I’m a big believer in limiting stress in one’s life.
Stress is like this invisible leech, sucking away your life force. It drains you and robs you of your energy, enthusiasm, and health.
Some reports have come out indicating that stress is actually as bad as smoking in terms of your overall health. Frankly, I would not doubt that one bit.
Achieving financial independence seems to be almost solely distilled down into money and time terms for most people: we have to spend a lot of time at a job we might not like too much for money, so let’s eliminate that job/barrier and free up our time for more enjoyable pursuits.
Makes a ton of sense. And a lot of my writing discusses this for good reason.
Being able to live life on your terms, having options, and living authentically are all incredible benefits of financial independence.
Of course, becoming financially independent in the first place usually requires reducing your expenses. Reducing your expenses usually thus reduces the number of bills in your life.
While we tend to concentrate on just the financial aspect of reducing bills (a reduction in spending), there’s a hidden aspect of this that I think merits attention.
See, some of the best luxuries in this life aren’t things at all. And nothing is worth owning more than your own time.
But I think financial independence is about much more than just the balance between time and money.
And I’ll share one more non-thing, especially within the framework of financial independence, that’s an incredible luxury.
Minimizing Bills
Not having bills is, for me, about much more than money.
I’m a minimalist. And minimalism is also, for me, about much more than money.
I don’t enjoy owning a bunch of stuff.
Not having stuff adds value to my life much in the same way that many other people believe having stuff adds value to their life. The simple act of being free from clutter reduces clutter in my mind, thus reducing stress.
Well, not having bills works the same way.
I approach the presence of bills, or lack of presence of bills, as a minimalist.
Forget about the money aspect of bills.
Let’s just concentrate on the actual having of bills.
Having multiple bills to worry/think about every month is an added stress in one’s life that should be looked at as an obstacle to rid oneself of.
You have to remember who’s getting paid what, when. Or you have to set your bills up on some kind of automatic payment system and remember to check in to make sure everyone is getting paid as they should be.
It’s cash coming in and going out, all of the time.
There’s the managing of the budget, which can quickly become unruly with a prolific number of bills.
Did I pay the electric bill?
Is my car insurance coming up for renewal?
When is that property tax bill coming in?
These are thoughts/concerns that never cross my mind – because I have almost no bills in my life.
It’s not just worrying about the paying of the bills; it’s just as much about the processing/handling of the bills.
Having an abundance of bills is like having this omnipresent cloud over your head, following you around wherever you go, taking up space in your mind that could otherwise be freed up.
Furthermore, I’ve been tracking every single penny I’ve spent for more than seven years now. And that’s been a much easier task when I haven’t had dozens of bills to track, compute, and discuss.
The simple act of reducing bills makes budgeting easier, which further motivates someone to reduce bills and spending. It’s an encouraging process that begets more saving and reductions.
Being Truly Free
Financial freedom is about more than just being free from a job. And it’s about more than being free from financial concerns.
It’s about being free from the very issues and stresses that come along with being financially beholden to an employer, as well as institutions and things in life.
I love renting for a number of reasons that have very little to do with finances; I’m free from all of the responsibilities that come along with owning, including the numerous bills (mortgage, property tax, insurance, maintenance, repairs, etc.).
And one of my favorite aspects about my current apartment here in Chiang Mai is that there’s just one bill every month that wraps up everything inside of it: rent, utilities, cable, wi-fi, cleaning, etc.
I don’t even need to think or worry about things. Management slips the bill my way just before the end of the month. I then get some cash and pay them in the office on my way out to lunch. Couldn’t be easier.
Another example is my love of car-free life.
I don’t choose to forgo a car and walk almost everywhere because I can’t afford a car.
I do it because I prefer not owning a car. I love the art of walking. And I’d rather be driven, via public transportation, than drive.
Furthermore, I love not having all of the associated bills that come attached to a vehicle. And my disdain for those associated bills is not just because of the financial dynamics.
There’s no car payment, insurance bill, license plate paperwork, driver’s license payments, repair bills, etc.
Forget about the money. These are massive headaches!
But I’ve completely eliminated them from my life. I’m free from those worries. It’s a massive weight that has been lifted from my shoulders. And there’s a vacuum there that’s been subsequently filled with numerous other usages of my time and energy that are far more enjoyable.
