Minimalism and saving money go hand in hand. So much so that when done right, minimalism can save you money. When it comes down to it, they are so intricately intertwined that I can’t focus on one without the other. If you’ve been wanting to save money or try a minimalist lifestyle, you’ll enjoy these ideas on how minimalism can save you money.
I’ve said it once and I’ll say it a thousand times, saving money is a mindset. It’s a mindset that also takes a lot of effort. The same thing can be said about minimalism. Yet once you get into the mindset of either lifestyles it becomes so easy that it’s second nature to save money and live off of less.
Once you embrace the minimalist lifestyle, you realize that you don’t need as much as you once thought, in turn saving you a ton of money. Here are just a few ways how minimalism can save you money.
Related Post: 4 Reasons I Became a Minimalist
How Minimalism Can Save You Money
Minimalists aren’t defined by their possessions
One of the coolest ways that minimalism can save you money is through self confidence. Minimalists tend to have a lot of self confidence and don’t allow possessions to define them. They don’t buy things that people expect them to buy in order to fit in or keep up with the Joneses. They buy things that bring them joy.
Imagine buying things that you like because you truly like them, not because the media or your neighbor told you to.
I’m not going to lie, that kind of confidence takes time and it isn’t always easy. Don’t expect to give a few material possessions away and immediately feel more confident. Give yourself some grace and time to learn find out what possessions bring you joy.
Related Post: How Better Confidence Will Help You Save Money
Minimalists only buy the minimum
Hence the name minimalist, right? When you want and need less, you obviously shop less. Shopping less usually means spending less.
The only con here is that while minimalists tend to shop less, they also tend to buy higher quality items that cost more. You probably won’t save money in the short term, but will in the long term since higher quality items last longer.
Minimalists are more intentional
With less clutter, comes more mental space to live an intentional life.
Here’s the simplest example I can come up with: instead of spending time cleaning and organizing all your “stuff”, you can put that time and energy into more intentional living like planning fun experiences with your family, or even budgeting. I don’t have to tell you how budgeting can save you money, right?
Related Post: How to Make a Budget on Google Spreadsheets
Minimalists have more money to save
Okay, so this one is one of the most obvious, but it still needs to be stated.
When you spend less, you have more money to save. Often times people who aren’t minimalists will think they are “saving money” by buying something on sale. That is so far from the truth because they are still spending that money.
The fail proof way to save money is to not purchase something to begin with and put that money into savings instead. My husband and I do this often. We will talk about dining out, but eat at home instead and put the amount we would have spent into our savings account. It’s a fun little game when you get in the habit.
Minimalists have more expendable income for experiences
While many people are house poor and work extra hard to pay off debt, minimalists are more apt to live beneath their means and save money for experiences instead of things.
Since minimalists aren’t concerned with the newest home decor at Target or the most fashionable clothes on Instagram, they have more money to live their best lives. This includes being able to travel, dine out more, and even pick up an extra cup of overpriced coffee now and then.
Minimalists know that the best things in life are free
It’s true, happiness can’t be bought.
The main contentment minimalists get from money is knowing that they are financially stable in case of emergencies. Other than that, most minimalists enjoy experiences and time spent with loved ones over material possessions.
Let’s get down to basics for this one. If your house was on fire, would you spend a ton of time grabbing your favorite possessions or would you work like crazy to get your family out of the house? I’m guessing you went with the latter.
Material possessions can be replaced, but you can never replace or put a price tag on family, friends, and the time you spend with them. The best part about that is that spending time with them is free.
Knowing this can start a snowball effect. Once you know how much fun it is to do free things with loved ones, you’ll spend less, and save more. This is my favorite effect of minimalism.
Minimalists can work less, while saving more
The really cool part about being a minimalist is that if you need less and want less then you can live off of less, even while saving for the future. This means you can possibly work less.
Believe me, I’ve lived it. No one thought I’d be able to afford becoming a stay at home mom. Our financial advisor even told us not to do it. However, we found that when we bought less and downsized we were able to afford living off of one income easily.
Related Post: How We Paid Off $150K Worth of Debt
The bottom line
Our consumer driven economy doesn’t always make it easy for us to embrace a minimalist lifestyle. At almost every moment of our day we are bombarded with the media and social media influencers (myself included) telling us we need something to make our lives easier.
The funny thing is that when we have less, our lives actually do become easier. Oh sure, there are still things that make my life easy. Instant Pot, I’m looking at you. But that doesn’t mean we need each and every item that is meant to make our lives easier. For example, if you buy an Instant Pot to make cooking easier, it’s probably time to say good bye to your Crock Pot and rice cooker. Do you really need all three?
I know, I know, that’s probably not the best example because all three of those kitchen marvels are useful, but I think you get the drift. It’s okay to buy things that bring you joy and make life easier. The one thing you need to do is to stop and really think about your purchases before you make them. Once you start making those intentional purchases, you’ll probably notice how minimalism can save you money.
Do you have any tips on how minimalism can save you money?
Ani Kay says
I love minimalism. The hardest part of becoming a minimalist is being married to whatever the opposite of a minimalist is, haha. My husband loves stuff. Lots and lots of stuff. I feel like we’re drowning in it! The more stuff I get rid of, the more he acquires! The next post in your minimalist series must be “how to be a minimalist while living with a maximalist”
Hannah @ Eat, Drink and Save Money says
Oh how funny! I should definitely try to write a post about that!