Minimalism And How It Can Transform Your Finances

by Susan Paige on May 5, 2020 · 0 comments

Some people think that minimalism is just a fancy word for living like our grandparents did. Namely, not eating out, only buying what we need and having the bare minimum of socks.

Well, those people are not only wrong, but are really missing out on a life philosophy that can bring far more meaning to your everyday life. A side bonus is that minimalism can also have a dramatic effect on your finances. Some are even able to retire early by adopting this life practice.

In this article, I will outline what you can do to become a minimalist and how to live well with less.

Change your shopping habits

Many purchases are made out of emotion. This means we spend far more than necessary on things we really don’t need. Go through your closet and if you see things in there that you had forgotten about then this is a sure sign that you do exactly that.

This isn’t to say that you shouldn’t buy anything anymore or that you shouldn’t shop. Just buy what you need and you save money. And if you are going to buy things you need, then be smart about it and use rebate apps that will save you money with cashback from your purchases.

Before you buy anything, make a list of the things you plan to buy. Then sleep on it. The next day take a look at your list and cross off the things you now realize that you don’t need now that your emotions are more balanced.

Downsize

Start by getting rid of many of the things you simply don’t use or need any longer. You can have a yard sale or sell your stuff online and once you get rid of it, you’ll see how much space you actually have.

It’s space that you have been paying for just to have a lot of stuff. Once you have less stuff then you can live in less space. And then there is no way to justify paying a mortgage as high as you pay now just to house that stuff.

This is the perfect time to think about moving into a smaller house. You don’t need to go extreme and live in a tiny house, but a condo or just smaller house will have you saving a significant amount of money every month.

Besides a lower mortgage, the electricity, gas and heating bills will be considerably lower.

It’s not just about less stuff

When you’ve decluttered your home and have changed your spending habits, without really delving into the reasons for doing so may have you relapse and start spending and hoarding again.

Realize that you are also trying to declutter your mind and life. When you have more money because you have stopped buying things you don’t need, you have more time to enjoy experiences instead of material goods.

Then you won’t miss anything you’ve cut out of your life because you will be enjoying your life more.

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