And so when I think of the free in financial freedom, I think about being truly free.
To be truly free is to be free from not just having to job for money, but it’s also to be free from the concerns, worries, and stress that the ongoing obligations of a consumer-oriented life has on oneself.
To be free from the proliferation of bills is a wonderful aspect of true freedom.
So when you think about reducing your expenses in life, in order to become financially independent, think also about reducing the number of bills in your life, which can allow you to become closer to true freedom.
I mean, financial independence should be enjoyed and savored. Just think about how much more enjoyable life and FIRE can be when it’s more carefree.
Conclusion
There are almost no regular bills at all in my personal life.
That’s set up that way not because I’m simply trying to avoid spending money, but rather a large part of that is structured so as to limit stress and worries in my life.
It’s worked out wonderfully. My life today is significantly more carefree and less stressful than it used to be, due in part to the fact that I just don’t have to worry about all kinds of ongoing financial obligations.
And I really can’t stress (pun intended) enough how fantastic this is. I can’t recommend enough to all of you readers out there to build your life – or at least the one you’re striving toward as you slowly reach financial independence – in a way that minimizes your exposure to ongoing obligations and bills.
By significantly reducing the number of bills in your life, you’ll be freed up to spend that time and energy on other aspects of your life that will pay dividends (two puns in a row!).
We can’t eliminate all of our bills. We can’t eliminate all stress.
But we can structure a holistic life that achieves a large reduction in both, which will allow us to get closer to true freedom and happiness.
What do you think? Is having less bills in your life something you’re looking forward to, striving toward, or currently enjoying?
Thanks for reading.
Image courtesy of: bplanet at FreeDigitalPhotos.net.
P.S. If you’d like to reduce the number of bills in your life, and the associated stress that comes along with worrying about and paying them, financial independence is a fantastic way to achieve that. Check out some amazing resources that I personally used to achieve financial freedom at 33 years old!
I was literally thinking of this the other day. I bought my wife a birthday gift at Macy’s and used my macy’s credit which I never use. I had to put a calendar invite on my calendar to remember to pay it.
Enjoy the freedom of the simplicity!
Mike,
It’s just one more worry. One more thing on your plate, you know?
I guess I’d rather just have less of that. Less is more. 🙂
Best regards!
It probably won’t work that well in the US. We like a la carte here, it seems. I have many bills, but they are not a huge headache. I automate all the payment now. It’d be nice to cut down to just a few bills someday. Interesting point about simplifying your life. Having less things/bills makes life easier.
Joe,
It’s tougher in the States, but I certainly managed to get by with few bills when I still lived there. Of course, that was only possible because I was living quite frugally, limiting the number of ongoing obligations in my life.
I really love it. Just like getting rid of “stuff” in my life is so freeing, getting rid of bills feels the same.
Best wishes!
Even though you’re living a minimal lifestyle it doesn’t sounds like you’re sacrificing anything. I’d love to live in Chiang Mai.
FiT,
I had to suffer and make some sacrifices to get myself in this position, but I’m now on “easy street”. 🙂
Thanks for dropping by!
Cheers.
Speaking my language today! I hate bills! I get paid at the end of the month, then I: pay my electric bill, pay my garbage bill, pay my water bill, pay my mortgage, pay my credit card off (usually paid in full each month), pay my kid’s school bills, pay my internet, pay my cell phone, pay myself for my 6-month car insurance bill. Due to having kids and some of our lifestyle choices due to a larger family, I have been working toward baby steps of not having to worry/work at paying these bills. What I have done is that I have focused on building up a taxable account with dividend paying stocks that so far spits out enough dividends to cover my smallest recurring bill (it’s almost now big enough to cover the next one up on my list of bills). I pad the account with an extra month of payments so that it never is at zero, and then have auto pay set up for my smallest bill to pull from the account that my dividends are paid into. Small steps toward peace of mind. Thanks for the motivation!!
David,
Yeah, small steps. But they do add up over time. 🙂
Happy to provide some motivation. We won’t all end up living the same lifestyle with the same number of bills, but reducing those obligations can go a long way toward achieving a more free and happy life.
Best wishes!
