Embracing minimalism is a top-notch way to save money and have an organized life. Choosing to have a few essential possessions will always supersede having a house full of items you do not use.
Minimalism is not only good for your pocket. It is excellent for the environment and your mental well-being, too.
Looking to be more with less? These 10 tips for practicing minimalism will help you save more money.
Keep reading.
1. Declutter Regularly
There is no need to keep items you do not use in your house. Discarding them at a cost can help you get the money you can redirect to your savings, emergency funds, daily expenses, or investments.
It could be the clothes you no longer wear, apparel your kids have outgrown, toys your kids no longer like, the books you have already read over and over again, children’s items such as strollers and baby cots, kitchenware you upgraded from, and furniture you no longer use, etc.
Selling these items will not only give you more money. It frees your house from clutter, which can be challenging to organize.
2. Prioritize Needs Over Wants
Minimalism is about items you need, not those that tickle your fancy in the heat of the moment.
Typically, the things you need will be fewer than those you want. For instance, you may want that fancy and light trench coat for winter, but what you really need is a parka jacket to keep you warm.
Choosing your needs lets you spend money on things that matter to you. If you spend money on wants, you end up with many things you do not use.
Many people get into debt when they have to get needs after splurging all their money on wants. Differentiate items you cannot do without and those that you fancy momentarily. It will save you from the burden of clutter and money wastage.
3. Embrace a Capsule Wardrobe
A capsule wardrobe is one sure way to save money and time. With a great selection of versatile items in neutral colors, you will forget about having to buy all the new trendy items.
Typically, a capsule wardrobe should have items you can wear to work and still be able to style the same piece to run weekend errands or for a night out. What may change may be the styling and accessorizing.
Additionally, with a capsule wardrobe, you will have easy mornings. A study done by Harper’s Bazaar revealed that women spend an average of 17 minutes every morning selecting and putting together an outfit. 62% of the responders revealed having “irrational tantrums” when trying to put something together.
You can save so much of this time and have stress-free mornings by having a capsule wardrobe because, in a capsule wardrobe, every top goes with every bottom. Furthermore, you could save up to $161 per month, which is the average amount a typical American spends on clothing and shoes every month.
4. Downsize Your Living Space
You could easily live in a smaller space if you kept strictly the items you need and use.
A smaller apartment or house typically translates to lower rent costs, reduced mortgage repayments, and reduced utility bills. With a smaller living space, you could quickly reduce your money on utility bills such as heating and cooling costs.
If downsizing is not an option, you can declutter unused rooms and have to rent them out to a roommate to earn some money, which can cater to your other expenses.
5. Reduce Screen Time and Digital Clutter
Many people report enhancing their mental health after reducing or completely cutting off their time on social media. Besides enhancing mental and physical health, you could save so much money by reducing screen time.
Social media, especially in this age of influencers, comes with many people making unnecessary purchases. A study done by Shopify revealed that 61% of frequent social media users trust influencer recommendations and have made purchases based on their recommendations.
Reducing your screen time reduces your FOMO, which will help you save money while enhancing your well-being.
6. Limit Impulse Purchases
The most popular impulsively purchased items include food, apparel, and household items.
If you had not planned for it, chances are high that you do not need it. Limiting impulse purchases can help you put more money into your savings or investments while keeping your house free from clutter.
Implement ways to reduce impulse purchases, such as practicing the 30-day rule, shopping while full, shopping with a list and committing to it, and deleting your card details from e-commerce platforms.
7. Borrow or Rent Instead of Buying
There are a lot of items you can borrow instead of buying your own.
Before purchasing them, check whether you can borrow them from your neighbors or even the local library.
This is especially true for items you do not use frequently. For instance, you do not do repairs daily. You, therefore, do not need to buy repair tools. Not buying such items will help reduce clutter and the money you spend on rarely-used items.
The same could apply to lawnmowers, camping equipment, travel supplies such as suitcases, and sports equipment.
8. Sell Unused Items
Selling the items you no longer use could help you get some money to pay for your expenses and emergencies.
Do not let items sit idle, fill your storage, and gather dust.
When you no longer need it, take a good picture of it and put it up for sale. You could use Facebook Marketplace, Vinted, and eBay, make yard sales, or even organize closet sales on your Instagram and Facebook.
You will give your beloved items a second life as it would be with people who will use them well.
Also, you want to find somewhere you can sell damaged electronics and gadgets. Find businesses that do it and sell that spoiled machine you have been stuck with for ages.
9. Automate Savings
We all know how vital saving money is. Unfortunately, it is something that does not come naturally to many people. Truth be told, a lot of people struggle with saving money.
You may want to automate your savings if you are one of them. It is the only way to ensure that money is transferred to your savings account.
A lot of times, the urge to make impulse purchases kicks in when the paycheck arrives. This way, people buy unnecessary items at the cost of making investments and savings.
Automate your savings today and save yourself the temptation of buying items that will soon sit idle in your house.
10. Practice Mindful Consumption
Before purchasing anything, ask yourself if you need the item or if it will add value to your life. Avoid impulse buying and take the time to consider how the purchase aligns with your goals and values.
Mindful consumption starts from simple day-to-day items such as food to even more complex items you need to plan for. If you can do without the item, the best option is not to buy it. If you need it for a single use, you should find a way to hire or borrow one. Was it in your plan all along, or is it just a sudden urge to get something? If it was not in your plans, then chances are enormous that you do not need it.
Lastly, always go for the most affordable and minimalist option. This helps you get value from all the items you spend your money on.
