Minimalism and Money: Do More with Less
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Minimalism has increased in popularity over the last decade, but how can it help you with your money? That’s what you’ll learn in this blog post.
What is minimalism?
Minimalism is a lifestyle philosophy that encourages people to simplify their lives by getting rid of things they don’t really need. It’s based on the idea that less stuff means more freedom.
How do minimalism and money go together?
Minimalism is often associated with frugality, but it doesn’t have to mean living off breadcrumbs. The idea behind minimalism is to simplify life by getting rid of things we don’t need so we can focus our energy on what matters most.
For example, if you spend too much time thinking about your possessions instead of spending time with family and friends, then you and your budget might benefit from a minimalist lifestyle.
How Simplifying Your Life Can Shape Up Your Finances Better
You may be wondering: “Can I really make my finances better by simplifying my life?” Yes! There are many ways that minimalism can improve your financial situation. Here are some examples:
1) You will save (and possibly earn) money by decluttering your home. If you’re like me, you probably have a lot of unused items sitting around your house. By purging these items, you can free up space for new purchases or even sell them to earn more money.
2) You will save money because you won’t have to buy as many things. When you live a minimalist lifestyle, you tend to purchase fewer products than someone who isn’t trying to live a simpler life. This means you’re going to save money.
3) You will save money when you get rid of clutter. Clutter costs money to maintain. Not only does it take up valuable storage space, but it also takes up mental space.
4) You will save money on bills. Living a minimalist lifestyle means you’re not wasting money on unnecessary expenses. For example, you won’t be paying for unnecessary subscriptions.
5) You will save money through tax deductions. Some states offer tax breaks for donating goods to charity. If you donate clothing, furniture, appliances, etc., you could qualify for a tax deduction.
6) You will save money for retirement. Since you won’t be buying as many expensive items, you will likely save more money for retirement.
Let’s dig in to some other ways minimalism can lead to better finances.
A Decrease in Housing Costs Due to Downsizing
Housing is incredibly expensive, but with less stuff you need less space. Which can allow you to downsize at a profit and get something smaller.
If you’re looking to move into a smaller place, you should consider downsizing before you start searching for a new apartment.
Downsizing can also give you an opportunity to find a great deal on a property. You can use sites like Zillow to search for properties near where you currently live. Once you’ve found the one you like, you can take action.
Minimalism Can Lead to More Time and Energy
When you live a simple life, you’ll have more time and energy to pursue activities that matter to you.
This includes hobbies, relationships, work, etc.
It’s easy to fall into the trap of working all day and then watching TV until bedtime. But if you want to build meaningful connections with others, you’ll have to put in extra effort.
Minimalism will give you more time to do what matters most.
Minimalism Can Help with Longterm Focus
Minimalism encourages a long-term focus because it helps us to simplify our lives by reducing the number of things we have to worry about. It allows us to focus on what matters most to us, which is often different from what others think is important.
It values experiences over things and encourages you to live life to the fullest without accumulating a bunch of stuff.
Minimalist Living Tips That Will Save You Money
The first step towards saving money is to cut out unnecessary expenses. This means getting rid of things like cable TV, eating out every day, and buying new clothes all the time. If you want to save money, it’s important to focus on what you spend your money on rather than what you don’t spend it on.
Make money selling possessions
Selling items online has become increasingly popular. Sites like eBay and Facebook Marketplace allow people to list their goods and then offer them for sale to others. The best sellers often end up making thousands of dollars per month from their listings.
Eliminate Eliminate Eliminate
You may feel overwhelmed when you try to eliminate everything from your home. But this is actually the key to living a simpler life.
Start small by eliminating just one thing each week. Then gradually increase the amount of time you dedicate to simplifying your life.
Once you’ve eliminated enough clutter, you’ll notice how much easier it is to make decisions. You’ll also realize how much more free time you have to pursue the things that really matter to you.
Invest In Reusable Products
The average we use 100 million tons of plastic per year. If we all used reusable products instead of single-use ones, it would reduce our annual consumption greatly.
Reusable products have been growing in popularity and as a result have become even more affordable. If you’re looking to embrace minimalism, you’ll think hard about each purchase. Investing in something green can be a great way to not only save money in the long run but keep the number of things you need to store to a minimum.
Invest in Experiences Over Things
The best way to invest in experiences is through travel. Traveling gives you an opportunity to learn about other cultures and meet new friends.
Traveling isn’t always cheap so you’ll need to set aside some savings before embarking on your next adventure. However, once you start traveling, you’ll find yourself wanting to visit places again and again.
Cut Meaningless Expenses
The average American household spends $18,000 per year on unnecessary expenses. These include things like cable TV, gym memberships, subscriptions to magazines and newspapers, and eating out at restaurants. By cutting back on these kinds of expenses, you could save hundreds if not thousands of dollars each month.
Buy Less, But Buy Better
If you want to save money, then you should consider buying fewer items, but items of higher quality.
For example, if you buy a pair of jeans for $100, they will last you years. On the other hand, if you buy a $30 pair of jeans, they might fall apart after a year.
In 5 years you’ll have spent $150 on jeans and had to go through the process of replacing them every year. Or you could spend the $100 once and not have to deal with jean shopping for 5 years.
The Real Goal of Money Minimalism Is Freedom
I’m not going to lie — it’s hard to give up all those things we love so much. But if you want to free yourself from debt, save money, and live life on your terms, then you need to start thinking differently about what you spend your money on.
If you’re ready to take control of your finances, I recommend starting with the most expensive purchases first. For example, if you spend $100 per month on coffee, you might consider switching to tea or water instead.
Next, look into ways to cut down on the costs associated with the necessities of life. Are there any services you can get away without? Can you do without cable TV altogether?
Finally, focus on investing in experiences over things. This will help you build wealth while freeing up cash flow for other important goals.
Bottom Line
Minimalism is a lifestyle choice that allows you to live more freely. It’s not just about getting rid of stuff; it’s about living a simpler life where you don’t feel pressured by consumerism.
You may find that you enjoy this approach to spending money because it helps you to appreciate everything you already own. After all, you wouldn’t want to own too many things if they weren’t useful.
You also won’t have to worry about running out of space or having to replace anything when you decide to sell your possessions later.
What are your thoughts on a money minimalist lifestyle? Do you think it’s possible to truly simplify your life and still enjoy it? Let me know in the comments below!
