Minimalism is a lifestyle that focuses on reducing the clutter in your life including external objects and other distractions. People who pursue this lifestyle will seek to remove distractions from their lives.
1. Clarity around personal core values
Minimalist living can be understood as letting go of the unimportant things in your life and focusing on what needs to be done. The things that are important to you will often revolve around your core values. Once you figure that out, they can help you simplify your life including finances.
For example, you love to travel, but you are burning money on unnecessary shopping trips, and worrying about yourself when you see your account balance shrinking. Instead, start putting spare funds into your travel account to work towards experiences that truly make you happy.
On the other hand, being able to give and help others is one of the things that makes you truly happy. But your wardrobe has “spent” a lot of money with unlabelled clothes and you may not really like them. In this case, donate the items to those who really need or want them.
A minimalist lifestyle can help you learn what your core values are. If you haven’t identified your core values yet, learn to ask yourself these questions. What and what experiences are really important to you? When you look at how you spend your money today, does your spending align with those values?
2. Minimalist lifestyle helps you spend less
When it comes to financial minimalism, it can make you spend less. Surely everyone has had the situation, buying things because they are cheap and seem like a great bargain. However, this can lead to over-buying or things we don’t need in the first place. Focus on your own needs (the things that really matter), it will become the focus and help you buy real bargains. This way you will buy less, and focus on product quality rather than quantity.
3. Paying off debt faster
Consistent with the previous view, buying less as part of minimalism means more money to invest in the things that matter to you. For example, get out of debt!
The more money you put into paying off debt, the quicker you can get out of debt and start working on your financial and life goals. It’s a win-win approach: buy less, accumulate more, pay off debt and build wealth.
4. Live below your means
A minimalist lifestyle can help you live below your means. It helps prevent impulse buying and teaches you to appreciate experiences rather than focus on material things. Again, this will teach you to figure out your needs versus wants, thereby limiting unnecessary spending and potentially saving more money.
Minimalist living requires you to take a step back and consider your financial situation. Some people decide to do things like shrink their living space for a more affordable home.
If you’re living beyond your means, a minimalist lifestyle can help you make the changes you need to get into better money-making habits.
5. Peace of mind and contentment
Peace of mind and satisfaction is what the minimalist lifestyle will surely bring to you. Reducing clutter and mindless spending can really eliminate stress. And because you only spend money on things that really bring you joy, you will have a feeling of happiness and contentment.
You don’t have to worry about hosting, maintenance, or even paying for things you don’t even really want in the first place. This in turn helps to deal with feelings of lack of satisfaction.
Source: CafeF.vn
Source: Vietnam Insider