Minimalism is a lifestyle or aesthetic that values simplicity, satisfaction, and purpose. It is often seen in interior design, fashion, and art, where it encourages visual simplicity to cultivate a clean, organized environment. Minimalism can help reduce debt, put more money into savings, and rediscover what you care about most. By rejecting overconsumption and limiting possessions to essentials, minimalism encourages people to spend less on items and make more money.
There are eight ways minimalism can help put more money in your pocket: selling unnecessary clutter, freeing up time, reducing stress, and enjoying experiences over things. Minimalist banking and money management are not about spending less but about being thoughtful with the way you use money. People with fewer resources, especially those with less money, can benefit most from minimalism.
Minimalism is about spending less and buying less, rather than falling for consumerist propaganda that costs far more money. By reducing unnecessary spending, lowering living expenses, and increasing savings, minimalism creates a pathway to financial independence. In the long-term, minimalism will not have drastic effects on the economy, as the economy will adjust just like it always has in the past. A minimalist lifestyle helps enjoy the present without clutter and save money for the future.
At its core, minimalism is about prioritizing experiences over stuff and is related to decluttering because many people in society prioritize experiences over stuff. The answer to minimalism is that the less you buy, the more money you save. However, minimalism isn’t necessarily cheaper, it depends on how much money you have.
📹 My No Spend Year | Michelle McGagh | TEDxManchester
Michelle McGagh is no stranger to writing about the merits of saving. But how much did she really know about her own spending?
Why is minimalism luxury?
Minimalist luxury is the conscious practice of decluttering one’s surroundings, focusing on the removal of superfluous items and concentrating on the essentials. This approach engenders a tranquil ambience, thereby fostering clarity and composure in both corporeal and mental realms.
Does being a minimalist save money?
Minimalism involves buying high-quality items, such as cars and kitchen appliances, at a higher initial cost but ultimately saving money due to fewer maintenance and repair costs. Before purchasing anything, consider the item’s quality and its purpose in living a more intentional life. Minimalism can also open up new revenue streams, such as renting out living space to others. By being an astute and entrepreneurial minimalist, you can make money while living a more intentional life.
Is minimalism a luxury?
Luxury minimalism represents a design and lifestyle concept that prioritizes simplicity, refinement, and the use of high-quality materials in the creation of luxury goods and living spaces. The objective is to achieve a sense of elegance through the implementation of these principles.
What are the disadvantages of minimalism?
Minimalism is a concept that allows individuals to simplify their lives by focusing on experiences and fewer things. However, it also has its drawbacks, such as long decision making and the tendency to try to convince others too much. A minimalist may be stingy and may reject a purchase plan after a few days or weeks due to exhaustion and a desire for quality.
One solution to this problem is to use consumer-friendly rules in Poland, which allow customers to try products before making a purchase. This allows them to try things in limited ways and decide if they meet their needs. For example, a person in Poland tried a few options before choosing Garmin, a company they were not a big fan of due to complaints. After a few months of usage, they were still fully satisfied with their choice.
To deal with long decision making, one should conduct a deep investigation and question whether they truly need the item. Holding off on a purchase decision for a month may lead to the conclusion that they do not really need it. By being flexible and using minimalism in a way that suits one’s needs, individuals can find a balance between focusing on quality and avoiding unnecessary distractions.
What is the difference between a minimalist and a frugal person?
A frugal person prioritizes the value of their spending, whether it’s on physical objects or experiences. They question whether the expense provides enough value to justify the financial cost and lost opportunities. One common frugal strategy is bulk buying nonperishable items based on the price per unit. This approach often involves purchasing a large quantity of items, even if they’ll eventually be consumed. This contradicts minimalist approaches, which focus on minimizing the number and volume of physical objects owned.
Additionally, a minimalist may gravitate towards a smaller home, which may limit storage space for bulk buying. Overall, frugal individuals prioritize value over financial gain in all aspects of their lives.
Are there downsides to minimalism?
