Minimalism is the practice of living with less but meaningful and sustainable things. Everyone interprets the word ‘less’ differently. The aim behind minimalism is to declutter your space and life to focus on your true priorities. It’s up to you to decide what minimalism means for you and how will you adopt it.
Did you even know there is something called financial minimalism? It is when you invest in things that add value to your life. It is about paying for goods you can’t survive without. If you don’t need a particular stuff right now, why spend your money only because others are buying it?
Practicing financial minimalism is the best way to adopt the concept of living with less. Saving money and investing for your future will ensure that you will prosper more. There are certain things you can do to practice financial minimalism.
1. Set Your Mind
Goal setting is the first thing you will need to do. Leaving up on your temptation is not that easy. It takes weeks and even months of self-control and practice. Before cutting off your extra expenses, you need to think about why are you doing it anyway? What is your long-term goal and is it more fulfilling than your instant gratifications?
2. Learn To Say No
Track how much time you spend browsing things to buy that you don’t necessarily need. Learning to say no to all the temptations that don’t provide value is the bottom line of financial minimalism. Before spending on something, think about how can you rather invest the money and make the most of it.
3. Donate Or Sell Things You Don’t Need
Minimalism focuses on eliminating clutter – from your home, diet, wardrobe, or thoughts. Take a look around your apartment. Do you really need all the things you have? Or, many things are just adding up to the clutter?
Sort out your valuables and sell or donate the things you no longer want to keep. It might take some time to detach yourself from particular objects especially when it holds sentimental values.
4. Save An Emergency Fund For The Future
Unlike others, you too wait for your payday. But why do you wait for it? Besides your daily lifestyle, what is on your wish list? Maybe you want to buy that wooden bookshelf you saw on Instagram. Or perhaps you want to buy the latest model of the iPhone. While, there is nothing wrong with purchasing the things that truly add value to your lifestyle, think about saving up a part of your income first. It’s like separating a fund to save for your future and then spending the rest of the money.
5. De-Clutter Your Debt
It might be easier said than done! But this is one of the best ways to take your first step to achieve financial minimalism. This is not something that will happen overnight but set a goal to clear your debts as early as you can.
Conclusion
Sorting out your finances simplifies your life. You don’t have to make too many expenses for things you don’t need for your long-term goals. De-cluttering your monthly subscriptions is the best way to escape your stress and invest in your future.
