More and more people are transitioning into minimalism. It is said to help reduce stress as you get rid of the excess possessions that has played in increasing your anxiety. Also, that you get to have that inner peace in your life since it can help you focus more on things that matter most.
I, myself have become very interested in minimalism over the past few months. I am gradually doing the shift ever since I started living alone due to quarantine lockdown. I can say so far, it has been highly rewarding to have focus only on things that truly bring you joy. I also recommend you to try this approach to life.
Minimalism and Your Financial Life
Minimalism can have huge positive impact on your financial life. It can be a means for preventing debt and can help you to save money as well.
Below, I am sharing 15 money saving hacks which I learned and applied along the way while shifting to minimalism. You can apply these too if you feel you want to make some changes into your financial life.
1. Want vs. Need
Learning the difference between a want and a need can work wonders when you are shopping. You’ll waste less money and even prevent clutter from taking over your life. Ask yourself, “do you need this item to survive?” or “why do you need or want this stuff?” and then buy more of what you need. Shopping intentionally also helps. If you didn’t go to the shop to buy that item, then you probably do not need it.
2. Keep track of your finances
Tracking your finances on a regular basis can give you an accurate snapshot of where your money is going and where you’d like it to go instead. It can help you stick to your budget since you’ll know when to stop spending in a given category.
3. Carry cash
Use cash as much as possible instead of cards. When you only carry cash when you shop, what you have is what you can spend and this will help you NOT blow your budget. You can also find yourself spending less because it’s more hurtful to let go of your hard-earned cash rather than swiping a plastic card.
4. Snap a picture and wait
Ever heard about the 30-day spending rule? This is a strategy that can help you control impulse buying. If you see an item and you’re not really sure if you need it or if it fits your home or your style, just snap a picture and wait 30 days. If you’re finding you still like it after 30 days, then go ahead and consider purchasing it.
5. No spend days
I am a fan of “no-spend weekends”. But if you’re a beginner, you can start with just one day in a month spending no money at all. Schedule the no-spend day/s on your phone and stick to it! It can be healthy for your wallet especially when you feel overwhelmed with all your spending. You could also exercise your creativity as it could be a challenge figuring out how to use what you have so you don’t spend.
6. Don’t shop when you’re hungry.
Try to have a snack before you go shopping. In that way you can shop smart and avoid over buying and blowing up your budget.
7. Compare online
Don’t buy right away. Compare prices to different online shops in Facebook, Lazada or Shopee to optimize your spending. By waiting too, you may sometimes find you don’t really need to buy it.
8. Buy in Bulk
The primary goal when you buy in bulk is to minimize your cost per unit. This will help you save money in the long run. You should consider to choose the foods that you eat more often. For me, these are foods like oats, rice, coffee and pasta.
9. Sell Stuff
Declutter then sell. Sell items on Facebook, sell it to your friends who might need it or open up a garage sale. Obviously, there is an opportunity to earn some money off the items in your house that were otherwise forgotten.
10. Avoid watching shopping haul videos
Unsubscribe from the channels that do the shopping hauls (make-up or clothing hauls) in Youtube. They can encourage spending, without you noticing it. Watching them can make you feel you really don’t have enough, but you do.
11. Cut your own hair
Skipping the salon can save you a lot of money. The quarantine lockdown led me to learn to cut my own hair. I did learned it by watching some videos on Youtube. If you’re willing to give it a try, you can start by cutting it very modestly. If you don’t like how it looks, you can always go get it touched up.
12. Make your own coffee
It’s way cheaper to make coffee at home rather than buying it from a café or coffee shop like Starbucks. If you’re not a fan of 3-in-1, I recommend you invest in a good coffee maker and brew your own perfect cup. You not only save money but you can have any kind of coffee you like and get it instantly in the comfort of your own home.
13. Make your own food
Prepare and cook your own meals. Not only do you have a better chance of eating more healthfully, but it’s cheaper than eating at a restaurant. Cooking in bulk and meal-preps can also save you time and money.
14. Bring your own bottle of water
Whenever you go out, just bring you own water instead of buying bottled water or bottled drinks. It’s better for your wallet, better for your health and better for the environment.
15. Do It Yourself
If you can, learn to do it yourself. In renovating a house, why not learn to paint your own walls, put in your own floors, or install your own light fixtures. Other skills to consider learning so you can eventually do-it-yourself is basic car maintenance, pet grooming and growing your own vegetables.