Can A Minimalist Lifestyle Help You Save Money?
Owning less and wanting less can obviously save a lot of money. That is one of the perks of living a minimalist lifestyle. However, you might wonder how exactly a minimalist lifestyle can help you save money. There are three main ways: intentional spending, downsizing, and an overall shift in financial mentality. Basically, minimalism can help you with personal finance.
One of the ways minimalism helps your finances is by how it influences your spending habits. Minimalists practice intentional spending wherein you spend money consciously based on what you need instead of want or trends. That means that no matter how old your phone is, if it’s still very much functional, then there is no reason for you to replace it with a new one. The same principle applies to almost anything else, such as appliances, furniture, and books. It can even apply to food as well.
Tiny space living is one of the hallmarks of minimalism. The less space you have to fill, the less stuff you need to fill it with. More and more people who have adopted a minimalist lifestyle now opt for tiny houses that are either built on land or mobile. This means that there is less real estate-related expense. In many cases, a minimalist won’t even have to put out a loan for housing. Even rentals generally cost less since smaller spaces are usually less expensive, depending on location.
Shifted focus towards long term financial goals
When practicing a minimalist lifestyle, your financial focus is no longer to own trinkets for temporary satisfaction. Long term goals become clearer and more achievable. Since your money no longer goes to waste with unnecessary expenses, you get to channel your funds more towards long term goals. A couple of brilliant examples of these are: to own a piece of land, to have more than enough for retirement, and to afford to travel or stay at an ultimate dream destination.
Personal finance and financial freedom is not the only thing minimalism can help you with. It has other great benefits such as stress reduction, increased productivity, decreased environmental footprint, and simpler life in general. If you are interested in practicing minimalism, you should check out if minimalism is right for you.