One of the reasons why I wanted to adapt to the minimalist lifestyle was because the idea of living simply with less sounded attractive. This really helped me to become more intentional in all aspects of my life including my finances. Over time, I noticed that I was cutting back on impulse purchases, mindless consumption and overconsumption. Instead, I’m now able to focus on my long-term money goals. I found that minimalism isn’t really about spending less money. But channeling our hard-earned money towards the things that we actually value in life. By putting in a little more effort to be resourceful and organized, I noticed how big of a difference it really makes.
Here are 8 minimalist habits that can help you to save money.
1.Identify Your Needs
Consumerism becomes excessive when we buy beyond what’s needed. Since adopting a more minimalist approach, I have realized how much money I was spending on things. Things I didn’t even need or even worse, things I didn’t even know I was paying for. From spending much on clothes, cute little décor items, subscriptions and excessive utility bills. This all started to add up very quickly yet I wasn’t any happier because of them. I think this is how the work to spend cycle begins.
As lifestyle inflation starts to creep, we have to work even harder and longer to keep up with our spending habits. We spend because we want to treat ourselves or because we feel like we deserve it. But what we truly deserve is a life free of debt and free of financial worries. I noticed a lot of my excessive spending was out of carelessness. Having a budget, frequently checking our statements, being more organized and determining our priorities can help us to restructure how we choose to spend. It is not about obsessing over every little penny. But more about being careful so we can spend money on things that we truly value in life.
2. Sell What You Do Not Need
Decluttering is important. But what happens to our things after we declutter. Instead of throwing away everything, I like to go through the items and see which ones I can sell first. It is always a win-win situation because I can get rid of all the clutter in my home while making some money back from these unwanted items. If you can not sell your items, then another great way to get your money back is by donating it to a non-profit. You will be surprised by how many people out there are in need of those items.
3. Make a Meal Plan
One of the core principles of minimalism is to simplify all areas of our lives. I think we can bring this concept into the kitchen as well. Meal planning has been a game-changer for me. It saves me so much money from eating out, produces going bad and the decision fatigue of always wondering what I’m going to eat. Of course, we all want to eat healthier and more home-cooked meals but our busy schedules can prevent this. By selecting our recipes ahead of time, we can shop, prep, cook our meals and have them ready for us at any time. I usually batch cook two or three meals and freeze them some so we just need to heat it up when I come home from a long day. This way, I’m not always tempted to spend money by eating out or gravitate towards eating junk food.
4. Enjoy Simplicity
We can take the concept of simplicity and bring it into our homes. I used to be on the hunt for the perfect décor items. But I came to a realization that I did not find any value in these items because when I started to declutter, they were the first items in the donation or sell pile. More than ever, I’m learning how to appreciate the empty spaces in my home instead of trying to fill every room with something. For simple décor, I like to have plants in my space. I love the green that it adds to my extended living space.
5. Repair and Take Care
Minimalism is all about living with less and I think that also includes eliminating unnecessary expenses. Repairing something might be more effort and time instead of just purchasing something to replace it. But I think this mindset can help us to save a lot of money in the long run on an individual level but also help to slow down product waste and reduce what goes to the landfills.
Surprisingly, so many things are simple to fix and now we have the power of the internet to help us fix pretty much anything. If you can’t do it, it might be a good chance to look up different services in our community. Get to know your local tailor, cobbler, handyman, electrician. Yes, you will have to pay the service fee but it will most likely be a fraction of the cost of a brand new item if you were to replace it.
One of the ways that have truly saved me a lot of money is to take time and do the research ahead of time. I found out that the more informed and organized I am, the less likely I’m able to make impulse purchases. I try to make this with every purchase I’m going to make. Something as small as picking up the right lotion or even big purchases, I will be looking at reviews online. I noticed that I have fewer regrets about my decisions and I cut down my impulse buying habits.
By taking a little extra time to research, it gives me the time to ask myself if it is worth the cost, what will be the cost of use, will I get enough value out of it? Is it something I want to take care of? Is it worth taking up space in my home? After going through these questions, I can really filter out the things I need to purchase and sometimes I will decide not to buy it at all.
7. Shop Second Hand
Shopping second hand is second nature to me now. Before I buy anything, I will look at second-hand stores and thrift stores to see if I can buy second hand first. If it is only going to be used once or twice, I can even borrow from friends, family or neighbours or look into renting it. If we can get the same value out of the item, I don’t think it is necessary to buy a brand new at market price when there are people who are trying to get rid of that same exact thing.
I feel like there are so many things out there in the world and if we can do our part to try to look for a second-hand or pre-owned item first, then we can really make a difference in slowing down product production. Stop throwing away perfectly good items that could be used in someone else’s home.
8. Remove Temptations
My email box is always filled with promotions and coupon discounts. Just unsolicited advertisement. This can feel really overwhelming and exhausting. Not to mention the temptation to want to spend money on that good deal that you are always missing out on. If you are like me and do not want to spend your time sorting through emails. Or if you do not want to be tempted by these sales and offers, then I’d suggest you take your time to unsubscribe from these promotions. Not having the constant reminders of the Black Friday sales, promotions and discounts that are going on really helped me to stop making impulse purchases. If I need to buy the item, I want to be the one doing the research to find the company I want to purchase from and not the other way round.
These are the 8 minimalist habits that can help you to save money and the best thing about it is they are the little simple adjustments in our day to day life. I hope you will be able to see the effects in the long term