I didn’t always have minimalist tendencies. Though I never considered myself a collector, I did have a ton of clothing and furniture while in University, and the size of my book collection growing up bordered on the absurd side. Becoming a minimalist wasn’t on my mind before.
For the last few years though, accumulating large volumes of stuff wasn’t really on my agenda anymore, it just didn’t hold the same appeal that it used to.
I didn’t know my new found feelings were called minimalism until I started trying to get out of debt, I realized what a great advantage my natural habits were, and how much they could help me if I was willing to hone them a little.
Minimalism Helps Me Stay On Budget
When I first started trying to get out of debt, I knew that I needed to cut my expenses and develop a budget. I also knew I needed to get a handle on my shopping habit.
Even though I was no longer into collecting many material possessions, I still had the bad habit of purchasing dumb stuff like magazines and candy, which, when added up at the end of the month, represented a huge waste of valuable cash that could go towards paying off my $38,000 debt load.
So I set a budget, and challenged myself to cut out all of the waste that I’d been paying good money for.
The effect was amazing. Over the past 17 months I’ve given up almost all of those silly little money wasting habits I used to have, and not partaking in them has cleared my mind and my home. I used to get so frustrated with all of the stuff I’d end up dragging into the house. Receipts, wrappers, magazines, flyers and the like were the bane of my existence.
Now, that stuff never makes it into the house, because I never buy it in the first place. This has freed up a ton of cash in my budget, that I’ve put towards paying off my debt.
Minimalism Helps Me Increase My Income
Once I’d realized how much I love simplifying my life, I started looking around at all of the other stuff in my life that could be simplified. I had a lot of furniture that, after moving from the city, no longer had a place in my new, 400 sq. ft. digs.
So I sold it. Not only did I make a little extra cash on furniture that I wasn’t even using, I cleared out a lot of storage space.
Minimalism Helps Me Get out of Debt
By decreasing my spending and selling off extra possessions I had no use for, I suddenly had more excess cash available. So, naturally, putting that excess cash flow towards debt was the logical thing to do. My living expenses now are lower than I ever thought they could be. Instead of spending all of my income on clothing or furniture or a large expensive rental, I spend it on debt.
Now, if I really want a book, I’ll still buy it, but I’ll get the eBook version, and I’ll appreciate it that much more because it’ll be the only thing I buy this month.
The funny thing is, even though I’ve drastically changed my consumption habits, I’m still just as happy or even happier than I was before. Having healthier finances has made a world of difference in my peace of mind, as has stepping of the consumer hamster wheel.
Have you ever reduced your consumption to help your finances?
This was another awesome post by my wonderful staff writer Jordann. Hope you enjoyed it!
Leave a Reply
I have to admit I'm addicted to this blog now! I have always been aware of the benefits of saving & investing, which is the reason I try to save more than 50% of my post tax income every month. Though sometimes I become too stingy, leading a minimalistic lifestyle has its advantages. My corpus is already building and if I continue the same way, I'll achieve my goal of retiring early for sure!
Great mentality! Cutting out needless purchases does wonders for the wallet! My roommate used to buy bottled water and Starbucks almost daily. She asked me for some money saving tips, so I told her to write down those expenses for just one week to see how much she spent. It was about $40 (per week)! Those are "treat yo self" moments for me instead of daily indulgences.
I'm all about minimalism. My apartment decor is "Recently-Robbed-Chic." We have a nice sized apartment with only one couch, a chair and a small table with two stools in our living room/sun room/dining room area. When my roommate and/or I entertain, people sit on pillows on the floor or we pull our desk chairs from our rooms. In your early 20s floor sitting is acceptable (or so we make ourselves believe)!
My recent post #Broke Millennial’s Guide to New York City for Cheap(ish)
I wrote a post about this once. Frugality is seen as hoarding by some, whilst minimalism is seen as spending huge amounts of a few choice pieces by others. I think they can both interact in the ways you have mentioned, where stopping spending on junk leads to both a frugal and minimalist lifestyle. Nice one!
My recent post How to grow vegetables WITHOUT a garden!
My girlfriend and I reduced our consumption in order to help our finances too! Mostly with food, we used to go out to eat all the time! Now we try to limit it to once or twice a month. While we typically eat at nicer places than we used to, the spending overall is much less and makes the occasions feel more special.
My recent post Dream Grocery Shopping vs Current Reality
Similar to you, I have become increasingly minimalist as I have gotten older. I have noticed all of the same benefits that you mention as well.
I've had several points in my life where I've returned to minimalism either by a psychological need to simplify or to save money. The amazing thing is how quickly the money gets accumulated. Even when I know it's going to happen because I've done the math, it's still surprising every time!
Being on a shopping ban this year has brought an interesting perspective on my stuff. I've been trying quite hard to rid myself of stuff I don't use and/or no longer want and its been quite freeing 🙂
My recent post I’m Back A$$wards … Part 1
I have cut way back on everything that I buy. Now I only buy what I absolutely need. It has saved me so much money, and now I am able to pay down debt faster. I really don't miss the extras!
There are some people who over-think everything. Thus, their problems get more complicated. Just like you, I've always thought that the simpler, the better.
My recent post Students, Get Ahead by Getting a Job This Summer
Being a minimalist is a cool idea. Going all in even if you don’t know what’s in it for you would be very risky. But one thing you should do is to minimize your debts in order for you to be financially free. A very good advice for those who have been also struggling and making ways in how to pay and limit their debts. The way to financial freedom is to first pay your business loans, personal loans, or any other loans you may have.