The Financial Benefits of Minimalism

At a first glance, minimalism might look like a fad at best. It’s all whitewashed walls, contemporary furniture, and expensive pieces. Or is it? Minimalism has definitely developed into a high-end interior decorating style. But at its core, a minimalist lifestyle is one that advocates for doing more with less.

Because of this, minimalism tackles one of the greatest enemies of even our best budgets: materialism, and the desire to have more. Here are just a few ways minimalism can help you keep more money in your pockets.

Cutting Expenses

The first and most obvious benefit of embracing a minimalist lifestyle is that you spend less. This might seem difficult at first. After all, you’ve been waiting on that new iPhone and those new pair of sneaks all year.

But it’s much easier to save than it is to make more money appear in an already meager budget. Resist the temptation.

More Tax Money Back

Who doesn’t want more money back from the government after filing taxes? A minimalist lifestyle is a great way to help you achieve this. Unfortunately, the government doesn’t just grant you a tax break for being a minimalist. But what it does is cut you some slack if you donate to charity.

Start going through all that junk piled stock high in the garage and the attic. It’s time to part with all those things you haven’t used in 6 months or more – not to mention all those things you didn’t even remember you had.

Smaller and Cheaper Living

With less stuff cramping your house or your apartment, you might find yourself with way more space than you actually need. Why not downsize? Smaller houses and apartments in the right area cost less, and you can put those extra savings to good use.

Paying Back Loans & Investing

Once you’ve cut your expenses, gotten some more tax money back, and downsized to a smaller home, all those savings can go towards paying off debt. It makes no sense to save all that money just to buy more stuff. You’ll be right back where you started.

Instead, invest those dollars and cents into repaying student loans, paying down on a house, or buying a decent car. If you’re looking for other worthy investments, then consider stocks, bonds, or even a college degree.

Minimalism is not at all what the media often cracks it up to be. It’s a lifestyle that reminds us to take ownership of our possessions, rather than let brands and advertising companies take ownership of us.

This not only helps you save money, but helps to build your self-control and good judgment for future purchases and investments.

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8 Comments Add yours

  1. xkxrxa says:

    A very nice and interesting post! 🙂

    Liked by 1 person

  2. bexoxo says:

    “It’s a lifestyle that reminds us to take ownership of our possessions, rather than let brands and advertising companies take ownership of us.” This is pure gold!

    Liked by 2 people

    1. Thank you! That’s exactly the kind of mindset we want students to understand, especially when they leave school and really need to prioritize paying off those loans!

      Like

  3. Interesting idea but not many people following it.

    Liked by 1 person

    1. That’s not necessarily true. We receive a lot of messages from people who follow that lifestyle. Wish there were more, but they are out there.

      Liked by 1 person

  4. I’m by no means a minimalist. There are certain things I can’t seem to get enough of (read books and stationary) but I have become a lot more aware of what I’m keeping and what I’m buying which is a very minimalist mindset. I think these are great points that can be used when living somewhere between minimalist and… meaningful collector hahah.

    Liked by 1 person

    1. Thank you! Minimalism is a process and a lifestyle. That people have turned it into an extremist lifestyle is unfortunate and a little ridiculous. You are a minimalist if you embrace the philosophy. 🙂

      Like

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