How minimalism can help your finances
In the last couple of years, minimalism has gained followers to counteract the excessive and purposeless consumerism that not only affects personal finance but also has negative impacts on the environment. Marie Kondo, one of the gurus of this method that is based on the “less is more” concept, helped to bring closer people to this practice. Even though it is about getting rid of stuff that does not bring anything, there are some aspects of minimalism that could be used to improve money management.
There are die-hard defenders of practicing minimalism using all the rules, but the truth is that people can adapt it according to their lifestyle. Minimalism won’t be the same for everybody since it depends on each person’s interests, financial situation, and even the space they live in. However, when applying this technique to organize the house you use some of the strategies that help with consumers’ habits and economic management of the household.
Minimalism is based on being mindful of what brings value -or joy, according to Marie Kondo- to your wellbeing. Just keeping and buying those things that have usage. Whenever you think finance through this mindset, money will be invested after rational thinking, without any emotions, searching for benefits when acquiring stuff. Money won’t be wasted on things that do not bring something to the table.
Less things= fewer expenses
People who join the minimalism journey, being by decluttering all the things that aren’t needed. Once you get rid of the stuff, people understand that having too much of anything is not a situation that should repeat in the future. Living with less stuff also means fewer expenses since there is a stop when it comes to buying useless products for certain lifestyles.
Using the essential
Focusing on the essential leads to a shift in life towards certain things that provide positive emotions. Without pleasing others or not having the need to buy the latest smartphone on the market also means -indirectly- turning personal finance to serve a purpose to reach your well-being aligned with your financial situation. That is how you avoid impulsive spending that only provides temporary satisfaction.
There is no need to apply all the rules within minimalism but you can use those that are based on a thinking process around the goods that are around you. You must remember that finance management, many times, is linked to people’s emotions and the context they live in. Using minimalism you can reflect mindfully about what has true value for you to invest your money in those things that are worth the price.