We are constantly juggling multiple responsibilities and trying to find ways to save money. Unfortunately, we often think minimalism is a lifestyle choice that doesn't apply to us, but we couldn't be more wrong. In this post, I will share some little-known secrets about minimalism and how it can save you money. Keep reading to learn more!
For a start, don't be fooled by minimalism. It might seem like a frugal, austere lifestyle choice, but there are some amazing secrets about it that not many people talk about. In fact, minimalism can actually save you money in the long run, even medium and short term.
What is minimalism?
Less is more, as they say. And that's what minimalism is all about - creating maximum impact with the fewest elements. In the world of design, minimalism is all about clean lines and simplicity. That doesn't mean minimalism is boring - far from it. Minimalism can be pretty striking, as it allows the eye to focus on the critical elements in a space. When done well, minimalism can create a feeling of calm and orderliness. It's no wonder that minimalism has become such a popular style in recent years. Whether you're looking to declutter your home or create a more relaxing space, minimalism may be the perfect approach.
If your idea of minimalism is LivingSocial deals for storage units and purging your closets every season, minimalism isn't for you. Minimalism is about only keeping those things that serve a purpose or that you have an emotional attachment to. That doesn't mean your home has to be empty; it just means that everything in it has a reason for being there.
The benefits of minimalism extend beyond being able to clean your house quickly (although that's certainly a perk). Minimalism can also help you save money. When you surround yourself with things you love, you're less likely to impulse-buy stuff you don't need just because they're on sale. And since minimalists generally live with less stuff, they have less to insure and lower monthly bills overall. So if you want to declutter your life and wallet, minimalism may be the way to go.
Minimalism is not about perfection.
Minimalism is often misunderstood. People see minimalism as a trend or a fad, but it's much more. For me, minimalism is a lifestyle choice. It's about living with less and only keeping things that bring you joy or have a purpose. This doesn't mean your house has to look like a magazine spread. Minimalism is different for everyone.
Most importantly, you are happy with your own version of it. So if minimalism means living with less clutter and feeling more at peace in your own home, then that's what it is. And that's what matters.
I embarked on a No Spend Year intending to save money, but I never expected minimalism to be such a critical factor in saving over €27,000. Yet, by the end of the year, minimalism was a healthy and valuable habit in the seven habits of mindful money that gave us all those savings that year and every year since. Minimalism helped us to focus on what was essential and to let go of the superfluous. It enabled us to save money on groceries, clothes, entertainment, and travel. And it helped us to find more joy and satisfaction in simple things. So if you're looking to save money, I highly recommend trying minimalism. You might be surprised at how much it can help you to cut your expenses and boost your savings.
Here are some critical ways minimalism can help you save money.
Make Money
Let's start with the fun stuff. Before you save money, you can make money. And one of the best ways to do that is to sell things you don't need or use anymore. Minimalism is about decluttering your life so that you can focus on what's important. When you minimalize your life, you free up more money to save. And when you minimalize your commitments, you free up more time to earn.
Most of us have way too much stuff. We hang on to things "just in case" or because they have sentimental value, even though we never use them and they're just taking up space. If you're ready to declutter your home and simplify your life, start by doing a sweep of every room, including the basement, garage, and attic (if you have items stored there). Take a moment to touch each item and try to remember the last time you used it. If it's been a while, there's an excellent chance that you can live comfortably without it.
Promotes intentional buying
To the minimalists among us, the idea of decluttering our homes is appealing. The thought of streamlining our possessions and living with less clutter is enticing. But let's be honest: minimalism takes work. Combing through your belongings, deciding what to keep and get rid of, and then actually getting rid of it? That's a lot of effort. And once you've put all that work into decluttering your home, the last thing you want to do is fill it back up with stuff.
To maintain a minimalist lifestyle, you must be intentional about your purchases. You can't just buy whatever strikes your fancy; you have to consider whether or not you need something before bringing it into your home. That means no impulse buys, no buying things just because they're on sale, and no wasteful spending. Intentional shopping is key to minimalism.
Needs over wants
One advantage of minimalism is the way you'll get to know yourself. After a while, you will have a better sense of what you value -- including things you "want" and the things you "need" to live your best life. In addition, the simple act of cutting back on wants and focusing on needs can benefit your monthly budget. For example, if you're used to spending $100 a month on coffee and fancy pastries, you could cut back to $50 and use the extra money to pay off debt or save for a rainy day. Similarly, if you find that you're always buying new clothes but never wearing them, minimalism can help you break that cycle. By paring down your wardrobe to only essential items, you can save money and reduce the time you spend getting ready each day. In short, minimalism can lead to a simpler, more sustainable way of life -- and that's something we could all use more of.
Quality over quantity
Quality over quantity. This is a mantra to live by. Too often, we're lured in by the promise of a "deal." We see something cheap and think, "I'll just buy this now, and if it falls apart after a few wearings, I'll get another." But what if we stopped and thought about the long-term costs of our purchase? We might decide it's worth spending a bit more upfront for something that will last longer.
This is especially true when it comes to basics like winter coats. A coat is something you wear almost every day for months on end. It keeps you warm and dry and protects you from the elements. So why not invest in a high-quality coat that will serve you well for years? It may cost more at the time of purchase, but in the long run, you'll be glad you did.
You need less room.
One of the biggest benefits of minimalism is that it frees up more time and space in your life. When you have fewer things to take care of, you can focus on the truly important things. And when your home is free of clutter, you'll find that you have more peace of mind. If you're considering minimalism, one of the best first steps is to downsize your living space. Moving to a smaller apartment or house can save money on rent and still have a beautiful, functional home. As you begin to declutter your life, you may be surprised at how much easier and more enjoyable it is than you ever thought possible.
