What Is Minimalist Living? 5 Ways To Embrace A Minimalist Lifestyle

With so much of our culture and economy driven by impulse spending or unnecessary goods, minimalism is the antithesis to that. More people are looking to simplify their lives, though, and leaning toward a more minimalist lifestyle.

If you’re curious about minimalism and what it could mean for your finances, keep reading to learn what a minimalist lifestyle is and get some tips to help you make it work.

What Is A Minimalist Lifestyle?

Simply put, minimalism is a lifestyle where you intentionally live with fewer possessions, focusing only on the ones you need. Many people who turn to a minimalist lifestyle do so in order to cut back on distractions, costs and clutter.

At its core, minimalism places the value of time spent over collecting possessions. It could be with a goal in mind, like the FIRE movement’s goal for early retirement, or it could be solely to reduce money spent on needless items and focus it more on experiences.

How Does Minimalist Living Affect Your Personal Finances?

Minimalism can be a good tool for budgeting and saving money, depending on your situation. For example, reducing the amount spent on extraneous costs, like clothes shopping, can mean having more money to put into a savings account. Furthermore, living under your means helps ensure you’re less likely to run up debt.

Pros And Cons Of A Minimalistic Lifestyle 

Like all good things, there are drawbacks that you should consider. Let’s look at some of the pros and cons of minimalism.

Pros Of Minimalist Living

On top of the financial gain, the pros of minimalism include:

• Less focus on material possessions: Lessening your focus on material possessions can help you align your goals around experiences and people. Instead of spending thousands on a wardrobe or a collection, you can use that money to make memories with those you love.
• Eliminates certain expenses: Minimalism can help you save money. If you’re buying fewer possessions, it frees up cash to go into savings or paying off debt.
• Increased feelings of focus and clarity: Do you ever feel better after you clean your space? You might find it easier to focus on tasks, and even get a better night’s rest after you’ve decluttered your space. Decluttering has been linked to a host of positive health effects, including a reduction in stress and anxiety.
• Encourages sustainability and environmentally friendly practices: The less stuff that gets bought, the less stuff that gets made – it’s simple supply and demand. By focusing on what you already own and using it completely, you’re making steps to live a more sustainable lifestyle. Making one quality purchase instead of multiple cheap purchases is often better for the environment and your bank account.
• Increased discipline: Switching to a minimalist lifestyle is no easy feat as it requires a new level of discipline and commitment. Practicing these skills on a day-to-day basis in your home life means you will be more conscious of every decision you make moving forward. Not only will you become more sensitive to how you spend your money, but you may also find yourself keeping promises to yourself and others.

Cons Of Minimalist Living

As with anything, there are cons that you should consider before embracing minimalism, including:

• Susceptible to over-optimizing and overthinking: Teaching yourself disciple, commitment and intention can be useful, but there’s a such thing as “too much” of everything. If you start overanalyzing every little purchase you make, you might find yourself paralyzed by over-optimization. While you should be intentional, conscious and aware when you decide to take on minimalism, it’s also important to give yourself grace for mishaps along the journey.
• Gifts get awkward: Once you proclaim that you are a minimalist, you might find the act of gift giving becomes an awkward occurrence. If you fall susceptible to overthinking and overoptimizing, you might have a difficult time deciding what to purchase for your loved ones, or receiving gifts in fear that they will ruin your routine. On the other hand, they might not know what to gift you with your new boundaries in place. There are ways to work through this occurrence, like simple communication, but the thought that goes into gifting will unavoidably become more complex. 

How To Live A Minimalist Life: 5 Minimalism Tips 

If you’ve made it this far, you might still be considering practicing minimalism. Adopting a minimalist lifestyle is not easy, but it can be done.

To help you get started, we’ve compiled a list of tips for you to check out.

1. Establish Your Goals 

Before you get started, it’s important to sit down and create a list of goals you would like to accomplish through minimalism. Whether it’s decluttering a room in your house, cleaning out a wardrobe, no longer overspending, or focusing on saving money, write it down. When you set goals and write them down, you create constant reminders as to why you’ve decided to follow a certain path.

2. Stick To Your Budget

Sticking to a budget can help with living minimally. To embrace a more frugal lifestyle, you have to take a look at the money you tend to bring in and what you spend. Is there anything that doesn’t bring any true value to your life? What can you cut out to achieve your savings goals?

Removing nonessential costs from a personal budget, like on unused subscriptions, dining out and shopping, can make it easier to embrace a more minimalist lifestyle. 

3. Declutter Your Home 

When you’re going through the process of decluttering your home, it’s important to be honest with yourself when faced with the question, “Does this item add value to my life?”

If you’re not comfortable throwing away the jeans you haven’t worn in 2 years or dumping the coffee table you’ve had sitting in storage since you moved, you should consider donating your goods. It is an easy way to start down the minimalist path, clearing up space while also benefiting local nonprofits and charities.

4. Invest In Quality Pieces

If you’re going minimal, it’s probably because you’re interested in sustainable impact, financial gain or both. Although high-quality pieces may cost more upfront, purchasing items that will last longer means you have to re-purchase those items less often – a plus for your pocket and the planet. When you decide to go minimalist, its best invest in high-quality, durable pieces to save your future self the worry.

5. Reuse And DIY

Another way to be sustainable and frugal is to flip the furniture you already own. Instead of buying new, you could try to rework those old jeans that you thought you’d never wear again, or strip and stain the dresser that has been around for ages. Reusing and DIYing items is money saving, sustainable and overall fun. 

The Bottom Line

At its core, minimalism is a way to realign your values around making your finances count. It can help you eliminate your debt, focus on making smarter purchases and derive more meaning from your relationships and experience instead of your belongings.

Of course, as with any sort of specific lifestyle, it has drawbacks as well as benefits. Maybe you’re interested in some of the tenets of minimalism, but really can’t let go of certain sentimental pieces. That’s OK! You can still make decisions to cut back on the clutter and streamline your spending.

Ready to start your minimalist journey? Download the Rocket Money℠ app to help establish a budget that works for minimalist living.