“Don’t go broke trying to look rich.”
A year ago, when I took the plunge and embraced a minimalist lifestyle, my primary focus was on material possessions. On decluttering and making more space in my home. On removing things surrounding me that no longer served me.
On being more intentional with what I buy and figuring out why I buy things. Letting go of the cycle of shopping out of boredom or stress. (Instead of being a stress eater, I was a stress shopper!)
What I never anticipated was that minimalism would help me save money. That we would finally be able to start paying off the debt we have racked up.
Not long after my family and I made steps to become minimalists, my husband and I sat down to talk about money and were shocked with what we saw in our bank account. For the first time in years, we had money left over from our paychecks. We no longer went to the convenience store everyday after school for snacks or bought clothes we didn’t have room for/need.
I no longer spent hours shopping on the weekends for things I didn’t even want. (Anyone else do this?!)
We have found things to do as a family that are either free or inexpensive and have learned to value time and experiences over “things”.
Of course, there have been months where emergencies have come up and we haven’t had a ton of money to put toward debt or to put in our savings account. And, we still have a long way to go on our debt journey. But, overall, there is finally a light at the end of the tunnel of debt and money stress!
If you are drowning in debt and feel there is no way out, or are just looking to save money, minimalism may be something for you to explore. Something to think about embracing with your family. Here are five ways minimalism can help you save money!
1. You simply don’t spend as much.
When you become a minimalist, one of the first things you will realize is that you just simply don’t spend as much money as you used to. And it is the best feeling.
Along with owning less comes less money spent at retail stores, buying clothes and purchasing things you don’t need. And the more money you are not spending, the more money is in your pocket. This means more money you can pay into debt, pay off student loans and build up that bank account.
For me, this has been the best part of minimalism!
2. Sell your clutter & make money.
Here is the thing: when you begin on the minimalism journey, one of the first things most people do is declutter belongings in your home and your life. When you do this, there are a few things you can do with the items that are no longer serving you. One of the things you can do is to sell the items on the Facebook Marketplace or similar sites.
You can actually earn money in the process of decluttering and getting rid of things in your life! Win, win!
3. Fewer items to store.
Raise your hand if you have to pay for a storage unit each month because you can’t fit your belongings in your home. (I’m raising my hand!) On average, storage units can cost you anywhere from $50 to $150 a month. That is insane! Think about what you could do or what credit card you could pay off with that amount of money.
When you own less items, you don’t need as much space to keep the items and won’t need to spend money each month for someplace to put them. You will save so much money when you no longer need this!
4. Learn to be more intentional with money.
One of the most beautiful things minimalism has taught me has been how to be more intentional with my time, the people I choose to allow into my life and the things I surround myself with. And do you know what else? I have learned how to be more intentional with my spending and my money.
When you become intentional or mindful with your spending, you learn to think about spending differently. You don’t need or want as much, you will enjoy experiences over things and you will change your relationship with money forever. I take my time when I am making a purchase now and may even come back in a few days to see if I truly want it. It has make such an impact on the wallet!
5. Taking care of what you already have + spending on high quality items = buying less frequently.
I know it may seem counter intuitive to minimalism but, when you spend a little bit more on quality items and then take care of them, you will be saving in the long run. Here me out on this one!
For example: it is back to school time so you are at the store buying school clothes. Now, you already know that in a few months you will need new pants because inevitably, the ones you are getting now will have holes in them. However, you come across a pair of leggings that are a few dollars more expensive than the ones you usually buy and are so much stronger and much better quality. Wash them how they say on the tag, take care of them and they will last you longer.
While you are putting out a few extra dollars, you won’t need to buy a new pair as soon and will actually save yourself money. This goes for home appliances, adult clothes, etc. It is not always the case but typically, the better the quality, the longer you will have the item(s).
Don’t buy as many items and take care of the ones you already have! You will wind up buying less frequently and spending less money. Score!