Living financial minimalist lifestyle is giving value to what you have, avoiding spending too much money and simplifying how to manage themoney. Consumerism is the opposite of financial minimalism. In this blog, I will expound more on what is financial minimalism and how you can get there.
Own Less to be Happy
Do you fee happy when you own a lot of things? Or you feel more urge to own other things? As a financial minimalist you have to detach your feelings from things you accumulate and seek more meaniful ways that are non materialistic.
Patience is a Must
It will take time to reap the rewards of buying less and saving more. But I guarantee you that the need for instant gratification will soon be overcomed by the greater satisfaction of seing your savings grow. Stay committed and trust the journey.
Bring down Maintenance Cost
When we own something, we usually maintain them. For example, if you have a large house. You need to spend more time and money to repair, clean and maintan your home. Do you really need all that space to live?
Be Appreciative of What You Have
Have you ever tried to stay on trend and always have the pressure to upgrade your things like having the latest iphone? How can you overcome this feeling? Simply, reduce your consumption by extending the life of your possessions adding some extra care and love.
Don't be in the Comparison Trap
There is always this person who will be owning fancier things than you. So why keep up the rate race and show off? Is shiny life really worth spending even if you go into debt?
Spend Only When Needed
You should always audit and assess all your finances. Look at your expense lists, understand what is your biggest expense and is it really necessary. By doing this, you are discovering your financial values and you will learn to focus on your priorities.
Consolidate your Finances
Manage your multiple banks and credit cards easily by consolidating them. It takes too much of your time to manage multiple banks and credit cards and this can be a source of stress.
Simplify your Finances
Do you budget? If yes, thats great! But make sure you always look and review your budget. Decreasing categories and narrowing down your goals to one or two can help.
Starting this minimalist lifestyle can be overwhelming in the beginning. But when you start with the proper mindset you will eventually see your desire to own new things dismantle. To help you stay in this journey, you need to set up monthly meeting with yourself or someone whom you can share your financial responsibility.
If you liked this post you may also like to read some of the books below about Minimalism.
April is a freelance mom, passionate about Financial Minimalist. She has more than 10 years of background in finance and she realized that Financial Minimalist is going to ensure prosperity for the rest of your life, and maybe even for generations that will follow. In her blogs, she shares simple ways to practice financial minimalism.