I agree especially re owning a car. It’s such a massive liability. The gasoline and insurance are bad enough, but every year I get the odd $500 plus bill when something breaks. Unfortunately I feel stuck with it due to having to drive quite a ways to check on my elderly father all the time. Another aspect is when you are single (at least in the city I live in), women tend to look down at guys who don’t own a car. So if you want to date you feel obligated to have one. Argh.
Tim,
It’s not just a massive liability, but it seems like that liability gets chopped up across numerous bills. A car could come attached with a dozen different bills. And that’s for just one thing. You can see how a consumer-oriented lifestyle can quickly get out of hand.
I hear you on the dating thing. That could probably be said for a lot more than a car. It’s one reason (of many, really) I no longer live in the States. You can find the right partner there as a frugal minimalist who values a certain lifestyle, but it’s a challenge for sure.
Best regards.
Hi Jason,
I always maintain the mindeset of not using credit card. I eliminate numerous bills like Cable TV, Life Insurance etc. This gives me the peace of mind. I keep life to the minimum. Simplicity is the best.
Ben
Ben,
Simplicity really is wonderful. 🙂
I never minded using a credit card, though. But I made sure to always pay off. I was able to rack up some nice reward dollars over the years (and I still do). That said, I’d rather pay $0 and forgo the 2% cash back or whatever. Haha!
Best wishes.
Hi Jason,
I will like to highlight on the issue of cashback. I do not intend to spend more to hit the set amount for the sake of earning the cash back.
Ben
Ben,
I never had to spend more than I had planned. But I’d rather receive some money back than not receive some money back, assuming I’m going to spend a dollar either way. It’s not like we’re spending $0 every month.
I think credit card cash back programs are one of the only free lunches going around. I just got back $30 last month – and that’s on a very frugal lifestyle. A very nice extra “dividend”. 🙂
Best regards.
The cash back is a free lunch TO US, who don’t foot the bill for it.
The people who can’t handle credit cards and rack them up and don’t pay them off every month, thus forking over huge interest to the card company – they are the ones paying for it.
Rob,
Indeed. I guess I assumed the context regarding the “free lunch” was already understood there. If you can’t properly handle your debt, the meager cash back rewards will not make up for whatever interest rate you’re likely exposed to over the long run.
Cheers!
Hi Jason, You are a minimalist in many respects beyond just physical possessions. I really respect that. I’m a bit of a stress monster so I try to keep life simple too. We may look to sell our home and rent again. Houses are a lot of responsibility that brings stress beyond just the cost as you illustrate. Thanks, Tom
Tom,
Thanks so much!
Yeah, I’ve found that minimalism begets more minimalism – and not just in “stuff” terms.
Best of luck with the housing situation, either way. I’m sure you’ll find a situation that works best for you guys. 🙂
Cheers!
Oh God, I agree with you 200%! Some people might roll their eyes and go, “Pfff, the only stress to having bills is the financial part, not the logistics!”, but I’m literally a walking case study on how even the logistics with no financial aspect of bills can be stressful.
A friend of mine and I own a small side business that we haven’t done anything with in a very long time. We can’t dissolve it for tax and Medicaid reasons, so we’re stuck with this corporation. The sales we were doing require us to pay sales tax. Now here’s the thing: even though we don’t have any business operations, we still have to file sales tax every quarter. Even if we make no sales and owe the state nothing, we risk a $15,000 fine if we don’t file. So I have to remember each quarter to file sales taxes of $0. It’s stressful despite the fact that we literally pay nothing.
BUT I can still claim to be a corporate CEO and not be lying. So there’s that.
Excellent article. It’s an example of how a cluttered life is a stressful life.
Sincerely,
ARB–Angry Retail Banker
ARB,
That’s such an interesting situation you bring up. I actually deleted a third example (after the apartment and car) from the article, but I felt like I was belaboring the point. So I deleted it.
Anyway, the example was filing state tax paperwork. I used to have to file every year back in Michigan, even when the money was tiny. It’s a headache. One of the reasons I loved living in Florida (and enjoy still being domiciled there) is due to the no filing – it’s not just a financial thing. I love not having to worry about that paperwork.
I feel for you, man. Not fun at all!!!
Cheers.
