Lending Club Blog

Do You Have Too Much Stuff? Try the Suitcase Test.

Americans are famous for acquiring lots of material possessions, and I’m sure you’ve heard the quote that “He who dies with the most toys wins.” Obviously this isn’t true, but people continue to rack up possessions whenever they can. It’s not a complete surprise when American shoppers trample each other for discounts on consumer electronics. But if we can’t take it all with us, what’s the point?

I’ve been traveling for the last year, and I discovered that I didn’t really need that much: basically, everything I could fit into a couple of suitcases was sufficient for over a year of traveling. What did I bring?

  • A few pairs of shorts
  • 2 pairs of jeans
  • A few T-shirts/long-sleeve shirts
  • A few important books
  • My guitar

Even then, I realized I don’t need everything I brought with me. I brought less clothing on my second adventure (to Argentina, where I am currently), and I am buying them here. It saves me money (I don’t have to check in as many bags) and it makes traveling much cheaper.

Trent at TheSimpleDollar had a similar idea: he wrote an article about The Suitcase Test. The Suitcase Test is essentially this: if you had to pack up and leave tomorrow, what would you bring with you? What are the most important things to your survival?

If you are about to buy some items, think: how much do you need it? If you wouldn’t put it in your suitcase, do you really need it?

The best way not to overspend is to only buy things that you absolutely need. The Suitcase Test is a good framework to help you see what you really need.

Do you have similar strategies for limiting the number of things you buy or accumulate?

Saturday, January 17th, 2009 at 6:42 am

Comments (0)

Recommended

Welcome Home

Lending Club named #5 on Forbes’ Most Promising Companies List

Get ready for tax season with Lending Club’s Tax Form Guide

New Adjusted Return Metric

See more
Lending Club Awards
  • Archives z

Recent Posts

Renaud Talks Marketplace Lending on Jo Ann Barefoot’s Podcast

This week, CEO Renaud Laplanche… Read More »
June 24, 2015

Lending Club Teams Up with Sam’s Club to Deliver Small Business Financing

Read More »
June 8, 2015

New Lending Club TV Commercial Makes its Debut!

Last week we began testing a new TV commercial showcasing… Read More »
May 26, 2015

Lending Club Honored with Entrepreneurial Company of the Year Award from Harvard Business School Association of Northern California

Read More »
May 15, 2015

Renaud Talks to Jim Cramer

A few months ago, Jim Cramer remarked that he… Read More »
April 15, 2015

Lending Club 2 – Back in the Race

We’re excited to see Renaud back at the helm!… Read More »
March 26, 2015

Lending Club Store’s Grand Opening

We were thrilled at the support we received from… Read More »
March 20, 2015

LendIt is just one month away!

Congratulations to the LendIt team, who rang the opening… Read More »
March 13, 2015

Nearing Retirement – How an IRA Can Help

An Individual Retirement Account (IRA) can help you prep… Read More »
February 25, 2015

How an Individual Retirement Account (IRA) can help you reduce your taxes

For many investors, January is… Read More »
January 23, 2015

2014

We went public today!

Ringing the bell this morning at the New York… Read More »
December 11, 2014

New and Improved Statistics Page

We recently redesigned our Loan Statistics page to make… Read More »
November 13, 2014

Lending Club Honored with Economist Innovation Award

This month I was honored… Read More »
October 15, 2014

Welcome Vermont Investors!

Today, we’re thrilled to welcome residents of the state… Read More »
September 4, 2014

We filed to go public today

We filed a registration statement with the SEC today… Read More »
August 27, 2014

Our Billion Dollar Quarter

We’re excited to announce  that we’ve facilitated over $5… Read More »
July 8, 2014

Is Lending Club Available in My State?

Is Lending Club available in my state? That is… Read More »
July 7, 2014

Lending Club Joins Senator Cory Booker to Discuss Improving Access to Capital for Small Businesses

Read More »
June 20, 2014

Lending Club Named a CNBC Top 50 Disruptor for a Second Year

For the second year in… Read More »
June 17, 2014

PRIME is now Automated Investing

Lending Club is excited to announce that PRIME has… Read More »
May 14, 2014
View All w