The process of reducing unnecessary items can be time-consuming and requires a comprehensive understanding of one’s essential needs, which may not be readily apparent for individuals who do not adhere to minimalist lifestyles or inhabit environments that are conducive to such practices.
What do the minimalists do with their money?
Minimalists prioritize experiences over possessions, focusing on experiences like travel, indie concerts, vacations, and community theater. They buy new possessions carefully, asking if they add value to their life. Minimalists support local businesses, as they are passionate about their products or services and want to share their passion with their patrons. Passion leads to better quality and service, making the money earned well-deserved.
Minimalists are not interested in “stimulating” the economy, but rather improving its long-term health by making better individual decisions about consumption, getting involved in the community, and supporting local businesses. This approach will build a stronger economy based on personal responsibility and community interaction, rather than a false sense of urgency and mindless stockpiling of junk.
Is minimalism a coping mechanism?
The resurgence of minimalism among millennials may be a response to overconsumerism, mental health issues, and trauma from cluttered childhood homes. Experts argue that minimalism is a rebellion against overconsumerism and may be a mental health response to the stressors of a cluttered life. Millennials have grown up in semiclaustrophobic ’90s homes filled with decorative plates, knickknacks, and overflowing junk drawers, which can be a traumatic experience. The question remains whether minimalism can help heal trauma and promote mental health.
Are minimalists actually happier?
A survey by the Simplicity Institute found that 87% of 2, 500 people living with fewer possessions reported being happier now than when they owned more. This may seem contradictory, but considering the benefits of living with less, such as less debt, stress, and cleaning, it makes sense. Happiness is not about owning as many possessions as possible; it’s about living life consistent with one’s greatest passions.
Is minimalism a form of OCD?
Obsessive Compulsive Spartanism, also known as Obsessive Decluttering, is a subtype of Obsessive-Compulsive Disorder (OCD) that involves an obsession with clearing an area or house, leading to feelings of unwellness. Unlike hoarding, obsessive decluttering does not have its own entry in the DSM. Symptoms are similar to hoarding, but focus on clearing things out. Obsessive decluttering differs from being tidy in that it manifests in a more extreme manner.
The person experiencing obsessive decluttering believes certain objects negatively affect their life and must be thrown out, even if they are of use. This creates an obsessive-compulsive cycle that is detrimental to one’s life.
How much is minimalist worth?
The latest financial filings indicate that Minimalist, an internet-first skincare brand, has a valuation of $76. 9 million. The company offers a range of products for the face, body, and hair, and can be accessed via the website beminimalist. co. The website also provides contact information for the company, including email and phone numbers.
📹 What is Minimalism? | 🎧 Podcast and Chill | Beginner
Welcome back to Podcast & Chill on the Learn English Podcast Channel! Today, hosts Leo and Gwen are diving into the world …
I really love this. Even though I’m not taking it that far I’ve decided to stop buying makeup and clothes for 6 months. Hopefully longer if it goes well. I’ve also started writing down all my expenses. So if I buy a soda for $2, I’m writing it down. It really puts it in perspective of how much I actually spend on snacks and soda (things I definitely don’t need), and have put up a savings plan. I’m a student and only make about $300 a month, so I can’t save a lot, but I’m hoping that with some dicipline and new thinking I can save at least $100 a month. It’s going well so far, and I’m looking forward to saving up money and spending it on something that will actually make me happy 🙂
There was a time after my divorce when I was homeless (sleeping on my friend’s livingroom floor), jobless, and pretty depressed. It took me six months to finally pick myself up. That 6 months of having nothing changed my life. 10 years later I still find myself disenchanted with consuming and spending unnecessarily. I live debt free.
in 2008 I almost lost my house and I did lose my mind. Now I only work from home and live cheaply. I’ll have my house paid off soon, I’m making double payments and then plan to take it easy. still work but never as hard as I was or am. there are 100s of tips to save money. a lot you can discover yourself. I don”t new electronics anymore and the corporations did this to themselves. I used to buy products which I had to send back because they broke sometimes 4 times in year. There are a lot of families that have 3 generations of people living in one house so you can pick up new and used items for pennies on the dollar. why don’t they teach us in school to not go into debt? Another really bad recession is almost here and it’s gonna make 2008 look like a day in Disneyland. Don’t let this one surprise you like the last one did to me. if you drink stop it, if you smoke stop it. it will help you focus.
