Minimalism has something to offer anyone looking to make the most of their money. By clearing away the clutter, simplifying your life, and embracing a minimalist lifestyle, you can really start saving more money. What’s more is that the minimalistic lifestyle will help you earn more too, by getting rid of all those distractions in your life that prevent you from doing your best work. So here are seven easy ways for how to become a minimalist and save more money!
Shop Quality, Not Quantity
This is the heart of being a minimalist. By buying fewer but better products, you’ll be able to focus on your purchases and choose only what you truly need, rather than just buying anything that seems like a good deal.
Invest in classic pieces. Think backless black dress, white tee, a blue blazer, etc. Quality items with timeless designs will see you through many outfits and remain stylish throughout your life without going out of fashion. You can expect classic pieces to last long after trends come and go.
Also, shop second-hand. Thrift shopping has been popularized by hipsters everywhere, but it is actually a way to save money while treating yourself to something nice. The folks at wholepeople.com explain how the best thing about second-hand shopping is that it allows you to buy classic pieces at a budget price. These you can then wear with your trendy clothes for an overall classy look.
Sell Your Belongings
It may sound strange to sell your belongings in order to save money, but you wouldn’t be living a minimalist lifestyle if you didn’t purge your life of the unnecessary. If you want to become a minimalist and save more money, selling your things is an obvious choice!
Think about how much you want to reduce your possessions. Aiming for 30%, 50%, or even 90% purging will help motivate you to get rid of way more than just one extra shirt from your wardrobe.
Downsize Your Living Situation
The smaller the living space, the less stuff you need to fill it up! This is another reason why becoming a minimalist and saving more money go hand-in-hand – with less room for all of your belongings, it becomes that much easier to get rid of things you don’t actually need.
Cut down on physical space by moving somewhere smaller (or sharing a bigger place with someone). If that’s an option right now, you can also take on board other people’s advice and cut down the amount of clutter you fill your home with by adopting a minimalist approach to furnishing or downsizing your belongings into another room for storage.
Minimize Your Tax Burden
Becoming a minimalist can help you not just save more money but keep more money as well since being frugal reduces any tax burden that might fall onto your shoulders due to earning above-average amounts of income through work or investments. Being a minimalist means you are likely to have below-average income, which brings your overall tax rate down considerably.
Claim all the deductions and expenses that you’re eligible for. It’s easy to miss out on legitimate deductions like charitable donations and work uniforms, but if you do end up saving money on taxes, then it will be worth the time and effort put into proper preparation!
Here’s a better resource to help business owners get to the gist of small business tax deductions [with 17 examples].
Minimize Your Transportation Costs
When becoming a minimalist, you’ll find yourself buying fewer items in general – this means even fewer things to transport from one place to another! This helps not only your carbon footprint but also your wallet.
Cut down on purchasing costs by cycling or walking everywhere. This will help reduce the impact of using public transport, as well as cutting out the cost of petrol and car maintenance.
Minimize Your Energy Costs
When you begin to adopt a minimalist lifestyle, energy costs will inevitably come down too. This is because you’ll find yourself needing to heat and cool your living space less frequently – the smaller your home, the less room there is for a heating or cooling unit!
Minimize the strain on your cooling system by growing plants indoors that release moisture during humid months. Plants like money plants, aloe vera, and spider plants are well-known for their ability to regulate humidity.
Minimize Your Entertainment Costs
When becoming a minimalist, you might find yourself spending less time at home or in your apartment – this means fewer expenses on entertainment!
If possible, share an apartment with someone who already has a TV and other entertainment equipment that you can use when they’re not around. For movie lovers, there’s always the local library that hosts free screenings of classic and modern movies.
As you can see, there are many ways to help reduce your spending when becoming a minimalist. It’s important to remember that the purpose of minimalism isn’t to cut down on expenses in order to spend more money in other areas: it’s about removing the things in your life which distract you from what truly matters in life and consequently freeing up time and energy for activities that feel most meaningful to you!