When I started reducing my possessions, a few friends joke that I need to continue to spend on luxurious goods to help drive the economy.
Does living a life of simplicity have a negative impact on the economy? Yes and no. Buying less material items would have a short-term negative impact on the economy. It may not necessarily have a negative impact on the economy in the long term because living a life of simplicity does not equate to not spending money.
To live a life of simplicity, we are redirecting our spending to areas that matter to our lives. For me, following are some of the areas:
Travel – I am not a budget traveller though that doesn’t mean I splurge on my travel mindlessly. I prefer to stay in a minimum three-star hotel at a convenient location to visit places of interest. As for flight, I prefer not to fly by the budget airline. As far as travel is concerned, travelling in comfort and safety are my top priorities.
Develop New Interests or Skills – I researched on courses to keep myself abreast on new ways of doing things or new skills that I have interests in. I started blogging, I paid for my domain, I learnt to set up my blog site and basic video editing. I joined the Travel Blog Success to learn more about the fundamentals of blogging.
Go For Quality Rather Than Quantity – I am still spending but I am no longer buying things mindlessly. I buy the essentials and only buy better quality classic items which are likely to cost more but can last longer. Just to give a simple example, we are better off buying two better quality mugs or glasses for $10 then buying ten mugs or glasses for $10 when we only need two.
Invest in Local Stocks – Invest in new local up and coming companies or local blue chip stocks that offer good dividends, we ensure money stays in the country we reside in and help the local economy.
Give to Local Charitable Organisations – If you are buying a gift, how about buying from organisations like Pathlight where they sell products design by their students. Pathlight School is the first autism-focused school in Singapore that offers Singapore’s mainstream academic curriculum together with life readiness skills. Or give to the local Charitable Organisations that matter to you, it could be a one-time gift or monthly donations. For me, it is the Kidney Dialysis Foundation. How about adopting a local charitable organisation or a cause? Promote the organisation or cause by driving fund-raising campaigns.
Living a life of simplicity does not equate to not spending money. Rather it is about spending our money with intent and purpose, on what matters to us.
In short, living in simplicity will not have a negative impact on the economy. It simply means that merchants and businesses need to do a better job to provide higher quality and environmentally friendly products and services.
Disclosure: I am a Travel Blog Success Affiliate which means they offer me a commission every time someone signs up via one of my links at no additional cost to you. But this does not influence my recommendation.
Thank you for stopping by and happy Living for Experiences!