Do you sometimes feel as if your house was draining all of your time and energy? Moreover, do you feel as if it is draining all of your money too? Well, you are certainly not the only one. All of us sometimes feel overwhelmed by our households and all the money that goes on them. And, in most cases, there is only one solution – downsizing. Yes, that is a big decision to make, but, trust us, in the end, you will be glad you made that choice. However, if you are not persuaded yet, then keep on reading. Here is how downsizing your home can help you reduce your debt in 2020, and in years to come.
By Downsizing Your Home, You Will Have Fewer Bills to Pay
This one is pretty straightforward – by downsizing your home you will also downsize your debt. And how come? Well, firstly, your mortgage will be much lower. If you are currently spending more than 25% of your income just on a mortgage, that is a sign that your debt is probably large. The same goes for all the bills that come with a bigger house too!
So, really consider downsizing in order to reduce the overall costs of the mortgage and all the utility bills. By doing that, you will soon be able to reduce your debt. If you agree with all of this, do not think much – call your local movers to help you with your local move.
You Will Have More on Your Hands
Besides, the actual money, bigger homes take up a lot of our time and energy. We constantly have to clean, redecorate, fix things, landscape, replace filters, mow the lawn, etc. It goes without saying that doing all of this is time-consuming. And, in this case, the saying ‘time is money’ is more than applicable. So, by downsizing your home, you will not only save money and reduce debt, but you will also have more time on your hands to spend it any way you like. You will be able to achieve financial freedom, to travel, spend time with your family, or start up a hobby you always wanted. So, prepare for moving and the rest of your debt-free life.
Less Space, Less Material Things
Do you know what comes with bigger homes? We do – bigger amounts on furniture, appliances, and all those household knick-knacks. Whether we want it or not, all that empty space in our homes must be filled out. That is an easy thing to do as we all love shopping. But, when you combine all the shopping costs with all the household bills, you realize that your debt is only getting bigger. So, once again, by downsizing your home, you will have less space, and with less space, you will have less material things to spend money on.