Learning how minimalism saves you money could be an important factor in choosing to embrace a minimalist lifestyle.
Engaging minimalism as a lifestyle has many advantages, not the least of with are reduced stress and increased peace.
However, it can also result in a boost to your budget and overall savings. This is more of a byproduct than a direct result, but it’s a very encouraging reason to live with less.
It happens as a result of how your mindset changes due to downsizing. Read on to find out how pursuing a life with less physical and mental clutter can help your budget.
Plus, at the end of the post, I’ll give you personal details on how a life with less has helped me keep more money in the bank.
Saving Money with a Minimalist Mindset
When you make the decision to follow a minimalist lifestyle, you’ll find you develop a mindset that includes becoming intentional, automatically decluttering, and creating more long-term goals.
This will be even more certain if you couple minimalism with a mindful practice in your daily activities.
Each of the areas mentioned above will include the byproduct of saving you money now and in the future. This new way of looking at how you live will automatically include being more budget-conscious.
So, while you may not set out with the intention of saving money, it will become a part of your overall way of existing day-to-day.
It will be a nice bonus as you make more decisions with conscious intention, instead of flying by the seat of your pants weighed down by the clutter in your life.
Next, I’ll provide more details about each of the 3 ways being a minimalist will contribute to your bank account.
1. Minimalists Make Conscious Decisions
When you adopt a minimalist lifestyle, you’re more likely to make intentional decisions.
A major part of being a minimalist means consciously choosing which things you’ll keep or purchase, and which you’ll discard or decide you don’t need.
You’ll spend more time focused on which things are “needs” and which are “wants.”
For example, you may decide your family needs Internet access to function for work and school, but you don’t need another pair of shoes just because there’s a new color you don’t have now.
When you become more aware of the difference between needs and wants, you’ll make choices that involve not spending as much money on the wants.
Another example would be determining that you need more family time, then spend the evening making a meal together to eat on the back deck.
This would be in the opposite of deciding the time together should involve a large take-out meal from a restaurant for each person.
2. Decluttering and Downsizing Saves Money
One of the primary activities of a minimalist, especially in the beginning, is to declutter their environment and downsize.
How far you go with this, and how quickly, will depend on your individual personality and circumstances. Some people live alone and make all the decisions, while others live with family members to consider.
Either way, as you declutter, you might have a yard sale or even decide that now your home is too large and sell it to downsize to a smaller dwelling.
It’s all going to come down to what your situation is and what suits your needs.
You might even decide to sell some of your expensive “toys” you no longer use, such as boats or bicycles. A big part of decluttering is deciding if you really will use something again “someday.”
When I declutter, I think about when was the last time I used something. If it’s been in storage and unused for more than a year, I consider whether I really need to keep it.
The trick is to resist the temptation to fill up your newfound space with other purchases, defeating the purpose of what you’re doing.
Decluttering and downsizing will save you money, but only if you can maintain the mindset that gets you there in the first place.
Some people have a minor relapse when they suddenly feel good about their decluttering efforts, and they rush out to celebrate by buying new possessions to fill the space. Be careful of that trap.
3. Minimalists Focus on Long-Term Goals
Often, people who get into the groove of decluttering and being intentional in their choices, find themselves more focused on long-term goals.
When you don’t feel overwhelmed by your lifestyle and cluttered environment, you’re more likely to think clearly about where you’re headed and how you want to live.
This will likely include how you spend your income and where you want to see yourself in six months, a year, or five years. As you become more organized, you’ll likely see improvement in your budgeting skills and how you manage your household.
Again, the intentional mindset carries over into your budgeting, and you learn that everything is connected.
When you become conscious about your decisions, it’ll include things like spending and budgeting, which work in your favor.
And as I pointed out above, you must avoid the temptation to rush out and spend your newly acquired nest egg on things that amount to wants, and not needs.
Finally, here are some details about my experience saving money because of a minimalist lifestyle.
How I Save Money Living My Life with Less
Quite simply, all of the things I talked about above have been true for my situation.
By downsizing and getting rid of things I don’t need or use, I’ve been able to reduce spending.
But even more importantly, it creates the freedom and space that allows me to think clearly and be organized. When I plan better, I make better decisions about purchases and spending.
I’ve also found that by adding a mindfulness practice to my daily routines, I am more focused and intentional in my choices. I’m less likely to buy things on impulse.
And right off the start, I made some income selling gently used and new items that I had no need for and was just storing for no purpose.
As you can see, you’ll save money when you embrace a minimalist lifestyle, even if it’s indirectly. The areas outlined above are 3 of the many ways your spending habits could alter, contributing to a healthier budget.