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Practicing Minimalism to Save Money

Updated on April 11, 2020

Minimalism


Minimalism is about intentional living. The idea is that you only have things in your

life, in your house, in your space that bring some sort of value and happiness. If it

has no purpose then it has no place and has to go.


Minimalism can be defined differently depending on the person, the above is just

what I see it as, you can research the term to see what other people's take on it is.

The ideas mentioned below are what I follow so that I don't behave like a buying

machine that many of us have become in today's society.


Practicing minimalism means you end up saving a lot of money because

you no longer engage in impulse buying, retail therapy, buying things because

you thought it looked cute or felt pressured to spend money. You avoid all of

these situations where you end up spending your hard earned cash just

to later forget what you bought and for what reason.


Buying mindlessly is a waste of your money and keeps you away from

working towards achieving a level of financial security and maybe even

independence where you no longer have to be stressed about money or

money related issues.


So, I'm going to give you a few ways you can save money by practicing a

few rules of minimalism so that you can reap some of the concepts financial

benefits. You don't have to call yourself a minimalist or follow the 'rules'

it's totally customisable so take what you want, alter as you need and leave

what doesn't mean much to you.



1. Stick to Your Style & Save Money


Experimenting usually means you don't end up using whatever you bought or

get the full use out of the particular item. Stick to what is your style, if you wear

muted tones then only buy muted tones, if you wear monochrome colours then

stick to that. Most of us have items in our closet we purchased because we thought

it looked cute or saw someone else wearing it. We waste a lot of money on things

that are not within our comfort zone and style so only buy what you know you'll

wear. Stop wasting money on items for the sake of experimenting.


I feel most comfortable in dresses so I stopped buying blouses and t-shirts

unless it's to go with a dress.


Buying things that stick to my style makes shopping easier and makes me feel

more beautiful because those items suit my body shape and make me feel

comfortable.


Items that divert from your style are most likely going to end up

in the 'I didn't even know I had this' or 'what the hell was I thinking' pile. Buying

items once in a while that are different from you style can be fulfilling and exciting

if you know that you are going to be able to get multiple uses out of it: don't kid

yourself if you know you won't.


2. Know What You Have


Our homes, spaces and closets are filled to the brim and we probably only use 1/5

of everything that occupies those spaces. Know what you have and get rid of the

things that you didn't even know existed. Once you clear up the space you'll be

able to see the things that you have and it means you won't end up buying the

same thing or something similar to it since you know you already have it.


Not knowing what you have just means adding more stuff to the 'I never used this'

pile. That is probably why you don't have any money left over at the end of the

month as you're constantly wasting money on things that you had no use for before

and still have no use for but now you have duplicates of the same item.


Have a good clear out and use the things that are left, make a wish-list of

anything you may want and always consult your home, closet, kitchen or any

other space before making a purchase.



3. Make Lists


I mentioned this above, a way to overcome impulse buying is to keep lists of the

things you want t purchase. Have a look at what you already have and if you can

make do without it.


Writing down what you want instead of immediately buying it gives you the time

to think and really know whether it's something you want to spend your hard earned

money on. Making lists is also a way for you to save for the things you want rather

than just going out and buying it immediately.


Always put money aside for the things on your list, if you didn't set money aside for

it then surely it wasn't necessary or important. Putting money aside let's you see

how much of your monthly income is going towards that item and if you're

happy to see that number.



4. Set Limits


Setting limits to how much of something you need is a way to combat the

mindless and thoughtless shopping trend that is prevalent in our consumerist

society. How many pairs of trainers do you really need? Is it not a better idea to

wear the ones you've bought so that you can enjoy them fully and get good use

out of them, then when they're reaching the end of their time you can go and

purchase a new pair of a different design?


All of use have some areas in our lives where we spend more than that is

necessary and sensible, I know I've mentioned clothing as an example but it can be

anything such as electronics for example. So many people buy a new phone every

year despite their current one being in absolute functioning condition. This need

to have the newest and the most expensive version of something is dangerous for

our finances and for our future. If you don't buy a new phone every year it's not

going to have a detrimental effect on your life- trust me you can use your phone for

at minimum 2 years unless it's not in a functionable state. I use my phone for 3

years or more and this means that I get the most use out of the money I spent on it.


Set clear limits in certain areas where you know you can spend an unlimited

amount e.g. electronics, food, entertainment, holidays, designer items,

accommodation, cars and the list can be never ending. Ask yourself what is

the one area where you need to set limits.


Would you try minimalism?

See results

Comments

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    • humaikbal profile imageAUTHOR

      Huma Ikbal 

      11 months ago

      Thank you for reading my article. It's always a good idea to analyse your spending habits to see where you can make changes.

    • Nella DiCarlo profile image

      Nella DiCarlo 

      12 months ago from Guelph, Ontario

      Enjoyed the article, good tips and very timely advice. It's good to realize how important it is to have a security fund, and changing spending habits is a good start.

    • humaikbal profile imageAUTHOR

      Huma Ikbal 

      12 months ago

      I'm glad you liked the advice Liz, I think the virus has given everyone time for some much needed reflection on how we go about daily life. Many people seem to realise the importance of having money set aside which unfortunately not many people have to deal with the current climate.

    • Eurofile profile image

      Liz Westwood 

      12 months ago from UK

      This gives some helpful advice. I wonder if the COVID-19 pandemic will make us reassess our lifestyles and choices.

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