Minimalism is trending as more people start to see the benefits of a ‘less is more’ attitude. The word has been thrown around in both casual and serious discussions and is regarded as the new “it” lifestyle. But what does it mean?
Minimalism has shifted from a trend to a philosophy, encouraging a lifestyle that creates more place for the self. However general it might seem, it’s actually built around letting go. With that in mind, an immediate thought is ‘this could save me money’, and you’re right, it might. Of course, consuming less, buying less, producing less waste can all translate into more money, especially if planned and actively sought.
How to create a budget fit for minimal living
Minimal living means breaking bad, consuming habits, and focusing on a life more detached from the material. Moreover, if you change the perspective on why you want to achieve wealth, you might find it easier to start saving money. So when you’re designing a budget as a minimalist, prioritize needs over wants and reduce spending, while also distributing a chunk of your money directly to savings. How can you do that?
Housing costs
The amount of money you spend on housing can easily get out of control. Whether you own your place or you’re renting an apartment, downsizing is a minimalist solution that will save you more money in the long run. It fits easily within the mindset: you have less space therefore you have less belongings.
Choosing a smaller apartment or home will also reduce the amount of time you have to spend on maintenance, allowing you to focus on more mindful activities.
Monthly costs
This is the category where we include all those subscription-based services you signed up for. Do you really need cable? Are you truly going to the gym every day or could you work out in a park? Are you reading those magazines that keep popping up at your doorstep?
Take a step back and think about what you truly need and what is just something you wanted at some point in your life. Cut through the costs emotionlessly and you’ll find more time and more money for yourself at the end of the month.
Daily costs
With minimalism incorporated into your life, you will likely have fewer appliances and clothes, which means less energy and water spent on their operation and maintenance. Even so, you can take the extra step in making sure you reduce your carbon footprint and energy consumption as much as possible: unplug your appliances when leaving your home, wash your clothes at lower temperatures, take shorter showers, shut down your laptop and computers when you’re not using them (don’t just leave them on stand-by or sleep).
These are all small costs and tiny details, but they will pile up over time. It might not seem like a lot, but if you implement these attitudes into your life and you design your budget to fit your minimalist mindset, your savings will be maximized.
Mindful shopping; Upcycle and declutter
When you’re going out shopping, bring your mindset with you. Resist the urge to buy only because there’s a discount, you have a coupon, or it seems like a great deal. If you don’t need it, don’t buy it. Invest in things that will last longer so that you moderate the costs over time. Look into buying second-hand products that are still valuable; not everything has to be new. You can upcycle and recycle things that are now just cluttering your place. And if you can’t do that, donate or sell them.
A great idea to always keep in mind is to stop unintentional purchases that lead to waste. When you’re shopping for groceries, plan your meals ahead and buy the amount you need. It doesn’t make sense to pay for more if you’re not going to eat it. As an alternative, you could start your own garden, even on a balcony, and grow some of your own vegetable or herbs.
These are hardly the normal tips and tricks you read about when you’re looking for ways to save money. However, this is a change that involves your lifestyle and overall way of thinking. When you are ready to embrace minimalism in your life and live less for the material and more for you, your money will go into the right places. Just remember to spend intentionally and not just out of inertia.
About the author: Mihaela is a passionate reader and writer, with an affinity for language and linguistics, as well as the latest technological developments. She discovered her passion for real estate at RENTCafé, and you can read more of her articles on their blog.
Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.