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How Minimalism Can Improve Your Finances

by Nov 6, 20212 comments

Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.

Will Rogers

Minimalism Can Improve Your Finances

Money in Your Pocket

Today, let’s look at how simplifying your life can help you save more money while feeling less stressed about financial matters. You might notice an immediate difference in your expenses or it might take a little time to see a real impact.  You might even find that it sneaks up on you until one day you suddenly realize that you have more money for things you want. And be assured that reducing what you have and buying less will save you money in the long run. While you might spend more money on some items, it will be because of a considered investment into more quality items or experiences that enrich your life.  

Keep reading for more ways that simplifying can improve your finances.

You’ll Focus on What’s Most Important

When you view your finances through a minimalist lens, you’ll quickly learn to attend first to things that really matter.  Earlier this week, I challenged you to start identifying your priorities and values.  This is a good time to build or revisit your list.  Spend some time considering what types of things and experiences are most valuable to you.  Most likely, material goods won’t be at the top of your list but your spending might not reflect that.   If, for example, you value experiences, trying new things and travel, but you’re spending all your money on impulse buying or clothes you don’t wear, you might be dissatisfied or stressed about your purchases.  Spending time to get clarity about your priorities will help you determine some changes that will support a more aligned spending pattern.

You’ll Break Your Attachment to Things

Many of us too often buy things to prove we’re doing well or to make us feel better after a hard day.  Retail therapy can offer short term comfort, but it can lead to feelings of regret or anxiety and high debt.  If you instead you switch your mindset to make more thoughtful purchases that reflect your values and offer good value, you will feel more in control and be less likely to make impulse buys.  Also, as you get more practice and letting go of things and living a simpler life, you will probably find that you are less dependent on possessions and more appreciative of space.  As a result, you’ll almost definitely find you are less drawn to mindless shopping and spur-of-the-moment purchase.

You’ll Focus on Quality

If are able to reduce shopping and impulse buying, you’ll soon be seeing increased savings.  This might free you to many purchases that offer you better value or to try things that you haven’t been able to do.  You might decide to invest the extra money in something meaningful like travelling or education or modifications to your home or activities as a family.  Your money will seem to go farther if you are making considered choices on things that will last and make a positive difference in your life.

You’ll Save Money

Going Forward

Spending with intention helps insure that spending is aligned with your values and your priorities, leading to financial decisions that better help you reach your goals and dreams through purchases that matter. That contributes to making you feel more at ease and less stressed about your finances.

I hope that this motivates you to start your on minimalist spending plan.  Where and how do you want to spend your money?  Considering that will arm you against impulse buys.

Take Action

Challenge Questions for Day 6

Does your current spending align with what you most value? If not, what changes will you make to ensure your spending is more in alignment with the life you want to build?

What is one new strategy you could use to make intentional buying choices in line with your objectives?

Declutter Challenge for Day 6

Bathroom closet / vanity.  Get rid of any out-of-date medications.  Discard things you no longer use.

Banner photo by cottonbro from Pexels

Mary Elizabeth O'Toole

Mary Elizabeth O'Toole

Educator, Artist, Storyteller

2 Comments

  1. Dominique Walton Brooks

    I would love to embrace minimalism but I have to get down to regularism first. LOL Since my dad died last year, I still haven’t finished going through all of his stuff and there is plenty I have to go through of my own. Supposedly, my husband and I are going to aggressive declutter the house over the next 2 months… wish us luck!!

    Reply
    • Mary Elizabeth

      LOL – ‘regularism’ is a great word – and sounds like a good milestone. It is hard going through your stuff after you lose the parents. It took me a while when I ended up with everything after Mom and Dad had died. None of my siblings had any interest in what had been saved for them. Good luck with the decluttering. I often find it is easier when it is concentrated and more aggressive clutter.

      Reply

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