"We were definitely living a maximalist life, earning big incomes but spending just as big - sometimes bigger," Eman told Business Insider about their 2016 life. The couple said they were making up to 400,000 Australian dollars. "But at the same time, we were spending most of the money that we were getting," Eman said. Their shift toward minimalism allowed them to reclaim control over their finances.
Eman found inspiration in the book "Early Retirement Extreme", which led to a drastic lifestyle change. He spent all night calculating their net worth, realizing that saving more could lead to early retirement. This catalyzed a significant lifestyle overhaul for the couple, shifting from high income and high spending to deliberate savings.
After embracing minimalism, the couple embarked on eliminating frivolous expenses, such as their AU$5,500 monthly apartment rent in Sydney. They sold their car, relied on rentals, and opted for budget supermarkets, allowing them to pay off AU$24,000 in credit-card debt and about AU$26,000 in student loans.”
Their strategy transformed their financial patterns significantly, moving from saving 50% to 60% of their earnings in early minimalism, ultimately ramping it up to about 75% after relocating to a more affordable area. This move not only stabilized their finances but also facilitated their goal to travel freely with their children.
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