The High Life On Less: What Can You Afford To Live Without?

What can you afford to live without?

We were faced with this question while visiting some friends in Manhattan this weekend. This was our first time visiting their apartment and we were pleasantly surprised to say the least. So much so it made us go home and plan a full scale decluttering job but more on that later! It turns out they live in a 700 square foot studio and we were in love! Why? It’s neat while boasting a modern decor with traditional influences and has all the essentials while still maintaining airy living space. No random shelving or storage containers sprawled about, they just seemed to have everything tucked away neatly and I love it! It’s the kind of anal cleanliness I’ve come to adore as I continue to nurture my inner Martha Stewart. I mean that in a good way!

We’ve toyed with the idea of downsizing in a worst case scenario and talked about what we’d take, what we’d leave, how we’d get along in a smaller space and most of all would we miss living in a large house as we do now. But, there’s no shame in my game, I can admit that I am a house whore, I need square footage to live and spread my wings. But, if we had to I wouldn’t have a problem downsizing.

And, with the recession deepening I’m sure many are having to do this very thing, downsize to the bare necessities and live on essentials:

Brittney Nance and her children Henry, 5, and Izabella, 7, walk through the parking lot of their hotel on the way to the grocery store March 5, 2009 in West Sacramento, California. All five family members live in a small studio sized room with most of their belongings. (Justin Sullivan/Getty Images) #

(Appleton/News)

The Durgin-Bruce family cram into their ‘master bedroom.’

Joyce Dopkeen/The New York Times

His ad job gone, Michael Gates Gill rents the top floor of a house in Bronxville.

In a worst case sceneario what could you live without?

After giving it some thought, I could quite possibly give up this house and go back to living in a 1BR or even studio apartment. If it came down to that then I know that we’d have to give up most of our furniture as it wouldn’t fit and truly live on only the essentials. I’d keep enough clothes to get me through the month depending on the season and put the rest in storage or with a family member. Shoes? Basics: black flats, black boots, flip flops, leopard flats and tennis shoes. You don’t realize what you can live without until you’re forced to do so.

Think about it, if you were forced to live your life on less could you do it? We’re so steeped in consumerism that we just buy things for the sake of acquiring them without a thought as to whether or not we really need them. Do you really need to own 15 pairs of jeans? 5 pairs of different shades of black boots? Don’t worry, Im not on a soapbox, just inspiring you to think constructively around how you may mindlessly acquire things you don’t need. Friends, family, acquaintances and neighbours are being forced to re-evaluate their lives and worldly possessions in the midst of the current economy.

Michael Gates, the former advertising executive turned Starbucks barrista summed it up best for me:

“When I lost my job I thought my life was over,” he says. “I didn’t realize it was just the beginning.” He smiles contentedly and declares, “I may have a part-time job, but I have a full-time life.”

He grew up in this Bronxville mansion:

But now works at Starbucks as a barrista:

Michael Gates Gill's book about how working at Starbucks changed his life became a bestseller.

He seems genuinely happy, I can dig it. Even though this life change meant losing a job and a nice paycheck, he now has peace of mind and a deep sense of joy which Im sure no material possession can replace.

Tonight we started decluttering our home because we were so inspired by our friends’ apartment. Our house is generally clean but we could stand to shred more than a few documents, downsize in the clothing department and throw out things we haven’t looked at, touched or used in 6 months.

So I ask again, what can you afford to live without?

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GingerGirls Just Wanna Have Funds is a personal finance website dedicated to educating and empowering women in the area of personal finance. Our articles center on money management: making it, saving it and growing it which supports our theme: Breaking Financial Ceilings One Stiletto At A Time. We have been featured in Business Insider (contributor), Lifehacker, Consumerist, MSNBC, Essence, Wall Street Journal, Good Morning America and MSN Project Engage Web Series. I believe in a future where women can have financial freedom and choose the life they want to live by taking control of their finances. You only need to want it hard enough while letting go of limiting beliefs around money. Join me as I share tips that will help you light up your financial life and take control.View all posts by Ginger →

moneytrailnet

Years ago, we had to downsize from a new house in NC to a small apt. in Atlanta because of a job change. We also had to live apart for about 6 months while trying to sell the house. Our daughter was 1 year old at the time. It was a tough time but forced us to re-prioritize. Things are ok but family is what really matters!
fern

