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.
Does minimalism save you money?
Does minimalism actually save you money? It definitely can.
Every person is different just like every minimalist is different. As much as we try sometimes, we don’t all live quite the same as the minimalist next door.
That being said, there are a lot of ways that minimalism practices can save you money if you follow them.
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.
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
Quality over quantity
A majority of minimalists, instead of buying things at a discount will choose to spend more money for items that will last them longer.
Because they do this, it requires them to make fewer purchases into the future and saves money in the long run.
Less purchases all around
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.
Minimalists work to truly love all that they already have, because of this they purchases less things and are more intentional about purchases that they do make.
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.
As the minimalist movement is on the rise, so is minimalist fashion.
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
A true minimalist style should be all about keeping the items you already own. Items that bring you the most joy.
Minimalist fashion posts you’ll appreciate:
- 10 Ways to Style the Same Jeans and Tank Top
- 10 Ways Dressing Like a Minimalist Can Save You Money
- I Stopped Buying Clothes for 3 Years and It Changed My Life
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 live a YOLO life while still saving for the future
- How to Save Money for Travel Even if You’re Broke
- 10 US Travel Destinations That No One is Talking About
- 13 Free Things to Do With a Family in Southern California
How to be a financially savvy minimalist
There are some simple ways to get minimalism to actually save you money.
- Keep what you love
- Buy only what you need
- Be thankful every day
- Pay yourself first (see savings accounts that pay you to save)
- Budget your spending
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.