You may have heard of minimalism before. Minimalism is often misunderstood, and has the stereotype of owning very few things, living in an empty room, and only wearing black and white. However, that is not what minimalism is.

According to The Minimalists, “Minimalism is a tool to rid yourself of life’s excess in favor of focusing on what’s important — so you can find happiness, fulfillment, and freedom.”

What this means is the practice of minimalism can help you change your life by allowing you to intentionally evaluate the things you have and decide whether or not they add value to your life. Through this process, you can decide to keep what you have, or eliminate them. Minimalism is not only beneficial for your mind, but it can also really help your finances!

Here are four minimalist practices to help you save money. While may not seem like they are impactful in the moment, in the long run, these practices can save you a lot of money.

Make Intentional Purchases
When you’re shopping, take a moment to pause and ask yourself if you really need this thing. Evaluate whether it is a “want” or a “need.” Think about what value this thing would add to your life. This simple practice can prevent impulse buys and allow you to spend your money more intentionally.

Choose Quality Over Quantity
When making purchases, try to choose high-quality items that will last longer and be more worthwhile in the long run. Opting for the cheaper option may be the convenient route to take, but it is more likely to fall apart or wear down after a short amount of time. Investing in things that will last longer will save you money, as you aren’t trying to constantly replace cheap items or clothing.

Downsize if You Can
A big part of minimalism is decluttering and letting go of things you no longer need. Once you have gotten rid of a lot of your belongings, you may find yourself not needing as much room for storage. While this option may not be possible for everyone, I huge way to save money is downsizing to a smaller or home or apartment when you realize you don’t need as much space.

Change Your Mindset
Many of our spending habits depend on our mindset. When spending money, it is important to consider why you are spending and how it will impact your life. Try to avoid spending because you feel obligated to spend – such as when you’re meeting a friend at a coffee shop, to don’t need to buy a coffee just because you’re there. When you’re buying a designer bag or pair of shoes, think about if you want them for yourself, or if you’re doing it for the purpose of showing off. Lastly, try to value experiences over material things. Meaningful memories cannot be replaced or duplicated. Invest in trips and experiences rather than material objects that may not hold value.

These four practices may seem minor and insignificant, but over time, they can leave an impact on your bank account and save you a lot of money in the long run. Consider slowly incorporating minimalism into your daily life and see the benefits for yourself!

Edited by Brianna