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Minimalist Living: Spending Tips for a Balanced Financial Life

Clean, organized bedroom with only a few items and minimal décor.

What Is Minimalist Living?

Minimalism, tidying, decluttering – whatever you want to call it – is the latest trend that’s focused on living your life with intention. The challenge is to prioritize the possessions that are important and, in turn, eliminate things that don’t mean as much to you. Adopting this “less is more” mindset will feel like a breath of fresh air, and it can also help you maintain a more balanced financial life.

Minimalist Spending Tips

Here are a few tips to embrace the minimalist mindset and start spending smarter.

1. Identify your priorities

Determine what you’d like to achieve and what you consider most valuable. This can help you not only organize and declutter your home, it can also give you a new way to think about your budget. Which experiences and things that you spend money on are the most meaningful to you? What are some expenses you could do without? Do you absolutely love getting your morning coffee, or would you rather funnel some of that money into a vacation savings fund? These answers will be different for everyone. It’s about identifying what’s the most important to you. Then, sit down with your budget planning worksheet and “declutter” your expenses accordingly.

2. Change your spending mindset

The minimalist approach can also help you be more mindful about your spending habits. The key is to justify your purchases rather than just swiping your card for instant gratification. In order to ignite this mindset shift, start thinking about needs versus wants, and which items are truly worth your investment. For example, purchasing a good, high-quality pair of jeans can be worthwhile because you know you’ll wear them a lot and they’ll last a long time. Meanwhile, cheaper “fast-fashion” clothes can wear down over time, meaning you’ll have to replace them more often. There’s no one right or wrong answer, but thinking about how you’re choosing to spend your money is an important step as you begin to prioritize spending on what matters most to you.

3. Remove temptation

Temptation is part of life, but there are habits you can put in place to help you stay on track with your priorities. When you shop, always plan your list ahead of time and try to stick to it as much as you can. If online shopping is your kryptonite, unsubscribe to emails from your favorite stores and unfollow social media influencers that prompt you to buy. If you want to make a purchase, challenge yourself to think about it for 24 hours. Taking time to think about it first can help prevent impulse buying and give you the space to assess whether a purchase aligns with your values. But if it still makes sense to buy the item after waiting, then go for it!

These changes won’t happen overnight, but a little practice every day will go a long way. Schedule an appointment, and we can give you more tips to balance spending and saving.