a guide to financial minimalism
The reason to not spend is very simple: you came into this world with nothing, and you will leave it with nothing. No one cares what you wear and what you own. If you think that someone will remember and attribute your worth based on what you own, reevaluate that person. Ten years down the line, friends will not remember what you gave them – they will only remember how you made them feel. Any amount of money you spend should be to enrich the time you have for yourself and your support system. If you spend money for pleasure, and the feeling of euphoria dissipates after a seemingly short amount of time – it wasn’t worth it.
Avoid impulse purchases; make a list of things you want to buy and revisit.
I have a long list on my phone notes of things that instantly grab my attention, great gifts for people, and in general something that I think I would enhance my life. I then forget about it, and every so often I revisit that list only to remove items from the list.
Think about what makes you happy (preference vs value)
Financial minimalism is not about cutting back on spending across the board, rather it is about thinking hard about what purchases make you happy–whether it is good food, good music, travel or anything else. Reevaluate your purchases keeping in mind that every dollar impulsively spent on something else is one less you can spend on the things that make you most happy.
Preference versus nature is important because it can help you decide what will contribute to your quality of life. Ex: I might prefer to have another pair of heels, but I NEED a pair of running shoes for jogging daily.
Beware of advertisement like lighting or clean minimalism or unique photos
When marketers or influencers promote items online, it’s meant to look as if you too would enjoy the object in the same way. That’s almost never the case. Visualize that article of clothing or that kitchen appliance in your home, and if you don’t have an exact place where you would keep it, understand that it will only contribute to visual clutter.
Set no spend months
For example: January – no eating out except 1x every two weeks. No store bought coffee all of February. No clothing from stores for the entire year (thrift stores are okay).
Invest any money you save.
We are of the generation to be savvy with our money. Open up an investment account and retirement fund (I personally use Betterment which uses AI to primarily invest money in exciting tech and innovation).
Spend when happy, not when sad
Sad shopping is the worst. You think it will make you feel better, but you just end up increasingly dismal after hitting checkout.
Ignore price (somewhat)
Sales are so alluring. You might think you are saving money, but if you weren’t going to buy that object prior to that moment – you’re at a net loss overall.
Walk/run places, avoid paid transportation or if you have to, take public transportation.
It’s easier in a pandemic to NOT GO ANYWHERE, but walking to your local grocery store instead of paying for transportation will limit how much you can buy/carry. This also will save you from any recurring costs.
At the end of the day, how you spend your money is up to you, but if I had one piece of advice to lend, it is this: Your life is an outcome of where you place your energy. If you spend your time online shopping, that will be all you have to show for it. Spend money out of necessity, not out of leisure. Focus on the crafts in your life, and saving money will become unremarkably second nature.