Approaching your life with a minimalist attitude is something that proves more and more necessary these days.

The economic collapse of 2008, characterized today by leading economists as the worst financial collapse since the Great Depression, is the main cause behind the reduction of consumer wealth in the US in particular and the globe in general.

Because of that financial disaster, many people have experienced dramatic and devastating changes in their lifestyles.

They used to wine and dine at the finest restaurants, but now they’re barely able to make it through till the end of the month. They used to live in big houses and nice expensive apartments, but now they live in a small apartment in a rundown neighborhood. Others have moved back to live with their parents. Some have become homeless…

Experiencing financial loss, foreclosure, or bankruptcy is an incredibly difficult thing to have to go through. Everything you worked very hard toward and earned through sweat and effort is now gone.

It all disappeared in the snap of a finger.

However, people go through financial difficulties all the time, and not only during big financial meltdowns. There’s probably someone being laid off or losing her hard earned money and failing to climb the social and financial ladder right now. In fact, if you’re an entrepreneur, experiencing some form of financial loss is an inevitable part of the business process and the learning curve.

But I think you’ll handle financial loss better if you don’t experience much of a down-grade in your lifestyle. That’s one reason why it might be a good thing for you to try minimalism.

Let’s get into this further.

1. Money is Not Your Purpose

I am not a luxury guy.

I don’t like expensive suits, expensive shoes, expensive cars, or expensive vacations. That’s just not my thang..ya know.

Needless to say, my life became much better when I down-graded.

I traded my car for public transportation, I traded eating out for cooking my meals at home, and I traded going to paid events for free ones.

And during that experience, I found myself more open to the experience of being with other people. I became more curious about their lifestyles. I wanted to find out what made them tick. What made them wake up in the morning and go on to do what they loved.

But the most important thing about my experience was discovering that money is not the end that anyone on this earth wants.

Money is an instrument toward other things. And you can use money for pleasure or you can use money to spread wealth to people who need it and in the pursuit of praiseworthy endeavors.

Money is not your purpose.

Think about that.

However, people will become lifeless after a serious financial loss. They will live an empty and many will do so until the end of their lives. But money is not your identity. Money isn’t your purpose for being in this world. You’re here to create and share the value of your creation with others. And most of the time, you don’t need a lot of money to do these things.

Begin to create a new relationship to money. That should be your starting point.

(To get help navigating through this transition, see my post on how to deal with failure and also  why hire a life coach.)

2. Take Your Time

If you’re sitting on a good amount of money today, then consider down-grading your lifestyle.

You’re not going to down-grade just to be prepared for a financial loss. You should certainly aspire to reach all of your financial goals. But I think you’ll be much happier if you reach your financial goals while leading a minimalist lifestyle. You will grow yourself discipline and probably reach your financial goals and beyond if you take the minimalist route.

Begin by taking time before making any purchase.

I say this because so many things these days compete for our attention. A new gadget is out, your favorite cologne is on sale, there’s only one pair of designer shoes left, etc. There are so many other things that want your attention. But don’t buy right away.

Take your time.

Breathe.

Come back tomorrow or the next week and see if it’s still there. Do you still want that item? Does it still catch your attention and make you drool over it?

Sometimes, the excitement of desiring something dies down if you let some time go by. I’ve never regretted not purchasing something. But I have regretted purchasing a lot of things.

3. Shop Till You Drop NOT

The best advice I can give you on your minimalism journey is to not hang out at malls. Don’t go to shopping centers. If you don’t buy anything, you’ll probably at least buy a coffee or grab a bite to eat.

If you don’t buy anything for yourself, you might fancy something for your sister, brother, mother, partner or whatever.

Going to the mall is the biggest and easiest way to spend money and not be conscious of it. So avoid it as much as you can.

See how you can become happy with one mental shift.

4. Detach Your Emotions

People usually have a hard time adjusting to a down-graded lifestyle because they’re emotionally connected to the comfort they once had.

And they will mentally battle the unfairness of how things went down. And to be honest with you, you will never win this battle. And you might never come to terms with it emotionally if you keep resisting.

I suggest that you begin by acknowledging that life is not unfair.

Life is just is.

Good things happen to good people and bad things happen to good people. Accept that that’s what life has done. You won’t benefit much from analyzing your failure. The economic collapse was a force that even the top bankers and economists didn’t foresee coming.

Instead of living in the past, shift your attention to the present moment.

When you’re in the present moment, just be. Yes, you’re not sleeping in a king-size bed anymore, but that’s great! Why do you need a king-size bed anyhow? Seriously? You really don’t.

Did you really enjoy having a $300 dinner once a week? You can eat and be full at home for $10, if not less.

Look at yourself rationally. Don’t view the changes in your life emotionally anymore. And if I were you, I would make a conscious effort to invest in good emotions in connection with a minimalist lifestyle.

It will pay off much faster than you think.