Minimalism is a lifestyle that emphasizes simplicity, purpose, and intentionality in all aspects of life. Don’t think of minimalism as the goal. Minimalists save money because they use minimalism as a tool to help them reach their ultimate life goals.
Virtually every life goal is easier, more fun, and can happen faster with more money. A minimalist approach to money shifts spending from habitual pointless purchases to intentional meaningful expenses.
Why Do Minimalists Save Money?
While it is often associated with decluttering and downsizing possessions, minimalism can also have a positive impact on your finances. Minimalist save money because they care more about their life goals than impulse purchases.
People don’t choose to pursue minimalism haphazardly, they are doing it in order to turn their life into something specific. In order to make that dream life happen they align their financial situation with the life they are trying to create.
How Do Minimalists Save Money?
By adopting a minimalist approach to spending and consumption, you can save money and live a more fulfilling life. Much of a person’s spending and decisions as a whole are determined without much thought at all. People do things because they are supposed to, are told to, or are expected to.
On the other hand, minimalists do things because they consciously choose to. A minimalist has honed in on their purpose and what makes them happy. Knowing your goal and life direction keeps you more in line than any budgeting book or plan ever will. You will keep yourself on course if you understand your true desires and dreams.
Minimalism encourages you to focus on what is truly important in your life. Impulse purchasing is not part of the minimalist lifestyle. If you want to purchase something you will have already thought about it, found a price you’re happy with, possibly found a coupon or promo, and planned your budget accordingly.
Instead of buying things just because they are on sale or because you feel caught up in the moment, you give new possessions more forethought. You are not just mindful of the cost of the item, but also the purpose of it and where it will exist in your home. Your life goals are taken into consideration with each new object that comes into your life.
Quality Over Quantity
Spending more money up front is a good way for minimalism to save you money in the long run. This means investing in high-quality items that will last, rather than constantly buying cheaper, lower-quality items that need to be replace frequently.
Over the course of five years you can buy three high quality pairs of shoes costing a total of $400 or you can buy 25 pairs of shoes costing $750. Most of your expenses will be reduced over the long term if you invest in better quality up front.
Minimalism encourages you to simplify your life and eliminate unnecessary expenses. One way to do this is to cancel subscription services and memberships that you don’t use or need. This can include monthly subscriptions to streaming services, gym memberships, or magazine subscriptions.
Pull up all your debit or credit card accounts and go through the past three months. Find any automatic reoccurring charges that can be eliminated. Then, do the tedious work of figuring out how to cancel that ongoing fee. A few dollars here and there can really add up if you find multiple services to cancel.
A large percent of minimalist followers are also keen to be sustainable. They stay mindful about reducing waste and consider environmental impact in their decisions. One way to save money and be kind to the planet is to buy used items.
The resale market has had explosive growth along with the rise of online shopping. Physical shops with sister locations even have digital catalogs for easy inter-store transfers. There are twenty two stores of my favorite re-sale shop in Tokyo. If you’re ever here visiting, make sure to stop by Rag Tag.
Create a Budget
Minimalism can help you save money by forcing you to be mindful of your spending. By creating a budget, you can track your expenses and identify areas where you can cut back. This can help you avoid overspending and save money for the things that matter most to you.
If you’re someone who hears the idea of making a budget and shuts down, you’re not alone. I felt like I was allergic to making a budget. But, the fun part about a minimalist budget is that you start to have more disposable income and therefore your money situation feels less scary.
The core philosophy of minimalism encourages you to focus on what is truly important. Your mind can create happiness based on what you have and it shifts focus away from the things you don’t have. Consumerism and materialism become part of your past instead of your present.
I like to practice gratitude for the future life I will have. My future life does not involve being bogged down with a bunch of clutter, so it deters me from spending money on junk. The future me doesn’t operate with scarcity mentality so I don’t feel the need to purchase items impulsively.
Minimalism is all about simplifying your life and reducing clutter and distractions. By simplifying your life, you can reduce stress and increase productivity, which can help you save money by avoiding costly distractions and mistakes.
As you declutter you can sell items along the way to give your bank account a boost. If you are decluttering in the Spring or Summer you should absolutely consider throwing a garage sale. Once your home is decluttered you will be much less likely to buy items that will ruin your decluttered space.
Minimalists Do Care About Money
Minimalism can be a powerful tool for saving money. There is no greater motivator than being in alignment with your true life path. All the previous “goals” you set that you never completed were not important enough to you for you to change behaviors.
Minimalists save money because they must. Your path to minimalism is just a stop on the journey to your ultimate life goal. And in order to get there, you need money, you need focus, and you need to take action towards that goal. Use minimalism as a tool and use money as a tool to get you where you’re trying to go.