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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29 Comments Add yours

  1. I agree, and really liked the clarity of the points you make! There are so many benefits to minimalism, and it’s not necessary to be extreme about it either. Right now I’m working on packaging issues, trying to source places that refill containers etc. There aren’t many but the ones that do provide that service are doing a great job. Gradually it’s helping to create more space in the cupboards and less packaging to either recycle or throw away – the broader effect of minimalism which I really appreciate.

    Like

    1. Thank you, Amanda. Minimalism was definitely a game changer for me, once I started to take it seriously.

      And you’re right, one of the great benefits is having more space! I am surprised by how much space I still have in my small apartment (about 600/700 sq foot).

      All the best on your journey!

      — Alex

      Like

  2. dogotek says:

    I never thought about the items I donate as tax deductions. Nice!

    Liked by 1 person

    1. They can be if you ask for the paperwork, and the organization is an established non-profit. Check it out! 🙂

      Like

  3. Hey, I feel you AC! I’m a born minimalist–instead of taking two showers every week I only take one,,,every month. Saves on water. And I don’t brush my teeth (the teeth I have left) unless I remember. Saves on toothpaste…and water… and having to buy toothbrushes. And none of the aforementioned is true…or is it?

    Liked by 1 person

    1. Tsk tsk — I don’t think I want to know if it’s true or not lol. You’re TERRIBLE!

      — Alex

      Liked by 1 person

      1. Hahahaha! I was just having some fun and it’s not true!

        Liked by 1 person

  4. Thanks for your inspiration.

    Like

    1. College Mate says:

      Thank you! And thanks for reading!

      Liked by 1 person

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