Thoughts Of Downsizing

I've been thinking for quite some time about downsizing and what that would mean.  There is a lot to think about.  I have a husband, two school-age children (one of which is homeschooled), and numerous pets to consider.  I live in a lovely house surrounded by beautiful woods which is located on a quiet street with nice neighbors.  All of this is great!  Except...I have this nagging feeling.  We've spent a lot of time and money expanding the house (finished off a third floor), fixing up the house, paying for the house, decorating the house, and repairing the house.  We have more space than we need (it's about 2900 sq.ft.) and there are rooms that we rarely use.  And of course, we pay for those rooms with our mortgage, heating/cooling costs, repairs, and furnishing/decorating.  There is little money left over for vacations, and saving for retirement is difficult when a huge medical bill, car repair, or house repair comes up.  So I've started to wonder, "Why do we need all of this?" And, "Can we do with less and what would that open up for us?"

Lately I've been reading a couple of blogs devoted to simplifying one's life: The Minimalists and Zen Habits.  Both blogs focus on slowing down and enjoying life more while living with less.  How much stuff do we need?  How many TVs, granite countertops, formal dining rooms, clothes, food, things, stuff, etc. will bring us happiness?  To quote Chuck Palaniuk (Fight Club author), "The things you own ending up owning you."

It's a lot to think about, but it's good food for thought.  Would downsizing really give me more time to spend doing other things?  Would we save more for retirement and for vacations?  And when I say vacations, I really mean the ability to take my children to see and do things outside of the "box" of our house and area.  They've both told me they'd like to see Niagra Falls, Williamsburg, VA, and New York City.  I'd like to take them to Central America, Canada, and to see the Grand Canyon.  With less time and cash spent on a large yard and dwelling it could free us up to do these things.  I tend to be methodical in my research and of course, there's some serious number-crunching to do.  And emotionally, selling a house and moving one's family is a pretty big deal.

But getting back to that nagging feeling...do we want to live house-poor or life-rich?