7 Minimalism Ways To Save You Money with Holly Kerr
What is minimalism? Simply put, minimalism is about owning fewer “things” or what I like to call “stuff.” It’s about only buying things that add a lot of meaning and value to your life and getting rid of the rest.
Below are 7 ways that you can practice minimalism in your life to save you money.
1. Buy Fewer Things
I know, this sounds very simple but in practice is actually very difficult. That’s why it’s important to be mindful about what you bring into your home/life. A few questions I like to ask myself before buying something is:
Can I afford it?
If I can afford it, what am I giving up instead? (Savings, vacation)
Is this something I’m going to use a lot or is it something I can borrow/rent instead?
Does It Add Value to My Life (See #2)
2. Only Buy Things You Need or Will Add Value to Your Life
All purchases fall into two categories – needs and want. If you really look around your home and look at every item, you will realize that we “need” very little. This might be controversial, but you could argue that you don’t actually need a coffee maker. Your options are to either buy coffee out of the home or stop drinking coffee. However, you might determine that you value your coffee at home in the mornings. This leads to my next point – only buy things that will bring value to your life.
Although I don’t need coffee (debatable), I do love coffee. I enjoy the smell of it every morning when it’s brewing, I love the taste and I love the comfort it brings. For me, my coffee spending is a value-add in my life. This is a simple example, but I also value time with friends and family, travel, and exercise/nature – which typically doesn’t require me to bring a lot of belongings into my home.
Next time you go to add something to your physical or online basket, I want you to ask yourself – do I NEED this, and will this add value to my life?
3. Declutter
Again, this sounds very simple, but can be difficult, especially if you have too much “stuff.” It’s important to declutter your home and organize your belongings (if the Home Edit taught us anything this past year). Not only does an organized home look good, but the advantage is that it allows us to take inventory of what we own and prevents us from re-buying things we already have. That’s why it’s important for every item you own to have a “home.”
The best way to declutter is to take everything out and assign – keep, donate, toss. I also find this exercise helps with bringing new stuff in because it can make you feel guilty/wasteful of what you have already accumulated.
4. Quality over Quantity
This is one that can take a bit of practice, as often it requires spending a bit more money upfront. However, in the long run, can save you a lot of money. For me, this applies to a lot of clothing. I used to buy clothing because it was on sale or trendy. The older I get, I’m willing to spend money on good quality, classic pieces that will stand the test of time. Anything neutral that I wear to work and outside of work, I am willing to spend more money on. I’ve had the same black leather jacket for 8+ years and will wear it until falls apart. I know it won’t go out of style. This can also apply to sporting gear, household small appliances, and dishware. As it can be expensive, I have been replacing things over the years as things break.
5. Reduce Impulse Purchases
According to finder.com, in 2018, Canadians spent $8.8 billion on impulse purchases, with the average amount spent at $73. I’m sure that number has increased significantly since then.
A few helpful ways to reduce impulse purchases:
Shop for groceries online and do pick-up: this helped me a lot during Covid for a few reasons but the main one was that I never put anything in my “basket” that I did not need for a recipe. Meal planning can also help with this a lot. It’s a lot easier to add items you don’t need when walking up and down the aisles.
Make a list before you go shopping. I don’t love shopping at a mall, but sometimes it’s the best way if you need to stop at a few stores. If that’s the case, I make a list of the stores I need to go to and what I need to buy in them and give myself a timeline, so I don’t get distracted by store windows
Take inventory before you get to the till. If you are a browser, right before you go to pay, look in your basket and compare to what you have budgeted for this trip. If there are things that mindlessly sneaked into your basket, you have time to remove them before you go to pay.
Sometimes impulse purchases happen. Often, it’s never too late to return it. If it’s a clothing item, I will wear it around the house with the tags on and make sure I “love” it. If not, it goes back in the bag and back to the store…
6. Focus on What You Have Instead of What You Don't Have
I have learned this lesson the hard way over the years. Have you ever felt that you looked amazing and then showed up to see one of your friends with a designer bag or new outfit and made you feel bad? Yeah, I have to. It’s very easy to compare yourself to others and wish you had what they had. But it’s important to remember that you don’t know the full story – perhaps they got it as a gift or they put it on credit and can’t afford to pay it back. Always remember that there is someone out there wishing they had what you have so remember to be grateful for what you have. This will save you money in the long run and make you a happier, more content person.
7. Focus on Experiences Over Things
This, for me, is one of the most important minimalist principles. I love traveling, being out in nature, and experiencing new cultures, cuisines, and other ways of life. The experiences I’ve had exploring 22 countries (and counting) is invaluable. I think it has made me a more well-rounded, caring, and passionate person. Studies have shown that positive experiences reduce stress and reduce the need to buy things to feel worthy.
I want you to think back to 10 years ago. Do you remember anything you bought that year? I know I don’t, but I sure do remember the backpacking trip in Europe where I got to see 15 countries, eat real Italian pizza and pasta for the first time and meet friends from around the world that I still keep in touch with today. Next time you want to buy something, just picture the next trip you are dreaming of and put that money away instead (I recommend a separate high-interest savings account).
I hope you found these tips helpful and got you thinking of a few ways to practice minimalism and the positive impacts it can have on your life (and finances).
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