This is a GREAT topic 🙂 I hate debt with a passion its a drain and undue stress maker ! The same goes for regular bills ! All the way back to Jesus ( if your a believer or not, no matter ) He said ” Be indebted to no man ” ….
I have no debt and have never had any except a 10 year mortgage on a home when I was 25 years old. I have always owned my home ( as I do now with no mortgage ) and never ever had a car payment or credit cards !
I have a cell phone bill $60 per mo unlimited everything, $295 per year real estate taxes, $186 per year car insurance, our electric bill avgs just under $100 per month, our cable bill is HIGH $175 per month, The electric, cable and cell phone are auto pay so just 2 I need to remember LOL.
Food is not a big expense as my wife and I have simple tastes 🙂
I don’t really track my monthly expenses any more because they are so low ( except the darn cable bill ! ) and so few its not worth my time.
I don’t have an auto repair expense listed because I do my own maint and drive little so its just an oil change from time to time and new tires every 3-4 years no biggy, My car is a 1989 Volvo 240DL I love it and it just runs and runs 🙂
I don’t have home insurance because I think Insurance is a scam.
I really enjoy the the site you have here, I like that it has helped so many people get focused on real life issues and work toward bettering them selves 🙂
Bob,
To be indebted to no man is good advice. Not necessarily practical for everyone, in every situation, but minimizing ongoing obligations (and thus the attached stresses) is a wonderful goal to have as it pertains to being happier and more free. 🙂
Nice work with the old Volvo. If I ever had to own/drive a car again (which I don’t think will ever happen), I’d be looking at a Toyota Corolla. But some of those old Volvos are also pretty phenomenal.
Thanks for sharing!
Best regards.
Volvo fan here too. With fear of copping to my non-frugal ways, I’ve owned 9 Volvos since 2005. I bought my first when I moved from California to Colorado. I had a motorcycle (only) for a year or so and needed a car. The Volvo 945 was rear-wheel drive (it snows in Colorado) and low maintenance. Gas and oil changes and it will run forever. Timing belt when it breaks (it’s non-interference).
Now I have a 2006 Volvo V70 turbo. It’s front-wheel drive (boo, hiss) but extremely comfortable. Like all other Volvos I’ve had, it was cheap to buy, cheap to insure, cheap parts for the maintenance I do myself and the only breakdown in 155000 miles is a fuel pressure sensor. $1 from the junk yard and five minutes to replace.
Still, like Jason mentioned, if I didn’t care about cars and just wanted something reliable, I’d look to Toyota. Most likely a used Prius, but a Corolla or maybe a 4th generation Camry with the 4 cylinder.
Rob,
I knew a technician back in the day who had an old Volvo. I believe it was a diesel. Either way, it had something like 500k miles on it. He babied and it and really took care of it, but that’s still pretty impressive.
Cheers!
Hi Rob I really enjoy my 1989 Volvo 240DL. I bought it here in Fla for $600 🙂 Washed it changed the oil and took it to a local car show and won the club’s choice trophy 🙂 I get 24.5 mpg. I do all the mechanical work myself the parts are dirt cheap ! Being in such good condition and so easy to work on I don’t plan on ever selling it. I live in the country by choice so I need a set of wheels to get around.
The old toyota cars are great as well, but like anything find the best you can and the earlier the easier to maintain which saves big $$$$$
“and there’s the vacumn”. I thought you were going to describe how liberating it is to be vacumn free in your life because of your rent includes cleaning.
Thanks for another inspiring artcle
Aiki,
Not owning/needing a vacuum also rocks! 🙂
Cheers.
Out of curiosity, how come you pay the rent and utilities in cash at the office? Don’t they offer an online transfer or credit card or other electronic means of payment, or is it just easier to drop off cash and get a receipt at the desk?
Rob,
They don’t accept credit card payment, nor do they have any kind of online transfer. That stuff is easy to take for granted in the US, but it’s not necessarily all that common in many places in the world. This is precisely why I’ve noted time and again why there’s such a long runway for growth with the major players in the credit space (and looking at recent results by, say, Visa supports that). Notably, I wasn’t able to pay by CC or online when I rented my place in Florida. They only accepted check.
I pay with CC when I can, but I’m usually paying with cash over here.
Cheers!