Are People Saving Money By Going Minimalist?
Are you overwhelmed by the clutter in your home or apartment? despite your best efforts? Going minimalist might be for you!
A 2021 study defines minimalism as being “characterized by removing clutter, being satisfied with a small number of material possessions, and giving careful consideration before making any new purchases.”
Basically, it means focusing on what you need and avoiding the things you don’t. Going minimalist is becoming a trend because it takes away the stress of spending on expensive things that we use for status.
It means you get to live a simpler life with less stuff and more space!
Do you ever feel like your things own you? Think about how often you make sacrifices to make big purchases or how often you feel worried about what you don’t have.
Being a minimalist means that you will need to shift your priorities.
You’ll have to commit yourself to be satisfied with what you have rather than being worried about what you don’t. Buying less and being grateful for more can help you refocus on what is most valuable to you.
For example, you might choose to spend more time at home with family rather than spending at the mall or using your paycheck on a night out.
It will push you to reevaluate what is most important to you and where you want your money to go.
Can minimalism save you money?
Minimalism has become a popular trend. If you’ve ever heard of Marie Kondo, then you’ve heard of minimalism!
Kondo emphasizes the joy and simplicity of making this lifestyle shift, but if that’s not really for you, then the cost-saving benefits might convince you.
Though not everyone who is cutting back on spending is a minimalist, in general, American spending on miscellaneous expenses fell by 15%.
It’s not rocket science. The desire to spend and own less means you aren’t constantly shopping. Yes, there’s a philosophy to it all, but you can also use it as an excuse to save.
Or, maybe, you just have too much, and you need to get rid of it. Minimalism is also an aesthetic, or design, choice that many people adopt. Clean countertops, organized closets, and a garage you can walk around without tripping might be incentive enough for you to make the lifestyle swap.
Your mind, body, spirit, and wallet will all rejoice.
Are minimalism and frugality the same thing?
Being cheap and being a minimalist are not the same thing. You might reap some of the same benefits, but the principles are different.
Rather than thinking of it as saying “no” when you make a purchase, think of it instead as asking these questions:
- Do I really need this?
- Will it really bring me joy?
- Will owning this make me a better person or add meaning to my life?
Minimalism is all about removing materialistic needs from your life.
4 minimalism tips and tricks for saving money
1. Start small
Becoming a minimalist might be a little challenging in the beginning.
You don’t want to start by feeling like this lifestyle change means removing all of the fun and joy from your life. Or, maybe you have a difficult time differentiating between your needs and wants.
Start by making small daily choices that move you in the direction of accumulating fewer material things and having more money in your bank account. You might end up saving money for experiences rather than spending it on things.
You don’t have to sell your shoe collection and become a monk in one day.
Instead, look around your living room and think about how many of the things in it you have used in the last three months. Try getting rid of anything you don’t really need or things you have not used in the last year.
You can donate your old things or try making some extra money by selling your things online, at a garage sale, or through apps like Poshmark.
Starting small with things you don’t use might open your eyes up to what you really need.
2. Avoid serious impulse spending
We all know how easy it can be to wander through the aisles of a Target or Walmart and walk out with a pile of stuff you never meant to buy.
Emotional shopping and retail therapy can be hard to stop once it starts, even though it usually just ends up making us feel guilty in the end.
Adopting a minimalist lifestyle can take practice, but minimalist principles can help you avoid those emotional Target strolls.
Try making lists before you go out to remind yourself what you really need, and remember to ask yourself those three questions!
How to put the brakes on impulse buying:
Do you shop for retail therapy, or is it to keep up with the latest trends?
Knowing why and when you spend can help you avoid jumping ship on your new minimalist principles.
Fashion and looking good don’t have to mean constant spending. Minimalists often develop capsule wardrobes that are highly curated and long-lasting. It may be a fun project for you to take on over the weekend!
Constant comparisons on social media might be enticing as well. If you know you tend to feel less satisfied with what you have while you scroll through the Gram, try a social media cleanse. Clutter isn’t just about stuff. It also refers to what takes up mental space.
By knowing you are more than what you have, you might even build up your self-esteem. The more you love yourself, the less need you’ll feel to spend on things that promise to make you feel worthy.
3. Downsize your living situation
If your living space is considerably larger than the space you need to comfortably live, consider downsizing.
You’ll save on rent and create an incentive for yourself to get rid of nonessentials. It’ll be easy to make the most of small spaces by rearranging furniture and organizing storage spaces.
The cost of housing and living is skyrocketing, making sure that your rent and housing situation is sustainable is incredibly important.
4. Purge areas of cyberspace that cause you to spend too much
Social spending can be really hard to curb.
We tend to overspend around others, and the amount of time we spend on social media may make it feel like we are always socially spending.
Pressure to compete with others, keep up with fads, and stay up to date with new trends tie our sense of self-worth to material goods.
Materialism makes it really important that we avoid exactly that.
Recenter your social media experience around sharing what is most important to you, rather than what you have or what you want to do. Try following accounts that share the same values as you and unfollowing the ones that make you feel left out, unworthy, or unsatisfied with your life.
Always remember to know the difference between a legitimate social media post and an advertisement because selling an experience or product can be easily masked by influencers.
Develop good spending habits with SaverLife
If you want to declutter your life while saving money, consider adopting a minimalist lifestyle. Choosing to be a minimalist can also make you happier, reduce your carbon footprint, and improve the quality of your relationships.
If you want more help developing good spending habits, so you’re better able to embrace the benefits of minimalism, give SaverLife a try.
We’ll help you save money while also making it more enjoyable.
Try SaverLife today!