Is Loss Aversion Holding You Back?

Greetings,  my Friends

Well, I am at it again. Decluttering, what little I do have, and pairing down to minimal belongings. Why? Because I have been in my new location 3 years and if I have not used what I still have packed in a few containers in my closet and, they are not holiday or season directed, then I am pretty sure they can go.

For me, it is important that at my stage in life, when that day comes that I am called to my next assignment in the great beyond, that my kids do not have a crapload of stuff to go through and get rid of.

I out and out asked my adult children and my Grands to do us all a favor and tell me what they wanted me to hang onto and what they did not have an interest in. We, together, have already decided and labeled what they would actually want and, trust me, it is not much. It has become far more important to experience life and have fun together than spend time caring for, organizing, and reorganizing stuff and things. We have spent the last 5 years having interesting and fun experiences and making wonderful memories.

Fortunately, my son and his family are natural minimalists which makes it much easier to not only get rid of anything not being used in the present but to also not buy more “stuff.”

It is amazing how simple we can live, how much more time we have to play, and how peaceful it is to not have so much to clean/dust and constantly arrange or rearrange in our garage, house, sheds and storage units that can be full of stuff no longer being used.
And I can tell you, that in the end, you will not take anything material with you.

Loss Aversion

One evening after my husband passed away I was sitting in my favorite “contemplation chair” thinking about the huge task ahead of me in taking care of my husband’s belongings. Then the realization hit me that not only did I need to let go of his belongings but mine as well. We had lived in this house for 25 years and although we had continually cleared out closets, sheds, and storage bins, we still had a lot of “stuff.”

I also decided to sell my home, and take a big “Leap of Faith” to move across the country. Lord have mercy, the getting rid of “stuff” became a huge reality.

I grew up with very little and I thought I had a hard time getting rid of or letting go of my “stuff” because of the money I had spent on it, or maybe, just maybe my kids would want some of what I considered keepsakes or because it held some memory of importance or someone special to me had given it to me.

While packing up to move, I made piles of what I considered keepsakes to take photos of and log into a folder labeled “Memories” on my external hard drive. The point was to then give away that pile, However, as good as my intentions were to minimize there were still a few things I would put right back into a storage container to think more about before letting go of it.

About a month ago, my son and I, had a discussion about simplifying and the difficulty of letting go of belongings, stuff, and things we really no longer needed. I told him I had decided to let go of a few more things. I have about four storage totes of various things I thought I should keep as I might use them in my new surroundings, however, I had not even opened them since I put them in my closet. I just couldn’t for the life of me figure out why letting go of things I no longer need or use always seemed so difficult. He brought up the subject that perhaps it is due more to “Loss Aversion” than emotional attachment.

“Loss Aversion,” what ????….. I had never heard of it!
I dove right into researching this interesting possibility and possible excuse for not letting go of my stuff and things and of learning another reason we have so much difficulty simplifying our lives. Much to my relief,  we not only have emotional attachments to our stuff and things but we also can have a very strong aversion to what we consider a loss.

I invite you to check out the links below and to further research to find other links to help give yourself permission to simplify your life and let go of those things that are cluttering or stacking up unused.

5 Common Mental Errors That Sway You From Making Good Decisions by James Clear

Loss Aversion-Why do we hang on to things for no reason? from Psychology Today

Take care of yourself and stay safe.

And if you have a mind to get more simplified in your living, no better time than during this virus crisis.

Your turn: Tell me what you’ve been letting go of these, and how you feel about it! Leave a comment below, or visit me on Facebook.