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!
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I was never a big spender, and always favored going out and traveling rather than buying stuff. Living in 200sqft as a student definitely helped limiting the stuff, then repeated moves made me get rid of clutter each time. Now it is a way of life, I would be overwhelmed with too many things to store, clean, take care of, maintain..
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I have absolutely no doubt that spending less money is better for your finances. The math backs it up.
But, I seriously question this statement:
"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."
I make a point of saving a lot of money (over 50% of my income), but at no point has not buying something ever made me happier or more fulfilled. I'd be much happier if I spent 100% of my income, but instead I make tradeoffs between immediate gratification and long-term financial goals. I hope that in the future my decisions make me happy, but they certainly don't do as much for my present happiness as buying more stuff would.
I love books and dvds, which was where a lot of my money went before, but then I got to my senses after figuring out how much I was actually spending, and reduced the spending to a minimum. I allow myself ocassionally to buy a new book, if I`m going on vacation, and I buy perhaps one dvd (on sale) every third month or so.
I have, but there are so many restrictions on buying ebooks and using netflix in Norway… but I do stream most tv-shows, and some movies online.. but don´t tell anyone!:-P
Great points, Jordann. It makes so much sense that a minimalist lifestyle would help you financially. If you are consuming less, you are spending less on those things you consume. I am not so great at the minimalist lifestyle, but I hope to curb my consumption to some degree because I know it's best for my finances.
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Trying to become a minimalist has actually helped my finances in a different way – I became incredibly organized. I had drawers so full of clutter that I could barely open them and piles of mail on my dining room table. When I decided to be a minimalist, I changed all my bills into e-bills (no more paper and clutter).
Magazines were also one of my weaknesses and what a waste of money they were (easily $8/week). I considered online subscriptions to my favorite magazines, but I decided to do away with them altogether a year ago and I haven't looked back since.
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It's amazing how hard it can be to give something up and then how little you miss it once it's gone. Or even how much of a relief it is to have it gone. There is so much consumption that I've cut out of my life, and honestly I can barely remember what those days were like. I couldn't be happier with the changes.
I will never be a minimalist. It just won't happen. I'm not saying I like having a lot of stuff, but the minimalist lifestyle doesn't appeal to me. I do have a fairly low consumption on many things, but there are some things that I am willing to pay a bit more for since they make me happy.
I think a lot of people have a misunderstanding of minimalism. A lot of minimalists I know end up paying extra for nice things that willl last or bring joy. You are more conscious with the things you do own, rather than just owning a lot of stuff that you may never use. It often coincides with buying things for life as they say, rather than cheap and then have to keep buying more to have the same use. It is spending money more wisely to get things you don’t have to keep buying because they broke.
Love reading about this stuff. We purged LOTS when we moved last year, and are looking to purge more. It feels so great to get rid of stuff!
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Me PoP is a natural minimalist, and I've always have some anti-hoarding tendencies, so I definitely see where you are coming from. Since stepping into a less formal work environment, my clothes shopping has decreased dramatically. Instead of fancy suits and blouses and heels, light sundresses, or jeans and a simple blouse and flats or boat shoes are sufficient for work and home. I like having 1 wardrobe to maintain instead of 2!
Solid points Jordann! I had to cut back a lot when I was in debt and trying to pay it off. At first, it was a shock to the system because I was so used to spending without limit. After I balanced out a bit it has been something I have carried on for years so as to not just collect more crap.
I think for me, being a minimalist is not my natural tendency and not my first choice of lifestyle. It's an important means to get to where I want to be financially. Not that I'm miserable since I started not buying as much, but I want to get out of the mess I put myself in. I hope I'll be financially better secured that I won't have to go on a strict forced minimalist lifestyle later in life. One thing for sure is that I appreciate everything more and I put a lot more thought into buying process.
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I don't spend much on "stuff," largely because I don't want to spend the time to shop for it, I don't want to spend the energy cleaning and storing it, and I don't want to have to deal with it when I'm done.
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I am a minimalist by nature – I hate stuff and clutter, and I'd rather borrow something (library, friends, family) than buy it! Now- if only I could convince my husband to be the same way. 🙂
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Great article Jordann. I first started to realize that I wanted to be more of a minimalist when I moved to my new house. We put a bunch of stuff in storage for around 6 months and I don't think in that entire time while I was building my house I really ever thought about any of it, which lead me to the conclusion that we buy way to much stuff that we just don't need.
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With all the moving I've done in the past few years it has caused me to pare down my furniture and not want to live with clutter and things that don't bring me any real joy. I also don't spend as much since I rarely go into the office or deal with a regular commute being that I work remotely.