I would really like to downsize from my smallish home to a smaller condo; about 1400 sf would be perfect. Untl the real estate market picks up, i must content myself with feeding my declutter urges doing other things, lilke cleaning out my closet and just not buying much stuff anymore.
http://fabulouslybrokeinthecity.blogspot.com Fabulously Broke

That's a really good point – I don't like narrow spaces, so I guess if I looked for a very small bachelor's apartment, the layout would have to be good, with slightly higher ceilings (I hate feeling cramped and BF is 6' tall).. So I guess I have SOME filters, but in terms of straight square footage, a small place of 700 feet or even 500 feet would be OK for us. We barely move around in our apartment, nor need so many rooms. However, once the kids come.. it may be a different story, as we'd want a backyard to BBQ in.
http://intensedebate.com/people/Gingerlatte Gingerlatte

Ive always admired this aspect of your life. Dont mind me, still battling house whore tendencies over here. I think about it all the time. Our first apartment as 900 sq ft and that was a 1BR. It times called for it I could easily move back. But for whatever reason Im at a point in my life where I want space and a back yardy uncle's home is 10,000 square feet, we even got married there and planned a large scale outdoor wedding for 150 people. Im used to having a large home but Im able to downsize if we had to.

I just have NO tolerance for a 1200 sq ft townhouse that's narrow has hell, I'd rather be in a 1 BR apartment LOL You'd have to see it to understand, it's just frustrating to move around in them. After looking at rentals last month Ive grown to hate them. Just give me a 1BR/studio and im good. Less space but more open.
http://fabulouslybrokeinthecity.blogspot.com Fabulously Broke

A lot. We could cut down our apartment into a third and still be comfortable. We don't need a separate bedroom, just a decent kitchen and a separate bathroom.

I also decluttered a LOT of my wardrobe and stuff, so everything fits into 3 big suitcases and 2 carry-ons. I'm good to go anywhere and live. I'm sure I could cut down even more, but I think I've reached a happy balance that I'm comfortable with for now.

I've actually grown to hate furniture because when I vacuum I always have to be careful. It's so much easier with almost nothing around the apartment, and I feel totally calm.
http://thewonderfulworldofslinky.blogspot.com Slinky

I do live in about 700 square feet! And it's true, we don't have a ton of stuff and furniture. We actually measured the entire apartment and used visio to map out whether or not everything would fit before we committed to the place. (Just barely!) We could afford a bigger place, but we plan to stay in our tiny apartment for the next few years. We want to skip right past the bigger apartment and starter house and go straight to an awesome house. An extra couple years paying cheaper rent will go a long ways towards that.
http://intensedebate.com/people/JLenoir JLenoir

I have downsized this year. Moving really helps you reduce, but I wish I had done so proactively. I choose to give a lot of gently used items to area shelters (they get a lot of garbage, so we give good stuff). So many families have had to make drastic changes. I seldom throw things out, I give them away or sell… We declutter once a month now.
http://www.budgetsaresexy.com Budgets are Sexy

That guy is AWESOME. and he also stole one of my top 3 jobs to do one day in you're interested in knowing the others, and i know you are, they are to be a banker, and own/work at a thriftstore.
http://www.yieldingwealth.com Miranda

We've been working on de-cluttering. My biggest hurdle, though, is my book collection. I love books. I love to have books. I have more books than any one person needs. I need to get over that and move on.

http://intensedebate.com/people/JLenoir JLenoir

I have a book issue, too. I love the way they smell and how they are always waiting for me, inviting me to another world. There are digital solutions. Still not used to e-reading, but I have about 26 books on my iPhone (they don't use much memory) and now considering a Kindle. Digital formats are a lot less expensive, most at about $9-10. We shop for books as a family at book fairs and exchanges. Books make a room warmer and more inviting to me. I even saw (on HGTV) how they were used as the inspiration for a downsizing remodel of a living room and grouped by color. Fascinating. I'm obsessed.