Does Minimalism Actually Save You Money?

I started this blog I did it in hopes of trying to find a way to share my new minimalist lifestyle. Alongside it, our journey to debt freedom. At the time I didn’t realize these two things actually went hand in hand. For our family minimalism played a huge roll in bettering our finances. Is this the case for everyone? Does minimalism actually save you money? Let’s take a look at what minimalism is, the different types, and whether or not you can actually save money being a minimalist.

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What is minimalism?

Minimalism is the practice of living with less. This often means reducing the amount of clothing, furniture, and items in your home. See this definition of minimalism is from The Minimalists.

Minimalism is a lifestyle that helps people question what things add value to their lives. By clearing the clutter from life’s path, we can all make room for the most important aspects of life: health, relationships, passion, growth, and contribution.

Read more on The Minimalists website.

Minimalism is a hard thing to define because it can mean so many different things to so many people. Let’s dive into a few of the different styles of minimalism to get a better idea of just what it means to be a minimalist.

Different styles of minimalism

I really liked No Side Bar’s 5 Types of Minimalists broken down into the following groups:

  • Essentialists – Own only what is essential
  • Experientialists – Prefer experiences over things
  • Enoughist – Using only enough to get by
  • Eco-Minimalist – Living with less to reduce their footprint
  • Soul Minimalist – Intentional, meditative living

While I love these, I can’t help but feel that some minimalist fit into multiple categories. They may have a category all their own or even belong to all of them.

There is also a huge movement of minimalist art and photography. You may have guessed that this style of art focuses on simplicity.

A minimalist lifestyle is super popular these days, but does minimalism actually save you money? The truth might surprise you.
One Line Nude by Quibe found on Lilyandvine.co.nz

Does minimalism save you money?

Does minimalism actually save you money? It definitely can.

There are ways that minimalism can play a roll in your finances and even help you save money.

Smaller houses

Our family of 5 downsized our house three years ago. We did so in order to live a simpler life and in order to reduce our mortgage.

Other people are opting for this kind of lifestyle, whether it’s living in an RV, being a full-time traveling family or living in a tiny house.

All of these options give you the possibility to start saving money and can allow you to live a completely debt-free lifestyle.Check out this mortgage calculator to get an idea of what price range you should be in that would allow you to hav

Less stuff

A part of minimalism for most people is living life with less stuff in their homes. People can sell their belongings in order to make a profit. They can also save money by not continuously accumulating new things.

More gratitude

If there is ever a way to make you appreciate what you have and lessen your desire to have more (and spend more), it’s gratitude.

Most minimalist work to practice gratitude every day which makes them less likely to spend their money on things they don’t need.

When you appreciate all that you have, it lessens the desire to own more.

A minimalist lifestyle is super popular these days, but does minimalism actually save you money? The truth might surprise you.

When minimalism can cost you

Just as easily as minimalism can save you money, there are a few factors that might actually end up costing you.

Minimalist fashion

As the minimalist movement is on the rise, so is minimalist fashion.

Now there is minimalist fashion like capsule wardrobes and KonMari closets. There is also a whole other kind of movement that can easily cost you a ton of money and add to your clutter.

Minimalist fashion, for the most part, is a style that requires a certain type of appearance. Sleek, clean and classy. Searching Minimalist Fashion online, the top link is from Stich Fix in which a customer’s main question is:

“What is minimalist style and what are the key pieces that I need to add to my closet?”

See the full thread

This is the exact opposite mindset of the entire minimalist movement. It’s not about looking a certain way or having a certain fashion style. And it’s most definitely not about adding clothing to your cloest.

A true minimalist style should be all about keeping the items you already own. Items that bring you the most joy.

Minimalist home decor

This same type of mindset carries over into minimalist home decor. The entire concept of minimalist home decor focuses on a particular appearance of furniture.

Actual minimalism just means simplifying the home you already have and owning the items that you feel represent you and your home the best. Not trying to cater to the latest styles and trends.

Buying experiences not things

The experience loving type of minimalism is my personal favorite. I prefer the enjoyment of travel and time with family over purchasing new things. This type of minimalism may sound great, but if it’s not executed well, you could very quickly go broke.

Posts about budget friendly travel:

How to be a financially savvy minimalist

There are some simple ways to get minimalism to actually save you money.

When it comes down to the question, “Does minimalism actually save you money?” The answer really lies in how you practice minimalism.

Make good choices, live a life designed to make you happy and make smart financial choices along the way. If you do these things, you’ll be just fine.

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A minimalist lifestyle is super popular these days, but does minimalism actually save you money? The truth might surprise you.

4 COMMENTS

  1. Jake | 9th Jul 19

    Hi Renee, just wanted to say great post. I love the minimalism lifestyle and the effects it can have on one’s life.

    • Renee | 9th Jul 19

      Thanks Jake. I’m loving it too!

  2. Lauren | This Simplified Home | 14th Jul 19

    I’m trying to convince my husband that downsizing would save us so much money. He’s not convinced (yet), haha.

    • Renee | 15th Jul 19

      Haha it has been such a blessing for us!! And it is also a HUGE time saver!

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