Minimalism & ‘Sunk-cost’ Fallacy

The past two years have been strange in many ways, yet have brought their own silver lining. We have learned to appreciate family and personal time, as well as organising our homes to accommodate working and schooling from home. We’ve also been able to put more time into one of my favourite endeavours: cooking with the family!

Spending lengths of time at home also means I find myself noticing things I never bothered about before when I was busy with work and away from the house. One of these things is noticing the sheer amount of ‘things’ I have in my home, which has made me think about minimalism.

What is Minimalism?

Many people think minimalism refers to getting rid of most things and just keeping the bare essentials or what you need to survive. In fact, minimalism is about training oneself to not become too attached to the things we own, love and desire.

When our attachment to things is removed, then whether that ‘thing’ is with us or not becomes irrelevant. This sense of detachment allows us to declutter our things, i.e. it allows us to make the decision to donate, repurpose, sell or throw out the things which we no longer love, desire or use.

Of course, this is easier than it sounds! I personally know how difficult it is to sell, give away or discard many things I own, from books and clothing to household items. While it can be easy to part with a few random items, things get tough when it comes to moving on from things you once cherished, admired and used as a topic of conversation with others.

So what is the Sunk-Cost Fallacy?

This is where the sunk-cost fallacy comes into play. This fallacy refers to the continuance of a particular behaviour or endeavour because you’ve already made an investment in it, whether this be time, money or effort.

This concept helps explain what gets in the way of me parting with these items: because I have a sunk-cost in my possessions, getting rid of them gives me a sense of losing previously invested time and money. An example is the little tool in my kitchen that makes perfect spirals out of round potatoes: something I bought from a TV ad. Well it’s purple and it’s cute, but I haven’t got much use out of it since using it a few times ten years ago! Even still, when I consider throwing it out I can’t help but think ‘maybe I’ll use it again when I have grandkids’, or ‘what if I suddenly have a potato which I can get perfect spirals out of?” There is also my collection of books on leadership. These books were useful when I purchased them, but are they still relevant even though I might not read them again? Would someone else value them as much as I do?

Does the sunk-cost fallacy happen at work?

In the business world, an example of a sunk cost might be investing in attending a conference. Even if a potentially lucrative project arises which would involve you skipping the conference, you may decide to attend the conference anyway simply because you have already paid for it. Here is a simpler example: you have a new phone, though you are still hanging onto the old one. You remember the investment you made in the old phone - money (the price you paid for it) and effort (having to purchase the phone and set it up).

So how do we cut the cord and part with things that we’ve invested in?

The answer is learning to detach from things which have served their purpose and are no longer bringing us joy in the present.

Coming to the realisation that we need to let something go isn’t always easy, but decluttering is good for the soul and an excellent way to remove chaos and waste in our lives. Think of the feeling when you stay at a hotel, where everything is designed with your wellbeing in mind and uncluttered. This tidiness helps us to say ‘that break was so restful, I must do it again.’

By purposefully decluttering and detaching yourself from material items, you will see that less truly is more.

Less is the catalyst that frees up our mind to embrace new things.

Less doesn’t mean that you have lost the experience, learning or memories.

Less allows us to appreciate those who don’t have enough.

Less makes our experiences precious.

Less is loving what you have now, not what you will have in 2 months or 2 years time.

Most importantly, less means having less to dust, less to store, and more space!

Remember, pursuing minimalism is an ongoing process, with consistency and discipline being key. Trust the process, and you’ll be glad you did it.