Minimalist lifestyles are good for curbing excessive spending and unnecessary luxuries. There are so many things that our society encourages and says will make you happy, but it rarely does. Minimalism is about cutting out what you don’t need – and removing a lot of headache in the process.
In my experience, when it comes to “things” less is definitely more (assuming your needs are met), so stop forcing yourself to buy what you don’t need or want. If you’re not a huge fan of cars, don’t spend your life savings on a car. Likewise, if you’re not a fan of watches, don’t buy expensive watches. Focus on what actually makes you happy. More often than not, you’ll find that most people are happier when they spend money on experiences (like travel) rather than luxury items like cars and watches.
What Is Minimalism?
For a lot of people, minimalism is the key to financial freedom. That may sound extreme, like I’m exaggerating, but minimalism can help you live a relatively frugal lifestyle without forcing yourself to feel like you’re cutting corners to save money. Minimalism avoids the pressure that others – like family or society in general – put on you to buy certain things, to meet the norm or achieve a certain “status” in a specific social circle. Want financial freedom? Stop letting other people influence how you spend your money.
Basically, you can save money (get started with this app), get serious about starting to invest, and meet your financial goals, while still getting the primary things you want. Minimalism essentially means that you buy what you need, but requires that you only buy what you TRULY want. You can spend money on experiences to expand your horizons, or even buy those nice shoes or that watch you want. The key is to avoid buying what other people expect you too, or things you don’t really want – if you’ll get tired of it after a few weeks, for example, it definitely won’t fit the minimalist lifestyle.
What Is The Point?
The point is simple – take control of your life, focus on what you truly want, and still maintain financial security. If you skip all the excess spending, you’ll find it’s a lot easier to accomplish your goals. If, even while leading a minimalist lifestyle, you still have issues, focus on increasing your income.
How Do I Start?
Well, let’s break it down into a few steps.
1. Look At What You Already Have
Look at everything you already own (and start thinking about donating or selling things you don’t need). Do you really need all of those clothes? All of that makeup or jewelry?
2. Get Rid Of The Excess
Did you realize you had too much of something? As I said before, think about donating or selling it. You can use the funds you make from that to get anything else (if you NEED anything else), or toss it into your savings and investments. It’s hard to come up with good examples, since we all lead drastically different lifestyles, but if you have a closet full of clothes and there are multiple items that you haven’t worn in over a year – it might be time to make some room.
This might sound hard, but it can definitely help you. Let’s stick to the example of clothes. If you cut down how much you have, you can probably spend slightly less money on a smaller, but higher quality wardrobe (that still meets your needs), which will last MUCH longer – consequently saving your more over the long haul. For example, depending on what you buy, a $200 boot may last 5x as long as a $50 boot. It’s 4x the price at first, but over the long run it ends up being a better deal (both in utility and appearance). Again, minimalism isn’t about cutting you short, it’s about focusing on your specific needs and wants and meeting them, but not going overboard.
3. Look To Your Current Needs And Future Wants
Remember, when I say “wants” I mean things that you really want – your top priorities. I think most people can easily determine their needs. If you have trouble sorting out the true wants from passing interests, focus on identifying the things that bring joy to your life. As I said earlier, those will likely be linked to experiences. Maybe it’s travel, perhaps it’s concerts, but it could even just be a good bottle of wine occasionally.
4. Set Goals Related To Your Wants And Needs
Whatever yours may be, list out your wants in order of importance (ties are okay, it’s not like this is an exact science). Now, create a simple plan on how you’ll get there. Will the spending you already cut in the previous steps help get you there? Great! If not, focus on whether you need to save more, invest more, or find ways to augment your income to reach them. If they aren’t related to money, and it’s more of a time management issue for you, figure out what activities you can drop to make room for what you think is most important to you.
I hope this goes without saying, but only focus on a few goals at a time. Don’t spread yourself too thin by setting unreasonable expectations.
5. Find Joy Wherever You’re Currently At
It’s a bit of a truism, but if you can’t enjoy the journey, you probably won’t be happy when you reach the destination. Always make sure you’re doing what you need to enjoy your life now. It’s good to plan and use your time wisely, but it’s just as important to make sure you’re actually happy. If you’re in a tight spot, try making a list of everything you’re thankful for and focus on those things rather than what you think you’re missing.
Conclusion
Be happy where you are, with what you have. Leading a minimalist lifestyle can definitely help you reach your goals (while being able to enjoy life in the meantime), but if it seems daunting to start, don’t worry. Just focus on the small things at first. Starting is half the battle with most endeavors, and once you start it is much easier to work your way up to larger things.
As always, if you think I missed something, have a tip, or have a question for the community – leave a comment below! For more content like this, and a free budgeting template and financial goals worksheet, be sure to sign up for the Bitter to Richer newsletter.
