Repair, Replace or Let it Go?
Stuff. Sometimes it can consume our lives. We can easily waste energy, time and money that would serve us better if invested on more important things.
Last week I started writing about key aspects to consider as you craft your personal journey towards financial wellness. Taking stock of the things you own is an important step in the process. It really helps to clarify what is most meaningful to you.
Here are three simple steps to help you work through the process:
- Take an inventory – Think of creating a digital folder with images to get started. Add model numbers or serial numbers, purchase date, location and price. If you have copies of receipts, that would be even better. Use a simple word processing program or a cloud-based solution like Evernote or Dropbox.
- Love it, Like it or Over it – Consider the meaning and value each thing possesses. Eliminate those things that no longer serve a purpose. Sell it, give it away or donate, if it’s still in good condition. Clear out the clutter and enjoy those things that mean the most to you.
- Protect and Cherish – Possessions require care and attention. Research your options for maintenance, upkeep, repairs, replacement and protection. If you own valuable items that are hard to replace, it might make sense to get a safe or a safe deposit box at a local bank. Review your insurance policies to make sure you have the protection you need, especially when your property is used for income or away from your residence.
At the end of the day, make sure your property adds value and meaning to your journey. As you build the life you love, be cautious not to become consumed with accumulating, managing and protecting stuff. Be intentional and mindful on your journey to personal financial wellness.