A minimalist is a person who lives on less. They live and lead simplistic lives, only buying what they need and cutting out wants. Minimalist focus on experiences over worldly possessions. They intentionally promote things most valued to them and act with clarity and purpose. People who lead this lifestyle often spend less than they make and have good financial habits. If you are looking to switch up the way you live, here are ways you save money from being a minimalist.
Quality over Quantity
Minimalists do not worry about mass collecting things. They do not go on shopping sprees or practice duplicate spending. Instead, they value quality items over quantity. They chose to purchase clothes, appliances, experiences, and other things that will last over time. These items have a long shelf-life, and unlike, things of quantity, do not need to be replaced as often. Because quality items last longer, their associated cost is less than items that need to be frequently replaced.
Living Below Your Means
Minimalists do not purchase items they can not afford. They also, do not spend more money than they make. They often put money towards investments and savings, over unnecessary spending. You will not see them making expensive lease payments on a car or wearing only name brand products. By making intentional purchases and choosing quality, they focus their spending habits on the necessities.
Avoiding Lifestyle Creep
Lifestyle creep happens to most everyone. This happens when your standard of living improves. As you earn more money or your standard increases, so does discretionary spending. Minimalist avoids purchasing luxury and discretionary items as their lifestyle improves. Instead, they focus on increasing their savings and investments and sticking to the budget they had before increasing their wages.
Being a minimalist is all about mindfulness. This helps them to put saving over spending and keeps them focused on living within their means. If you find yourself enthralled in lifestyle creep, engaging in unhealthy spending habits, and living above your means, these tips on how to save money by being a minimalist are for you.