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There is a big trend right now among Millennials to downsize. This is not surprising considering that a lot of Millennials are starting out with less than previous generations to begin with (many still live at home with mom and dad). One form that trend has taken over the past few years is the popularization of so-called “tiny houses.”

Most tiny houses measure no more than 500 square feet, though anywhere up to twice that size may still be called a “tiny house.” Some are even smaller.

Basically, think of an RV, and you have about the right dimensions. Indeed, an RV technically is a type of tiny house. Some tiny houses are on wheels, but many these days are not. Most however can be easily moved from one location to another if needed.

Do you ever look around at your huge house and think, “It’d be so awesome if I had less to do to clean and organize the house?” If so, you may even have thought about downsizing.

In fact, decluttering your home is one form of downsizing; it is a reduction in your possessions. Now just imagine what it would be like to downsize the entire structure in which you live, and your whole lifestyle.

In this two-part series, we explore some of the potential benefits of downsizing your home. Yes, there are some challenges involved in organizing a tiny house, but they can be well worth it. Let’s check out some of the financial advantages to start with.

1. You will save money (if you do it right).
How much money do you owe on your mortgage? The median home price in the United States is more than $200,000. That does not include extra costs like private mortgage insurance, homeowner’s association fees, utilities, property taxes, and so on.

Even expensive tiny houses usually do not cost more than $100,000. Many more are in the $40,000-$60,000 range. Still others can be purchased or constructed for $20,000 or less. That means you can potentially save a lot of money.

2. You can take that money you save and use it for other purposes.
Just think what you could do with the money you save on housing by downsizing. You can put it toward your retirement or your kids’ college fund. It can increase your entire standard of living.

3. You may be able to make your life more mobile.
You cannot relocate a massive suburban home. If you end up having to move, you have to leave your house behind. But most tiny houses are designed so that they can be picked up and moved if needed. That is great if you want to be able to keep your interests mobile. In the long run, this can save you money along with offering you convenience.

So now you know a few benefits of downsizing your home. Read onto Part 2 to find out more reasons to consider tiny living, many of which are focused on cleaning, organizing and decorating!