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Dec 10, 2020

Minimalist Lifestyle Tips to Improve Your Finances

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Would you consider simplifying your lifestyle if it helped to improve your finances? Fortunately, downsizing your possessions doesn’t have to mean giving up those things you love. Keep reading for minimalist lifestyle tips that help you live comfortably with fewer material belongings.
 

Minimalism and Financial Health

 
Some of the benefits you’ll receive when you change your lifestyle to embrace minimalism include:
 
  • The ability to pay down your credit card balances
  • More money to do the things you love
  • Extra funds necessary to make investments
  • Saving money for the future
 
Keep in mind there's no need to overhaul your lifestyle to reap benefits like the ones above. Follow the minimalist lifestyle tips below for some simple, effective ways to downsize.
 

5 Minimalist Lifestyle Tips

There is no end to the ways you can introduce minimalism to your life. We’ve chosen five of the most often used techniques to help you get started.
 

Declutter

You’ve likely heard about Marie Kondo and her emphasis on a decluttered lifestyle. While Kondo doesn’t consider herself a minimalist, her focus on an environment filled with only beloved objects works for a minimalist lifestyle. Decluttering your home is a relatively painless way to begin focusing on creating a calm home environment.
 
Take Marie Kondo’s advice and keep only those things you love. You’ll discover that your life becomes less harried when you give away items that no longer feed your spirit.


Reduce Your Living Space

One of the benefits of decluttering is that you can comfortably live in a smaller space. Take the time to reexamine your housing needs. Consider downsizing into a smaller home.
 
Going from a two-bedroom apartment into a one-bedroom, for instance, is a smart way to save money each month. If you own a home, you might find that downsizing helps your budget by reducing:
 
  • Home maintenance costs
  • Utility bills
  • Insurance premiums
  • Property taxes

Donate Excess Clothing

Many minimalists live by the notion that you can have too much clothing. After all, how many pairs of sneakers do you need? We suggest you sort through your clothes to decide what to keep and what to donate to charity.
 
A good tip is to get rid of anything you haven't worn in over a year. If you're on the fence about an item, ask yourself how you feel when you wear it. Confident and comfortable? Keep it. Frumpy or uncomfortable? Toss it- or donate it, if it's in good condition.
 

Pare Down Your Chef’s Kitchen

Do you have more than one blender? It’s incredible how many of us store additional, unused kitchen appliances in cabinets that overflow with cooking-related items. You’re more likely to cook when you have space in the kitchen to prepare a meal and when getting a pot out doesn't involve an aggravating game of reverse-Tetris. Plus, avoiding restaurant fare can keep you healthier and preserve your bank account.
 

Frequent the Public Library

We have impressive libraries in the Twin Cities and Milwaukee areas. A sure-fire way to adopt a minimalist lifestyle and still enjoy life is to visit the library regularly. For the price of a library card, you’ll gain access to an outstanding array of media and services, from books and movies to meeting rooms and more. 
 

Final Thoughts

As you begin to adopt a minimalist approach to your lifestyle, don’t forget to take your time. You don’t need to walk away entirely from your former lifestyle. Instead, put together a plan that includes ways to gain control of your spending through less emphasis on buying things. Little steps matter, and you don’t need to become a strict minimalist to receive substantial financial rewards from this lifestyle.


This blog article is intended to provide you with a general understanding of the subject matter. It is not intended to provide legal, accounting, or other professional advice and should not be relied on as such. Information may have changed since the publication date.

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