How Millennials Can Combat Debt Through Minimalism

minimalism and debt

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Roughly a decade ago, when best marketing minds of the world had found a new niche to feast upon; millennials, it was pretty obvious that this new marketing trend would take the world by storm; a storm where marketing gurus who could dig deeper into the psyche of the millennials, would touch all the wrong chords to sell their respective sizzles. But little did the millennials know that the storm will torment them forever.

Millennials Are The Usual Antagonists

By now, you would have gone through hundreds of articles on the internet which portray millennials as restless, defiant,  and raw Antagonists of the modern day US families. Even though I don’t want to take sides but admittedly there is some truth in such narratives.

The Mirage Of Living Free

As a matter of fact, Millenials are living in the delusion of being ‘free’; a mirage which has blurred the lines between practicality and possibility, a state of mind where one is more concerned about the destination/outcome rather than the right course which leads there and the aftermaths of bypassing it.

For Instance, millennials seldom think twice before purchasing anything which catches their eye even though it would cost them double their paycheck. As far as their credit card gives them the luxury of purchasing it, they are more than happy with it.

This temptation to own everything which makes them skip a beat, the liberty of spending several times more than one’s actual earning capacity, and the inability to pay back the debt in times (which is usually the case), drowns people in some serious debt.

Millennials are the worst affected segment because they have been conditioned to be exploited by the capitalistic giants and to add insult to the injury, the society and their peers wield enormous pressure on them that they are shy to admit that something may not be financially feasible for their circumstances.

FOMO is the Usual Suspect

According to a new survey from Credit Karma, nearly 40 percent of millennials are going into debt to avoid FOMO. Strange, isn’t it? Oh, by the way, FOMO means fear of missing out. As per the survey, people when asked about nigh outs, weekend getaways and other plans, fail to refuse out of the fear that their peers will have a rewarding experience and they will miss out on the fun an frolic.

Another research by Credit Karma, says that 27% of the millennials aren’t comfortable talking about their financial limitations and thus invest in things which don’t even pleases them but creates a buzz among their peers or gives them a gratification of a particular sort that they have been successfully able to live up to the commandments of ‘being cool’.

The Flip Side Of The Show Off Culture

Social psychologists say that this is probably because the filthy rich kids on Instagram who are drugged into flaunting their riches, give an inferiority complex to people who dream of such luxuries but can’t afford it. This inferiority complex then turns up into an inhibition which becomes their best-kept secret and they get ready to pay whatever cost, lest that inhibition be revealed.

A similar research says that an average millennial is in $46,713 in debt, on average and student loan debt and credit card debt are the two biggest reasons behind this figure. However, the biggest concern remains the overspending in which the millennials are heavily indulged merely for creating an impression among peers. Isn’t something gravely wrong about this system?

Minimalism Can Be The Torchbearer For Millennials

I am deeply moved by the philosophies of minimalism which advocate shredding off all that is of little or no use. Minimalism also gives us the true essence of liberty that you only have to pursue what makes you happy. Minimalist people are so often the vocal critic of everything that is around just to soothe the eyes of others and has no sentimental value for us.

Minimalism also defines us that we are different from modern day slaves who obey diktats from fads and are bound to mold their lives according to society’s wish.

Minimalism professes that all the worldly possessions like cars, clothing, gadgets etc are for the service of mankind and that none of them should hold a value greater than a human being in anyone’s mind. When we stop chasing materialistic things, we channelize our energy into doing things that we actually love and amass the courage to remove all our pretences and feel the ultimate bliss.

The Many Virtues Of Minimalism

There are many blogs on the internet which educate people on leading a minimalistic lifestyle and the most prominent ones of them are The Minimalists, Becoming Minimalist.  Both these blogs delve deeper into explaining that how can one get rid of debt via Minimalism and propose that minimalism has virtues manifold like:-

  • Being free from financial worries
  • Getting rid of clutter that doesn’t add value to your life
  • Spending more on experiences rather than stuff
  • Being happy and less stressed
  • Developing better relationships

and many more…

The minimalism helps you realize just how much you need in your life to be happy. And, as surprising as it may seem, you’ll always need less than you would have ever thought of.

Combating Debt Through Minimalism

It doesn’t make any sense to go into debt for just keeping up with your peers. Minimalism makes us do things we actually love; things which revive our soul. Minimalism will keep unwanted outings with irritating people at bay.

Though you might feel embarrassed to turn down an offer because of budgetary constraints, but honesty always pays and a friend who makes you feel ashamed about your finances can’t be anyone’s friend in the first place.

Whether you turn out to be any type of minimalist is altogether up to you, yet following a couple of its philosophies can help you gain control of your finances.

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