I love this talk, consumerism, makes me feel ill and i only shop second hand and purchase food from discount stores. I live in one of the the most advanced countries in the world, japan, but I found my dream job, working in a second hand clothing shop, visiting parks more and riding my bike. 70p for a book I love and 70p for a dress that I will wear. Yes please. My bills have cut in half and applicate my wardrobe more. I can visit my family back in the uk twice a year now, 2 years ago no way. But now I am happy and content. Commercialism Is rubbish
I have been living a minimalist lifestyle for a few months now and it is amazing! Going into not spending anything, I try my best not to spend any money I dont HAVE TO. My monthly income is about 1100 now(Working as much as I can) and my monthly expenses are around $850 with the only two bills I really have being Rent(And stuff to go with it) and my credit card bill. I live in Los Angeles in a 1 Bed 1 Bath Apt with two other people. I think its great and spending very little helps me a lot and allows me to save 10% of all mony I make!
This is hands down one of my favourite ted talks! Its amazing how you start to create a different life for yourself just by not consuming in the way we a brought up to. Also living in London nearly killed me finically and so I left but I realise now if I had only embraced a more minimal and simple life earlier and realised what is truly worth me speeding my money on I would still be living there now. I find it hard being in cites because I can quickly get swept up into a more consumerist mindset but out in the country somehow it is easier for me to avoid that temptation. Over time I think I can get better about it so one day I will move back to London. Thank you for the article super inspirational !! 🙂
A way I save money is have 3 accounts. Current account, savings account and my own shopping allowance. I would have my wage go into current acc, then what I could save off that put in my savings acc (wouldn’t have a card for this one) then put a small amount for myself into my shopping acc to spend on clothes, shoes….anything at all. My problem was shopping then the guilt of spending on myself lol so i gave myself the permission and a limit by having the 3rd account. Sounds simple but it really worked for me.
I’m trying to get there. I quite buying drugs like pot, now I’ve stopped buying things from the home decor store I work at (50% off is so dangerous). I’m only allowing myself to buy necessities. Accumulating unnecessary things actually makes you feel more stressed having physical clutter. It’d be nice to save up for something like a bike than save up for a new coat and shoes. It’d be nice to put money back for college.
I hate going out for dinner/drinks/shopping it’s so unnecessary.. But unfortunately it’s the only thing my friends want to do and how I can spend time with them! I think they are in a different mindset then I am and haven’t realised that consuming don’t make them happy.. But I’m trying to make them understand more and more 🙂
“Do I need it, or do I simply want it?” That’s the question I’ve also been asking myself since 2014 every time I consider buying something, and it has completely changed the whole shopping game for me. When you stop and make yourself that question, you come to realise how few things we actually need. Loved this talk.
Definitely gonna stop eating out. Coffee and cookies I can prepare at home (I have one of those Mana bottles that keeps water piping hot hours later so I can refill my mug). And food, I need to adjust my tastes for home pack lunches – and actually make them. Only problem is how much food can you cram into your backpack with you books and clothing, onto crowded public transit, in -30 winter to keep you sustained for 7-9 hour day at school/from home.
This comes from a huge place of privilege. It’s easy to stop buying when you have all of your basic needs and essentials met, some people don’t even have fitting, unworn comfortable clothing, shoes etc. so they have no choice but to purchase those items with what little they have left after navigating the wage gap or an unreasonable wage. I’m gonna bet this person has a laptop, enough clothing, basic furniture, on TOP of actually owning a home.
Very good talk! It’s true that beyond a certain point it doesn’t matter how much money you have, but what you do with it that counts. If you always spend more than you earn, it will never be enough. But if you budget and save and spend strategically, you can actually save up for things you may have once thought out of reach.
