Minimalism and stuff: The key to financial freedom?

Save
Save

'Minimalism' is a term that's taken social media by storm – the idea that, by removing clutter from your life, you're able to focus on the things that truly bring you happiness. But is this more than just another trend? We think so. In fact, our financial experts believe that minimalism could just be the secret to achieving financial freedom. Here's how it can save you money: 

Sell all that extra stuff

One of the first steps to a minimalist lifestyle is getting rid of stuff you don't need or that no longer bring you joy. The beauty of this step is that these items might bring someone else joy. So, instead of just throwing it away, why not sell it and put the money into a savings account?

Save on the silly stuff

Take a moment to think about the stuff you own: How much of it still makes you happy? Now, just imagine the amount of money you would've saved had you never bought any of it to begin with? By embracing minimalism, you're saying 'No' to the silly stuff and 'Yes' to the things you need and that bring you (and your bank account) real joy.

Steer clear of trendy stuff

Minimalism is about choosing the timeless over the trendy. For instance, instead of buying into 'fast fashion' season after season, minimalism encourages you to invest in higher-quality clothing that will always be in style and last a lifetime. The same applies to décor, cars, supplements and pretty much any material possessions.

Focus on the important stuff

'Quality' and 'experience' are two key words in any minimalist's vocabulary. More often than not a quality purchase or unforgettable experience will come with a hefty price tag. This in turn encourages you to save and delay the gratification until you can afford it – a valuable skill for the future. 

Reevaluate your banking stuff

Minimalism also extends to your bank account. Take some time to work through your bank statements and weigh up every single debit order. You'll be surprised to find out how many debit orders and subscriptions you have no real need for or that you'd forgotten about.