Personal Finance Guides: Wastage In Your Life

Most of us, including myself, have plenty of wastage throughout our lifetime. What do I mean by wastage? For example, you bought that 10 sets of chopsticks in a bundle sale. However, you know clearly in your heart that your family members can only use 4 sets of them. Yes, you may argue that you can replace the extra sets of chopsticks when the existing ones are spoilt. Seriously, how long do you think it will take your chopsticks to spoil?

If you think I am exaggerating, why not you try going through your entire house, items by items, and chances are, you will start to realised that you have accumulated many things that you have no chance of using. There are things that you think you will be using "one day". Trust me, most things that you have not used for past 1 year, will remained unused for another 1 decade or more. Likely, you would have forgotten that you have those things. I suspect there are expired food/condiments/herbs/ingredients somewhere in your kitchen too!

If you respect your space, each unused item is a cost. Yes, you can classified these under logistic and mental cost. That is how warehousing charge you! By mental cost, I was referring to the memory space that you used to remind yourself that you have those things in your...don't know where! Of course, if you are very sure that you need it "one day" and it will still be in good quality, then by all mean keep it.

So, am I advocating you to throw most excessive items away? Definitely not. Memories are worth keeping. Don't throw away your memories and only to realise you have lost your life.

There are other form of wastage too. If you have paid a premium for extra quality that you will never use, that is also a wastage too. For example, you spent $10 buying that "branded" chicken rice where you can get another similar taste nearby for just $3. The $7 is a waste.

If I may anyhow estimate that 50% of our things and expenses are wastage, you may need a lot lesser than you think. That means, if you are spending $30,000 a year, you actually only need $15,000 to live the same lifestyle that you are enjoying now!

By being a minimalist, I have kept my cost low. I reminded myself that whatever i am going to buy, it must add value to my family. Simplicity and clean space are the combination for the most wonderful design. Look at how iphone is created. Clean, with only minimal buttons. Every aspect is being considered to the most simple form. (Anyway, I used Samsung rather than iphone). I simply cannot stand cluttering. I enjoy looking at clean space. It gives me inner peace and the belief that I have more rooms for more awesome things to come.