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Minimalist Living: Spending Tips For A Balanced Financial Life

March 6, 2019

What Is Minimalist Living?

Minimalism, , 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 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. , and we can give you more tips to balance spending and saving. You might also be interested in Are you struggling to come up with the perfect New Year’s resolution? Here are three great reasons why focusing on your finances should be a priority this year! Simple, everyday choices can reduce consumption and our impact on the environment. Learn ways to be more eco-friendly…and your spending at the same time! The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Caring for your furry friends can add up! Learn how to manage the costs of owning a pet & unwanted expenses without compromising on quality for your animal. As you prepare for this new chapter of your life as a parent, make sure you are saving to cover the costs of having a baby with our financial planning checklist. You know regular exercise and smarter eating will make you look better, feel better, and get you in shape for your high school reunion (ok, not the best reason but, hey, if it inspires you, go for it!). But has the cost of health club memberships, workout apparel and organic produce got you thinking you have to choose between paying the mortgage and improving your heart health? Guess what? It doesn’t, thanks to these five easy tips. Using less energy is good for the environment and it can help you save money on your monthly bills. Try these tips to reduce your energy use around the house. Did you resolve to make this the year you took charge of your finances?  It’s crazy to think that the year is almost halfway over, but, hey, it is! Which means it’s the perfect time to take stock of how you’re doing on managing your finances. Does just thinking about health care costs give you a headache? We feel your pain! But don’t worry. We have a six-step, cost-management plan that could have you feeling better in no time. Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA