to reduce the excess from our lives and maximize our money. To be able to rid ourselves of physical items that weigh us down and increase our money to be able to do the things we want.
See if you can complete the challenge in seven days!
Day 1: Reduce your excess bills
No, we don’t mean to cancel your Netflix subscription – art is something that will continue to bring us joy without taking up space in our home.
Sure, if you no longer use Amazon, you can cancel your Prime account (it can help you stop buying as much online) but we recommend cutting the bills that don’t make sense because they are are so expensive. Like your car insurance.
When was the last time you checked car insurance prices?
You should buy your options about every six months – this could save you quite a bit of money. But let’s be honest. It probably isn’t the first thing you think about when you wake up. But it doesn’t have to be.
A website called Insure.com makes it super easy to compare car insurance prices. All you have to do is enter your zip code and age and your options will be displayed.
With Insure.com, people saved an average of $ 489 a year.
Yup. That could be $ 500 in your pocket just to take a few minutes to consider your options.
Day 2: Minimize Your Online Spending
Extreme minimalism may not be your thing, so we urge you to change your spending just a little so that your money goes on.
For example, when making your essential online purchases, make sure you have an alarm clock when you overpay and save hundreds every year.
This is exactly what this free service does.
Just add it to your browser for free, and before you check out, it will check other sites including Walmart, eBay, and others to see if your item is on sale for a cheaper price. You can also get coupon codes, set up price drop notifications, and even see the item’s price history.
For example, let’s say you buy a new TV and assume you’ve found the best price. Here you will receive a pop-up in which you will know whether this particular television is available for a cheaper price elsewhere. If coupon codes are available, they will also be automatically applied to your order.
Last year, this saved people $ 160 million.
You can get started with just a few clicks to see if you are overpaying online.
Capital One Shopping will compensate us if you receive the extension using the links provided.
Day 3: Just let go
One way people start their minimalist lifestyle is with a 30-day minimalism challenge. This is how it works: For 30 days, dispose of something in your house that you do not enjoy. That’s it.
Today is your day to start and you can make money out of it.
The broken lamp you’ve been thinking about fixing your months / years? Waste paper bin.
The rundown baby toy your child won’t play with? Give it away in your local Buy Nothing Facebook group.
The clothes that are hanging in your closet don’t fit or are no longer your style? Sell them! Here are a few easy ways to get cash for your belongings:
- Order a cleaning bag from ThredUp and fill it with your clothes and shoes in good condition. Your postman will pick it up for free and Thredup will pay you. It’s a pretty easy way to clean up your closet and make some cash.
- List your high priced clothing items on a website like Poshmark. It takes more effort to create an account, market your items, and send them to buyers yourself, but you can potentially make more money than other resale options
- Do you have other well-received items that you would like to get rid of? Sell them on eBay, Craigslist, or Facebook Marketplace to clean up your stuff locally.
Day 4: Say goodbye to credit card debt
Credit card debt is a surefire way to minimize your savings. The interest rates your credit card company charges you make you feel like you will never escape.
And the truth is, your credit card company doesn’t care. It only gets rich by ripping you off at high interest rates – some up to 36%. But the sooner you get rid of your debt, the sooner you can maximize your money.
A website called AmOne wants to help.
If you owe your credit card company $ 50,000 or less, AmOne will provide you with a low-interest loan that you can use to pay off every single one of your balances.
The advantage? You have to pay an invoice every month. And since personal loans have lower interest rates (AmOne rates start at 3.49% APR), you become debt free The much faster. Plus: No credit card payment this month.
You don’t need perfect credit to get a loan – and comparing your options won’t affect your score. Plus, AmOne keeps your information confidential and secure, which is why after 20 years in business it probably still has an A + rating with the Better Business Bureau.
It takes less than a minute and only 10 questions to see which loans you qualify for – you don’t even have to enter your Social Security number. You need to give AmOne a real phone number to qualify, but don’t worry – they won’t spam you with phone calls.
Day 5: Minimize family worries
Speaking of debt, even if you don’t have one now, you don’t want to create one for your family later on. All of your hard work to adopt a financially minimalist lifestyle could be ruined.
Have you ever thought about how your family would do without your income in your absence? How are they going to pay the bills? Send the kids through school? Now is a good time to start planning for the future with term life insurance.
You’re probably thinking: I don’t have the time or money for that. But your application can take minutes – and you could leave your family up to $ 1 million with a company called Bestow.
Prices start at just $ 16 per month. Knowing that your family is being cared for is priceless.
If you’re under 54 and want a quick quote on life insurance without a medical exam or even getting up from the couch, get a free quote from Bestow.
Day 6: Maximize Your Cashback
No matter how much you minimize your finances, you still have money to spend. It’s just a fact!
But here’s the deal: if you’re not using Aspiration’s debit card, you’re missing out on extra cash. And who doesn’t want extra money now?
Yes. A debit card called Aspiration gives you up to 5% back every time you swipe.
Do you need to buy groceries? Extra money.
Do you need to fill up the tank? Bam. Even more extra money.
You wanted to buy these things anyway – why don’t you get this extra money?
Enter your email address here and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC-insured and military-grade encryption. This is nerd talk for “that’s perfectly safe”.
Day 7: Maximize Your Investments
Now that you’ve been minimizing your finances all week, you can maximize your future net worth – by owning a business.
This may sound expensive at first – we’re not Warren Buffet or Elon Musk – but with just a few bucks to start with, it’s not completely out of reach when you’re using an app called Stash.
With Stash, you can be part of something that is normally only reserved for the richest of the rich – with Stash, you can buy parts from other companies for as little as $ 1.
That’s right – you can invest in chunks of popular companies like Amazon, Google, Apple, and more for as little as $ 1. The best part? If these companies benefit, so can you. Some companies even send you a quarterly check for your share of the profits called dividends.1
Registration takes two minutes and is completely secure. At Stash, all of your investments are protected by the Securities Investor Protection Corporation (SIPC) – this is the industry motto “your money is safe”.2
If you use the link above, Stash will give you a $ 5 sign up bonus once you deposit $ 5 into your account. *
1Not all stocks pay dividends, and there is no guarantee that dividends will be paid every year.
2It should be noted that the SIPC cover does not insure any potential loss of market value.
For securities priced above $ 1,000, fractional share purchases start at $ 0.05.
* Offer subject to promotion Terms and Conditions. To be eligible to participate in this promotion and receive the bonus, you must successfully open an individual brokerage account in good standing, link a funding account to your Invest account AND deposit $ 5.00 into your Invest account.
The Penny Hoarder is a paid affiliate / affiliate of Stash.
Investment advisory services from Stash Investments LLC, an SEC registered investment advisor. This material is distributed for informational and educational purposes only and is not intended as investment, legal, accounting, or tax advice. Investing involves risks.