Gives You Focus When It Comes to Financial Goals and Budget
One of the essential benefits of minimalism is that it can help you budget your money more effectively. When mindful of your spending, it becomes easier to set priorities and choose how to use your resources. As a result, you may find that you don't need as much stuff as you thought and can save money by living with less. In addition, minimalism can also help you see areas where you need to make changes in your financial habits. For example, if you're constantly spending money on things that don't add value to your life, minimalism can help you identify those areas and make changes. As a result, minimalism can be a helpful tool as you work on budgeting and setting financial goals.
Makes Giving Easier
When you know what is most important to you and have your finances under control, it can be much easier to give back in time or through donations. Minimalism can help you focus on what is truly important to you and how you can best use your resources to help others. Living a minimalistic lifestyle makes it easy to see what you can live without and what you can easily part with.
This can make it much easier to donate items or time you would otherwise not have been able to give. Minimalism can help you focus on what is truly important in your life and prioritize giving back.
Minimalism is freedom, and freedom avoids being in debt.
So as you choose to pursue that freedom, it follows that debt has got to go. Out the door, never to come back again. That's one less weight around your minimalism-pursuing life. And as "The Minimalists" also say, minimalism is a tool that can help us achieve the things we want in life. So minimalism says "no" to debt and "yes" to pursuing our passions and dreams. What could be more freeing than that? Bye-bye, debt! We don't need you weighing us down anymore.
Switch the focus from 'stuff' to relationships
We all fall for the myth that more stuff will make us happy. But even with everything around us, we realize we long for more relationships. And not more in quantity, but more in quality. Quality time spent with your loved ones. Your dad, your mom, your sister or brother, your spouse or significant other. Those moments remind us we don't need much to be happy. That minimalism isn't just a fad. It's a lifestyle. And it's one we should all aspire to. Because at the end of the day, it's not the stuff that matters. It's the people we love and who love us back. That's what makes us truly happy.
The happier you are, the more savings you can make.
The popular saying goes that money can't buy happiness. But what about stuff? Surely all the things we surround ourselves with must make us happy. Well, it turns out that minimalism may be the key to contentment. Minimalism intentionally promotes the things we most value and removes anything that distracts us from them. In other words, it's a commitment to living more simply and deliberately. And far from being a joyless experience, minimalism can lead to a greater sense of satisfaction and well-being. One of the main reasons for this is that minimalists tend to focus on experiences rather than possessions. They are more likely to spend their money on making memories instead of acquiring more stuff. And studies have shown that experiences provide longer-lasting happiness than material possessions. So, if you're looking for a way to boost your contentment levels, minimalism might be the answer. Who knew that less could mean more?
Simplify your life
In our fast-paced, hyper-connected world, it's easy to feel like we're always racing against the clock. There's always something that needs to be done, and we often find ourselves caught up in a never-ending cycle of work, errands, and obligations. But what if there was a way to break free from the rat race and create more time for the things that matter most to us? That's where minimalism comes in.
Minimalism is all about living with less stuff - both physical possessions and mental clutter. By decluttering our homes and simplifying our schedules, we can create more space for the things that are truly important to us. And while minimalism doesn't necessarily mean saving money, it can often lead to financial benefits. For example, let's say you simplify your schedule to give you more time for your creative passion. This could lead to new opportunities to make money from your art or photography. Or perhaps you decide to downsize your wardrobe. Not only will this save you money on clothing purchases, but it will also free up time that you would have otherwise spent shopping or managing a more extensive wardrobe.
In a world where we are constantly bombarded with messages telling us that we need more stuff, minimalism can be a refreshing change of pace. By simplifying our lives, we can create more time and space for the things that truly matter to us.
Space for personal growth
The number one reason how minimalism can save you money is personal growth gives you perspective. What kind of growth is personal growth? It's the ability to see clearly how our actions fit (or don't fit) into our life goals. When we're minimalists, we're constantly evaluating our possessions, deciding what adds value to our lives and what doesn't. We ask tough questions like "Do I need this?" and "Can I get by with less?" As a result, we develop a more realistic understanding of our needs and wants, leading to better decision-making regarding spending money. In other words, minimalism helps us to save money by teaching us to live more intentionally. And that, ultimately, is the best reason to pursue minimalism: not for the stuff we can get rid of, but for the clarity of mind and peace of heart that comes from learning to live with less.
Bonus and pleasantly shocking savings thanks to minimalism
Once you've jettisoned the extra stuff from your life, here are five more ways you are likely to save money:
1. You won't have to buy storage containers to hold all your stuff.
2. You won't waste time looking for things you can't find because they're buried under a pile of other stuff.
3. You won't need to hire a professional cleaner often because there will be less surface area to dust and fewer nooks and crannies for dirt and dust to accumulate.
4. You won't have to pay higher insurance premiums for content insurance on all your stuff.
5. You'll be less likely to make impulse purchases because you'll only buy things you need and will use.
So if you're ready to save money and declutter your home, start taking inventory of everything you own and get rid of anything you don't need. It's incredible how much better you'll feel with fewer material possessions cluttering up your life!
Summary
If you're looking for a way to simplify your life and focus on what's important, minimalism might be the answer. Downsizing your possessions can help reduce stress, clear your headspace, and make it easier to find what you're looking for when you need it. Not to mention the money-saving aspect. It may take some effort initially, but the long-term benefits of living a minimalist lifestyle are worth it. So are you ready to give it a try?
If you want to learn all about how I cut our outgoings by over €27,000 in one year check out the sell-out book Mindful Money, more money, more freedom more happiness here or wherever books are sold.