We’ve been living like this since we had children. Don’t understand the notion of going shopping unless you actually NEED something?? More to the point how to people afford it every month? We have an above average income and the most we can afford is the mortgage, bills,food and the occasional new item of clothing that’s really needed. Surely purchasing unnecessary things like Jewellery, gadgets and so forth are for occasions like birthdays and Christmas. Don’t understand parents who buy toys throughout the year, or randomly buy a new games console. If you buy luxuries throughout the year what do you get for Christmas and birthdays?
Very inspiring speech….I’ve been doing it for years….But is it me or it’s always educated, middle class people preaching this kind of lifestyle, there are plenty of low wage people around who live without overspending because they don’t have money to overspend on anything!! They just have enough to live on…My parents did not pay for me to go to university and sure I’m now totally bilingual and own two flats in Paris but it also meant that I’m single (too broke to date) and I have decided not to have kids(can’t afford them if I want to be able to pay off my morgages and retire early)….Would love to hear from anyone in a similar position…
Four years ago. In short. First We did not pay the TV licence, as we do not watch TV. ( We have researched this first). Then cancelled our household contents insurance. then got rid of much of our unused stuff that we had not used for the past 6 months. If we ‘need’ anything (nothing so far) then we would go to the charity shop to buy things much cheaper, but only if we NEED it. It feels great. Done some other things just like Michelle. We feel free and we do not worry about it all. …….. We went on holiday together with what we had saved. We fasted once every month for 24 hours (only drinking water) Lost two and a half stone in the first year. Feel FANTASTIC.. You only live once. Greetings to all. Good article
Guess why we are taught to buy things in the constant hope to fill a void… Because our whole society nowadays depends on consumption. Economy and state would break down if we all stopped buying the useless stuff they offer. And I’m not talking about the occasional treats you give yourself. Work, consume, die… Reducing your own consumption is the most revolutionary thing you can do. You’ll have to get to know yourself and your needs, you save ressources such as water, raw material, energy and hence CO2, but also money. And you might actually be able to reduce working hours and spend more time on the real important stuff. To me this sounds like my master plan towards a more fulfilled life. It’s just so hard to “achieve” it in our success-driven society only looking at the outermost shell of the human being….
That ‘no spend’ year sounds a lot like my ‘growing up poor’ years. That taught me to save up for quality items that would last a lifetime to not have to buy them again. It also taught me to treat my things with respect because I knew how much my parents sacrificed to buy me the gifts they could afford. I took care of them and still have held onto some of the toys and books I had. My favorite apartment has been a 1 room loft where I was forced to donate or sell things I had accumulated over the years. Now heard later in a 3 bedroom house, having to go back and relearn that’s lesson. Consumerist culture is a strange and addictive drug.
4:20, “I would go to work for 8 hours to earn money to buy things that I was told would make me happy…that didn’t make me happy so I’d go back to work for another 8 hours to earn more money to buy different things…then I was spending money to repair and insure and replace those things that weren’t making me happy.” 8:15, “It was living in the world and it was the best experience…” 9:50, “It wasn’t rocket science – I spent less so I saved more.” 10:55, “…that we can somehow buy a better life…that lie is pervasive…buy this and it will make you happy – and it will…until your mood changes…or the thing that is the thing to buy has changed, the new thing has come along.” 13:00, “…once you’ve found out where your money is going, ask yourself ‘Is it making me happy?'”
One trick I use for my own spending is “delayed gratification”. I made myself wait YEARS before allowing myself to buy my first IPhone. I haven’t regretted it. I also wait and do lots of extensive research when buying cars (only buy used — buying a car with a few thousand miles on it shaves thousands of $ off), Bluetooth speakers, furniture, computers, etc.
Loved this talk. This lady made me realise that I have been living a frugal lifestyle for almost 11 years now, since with my family we bought a big van, got rid of all unnecessary stuff and went on the road. We now have our own place, have our own home, grow fruit and veg and make rustic signs and furniture from the wood around us. No debt. The reality is that I also don’t save any money as our income is small, but this has set me thinking…What would make me really happy is to travel a little before my son is too ‘grown-up’ to want to go with me…maybe it’s time to get an ‘outside’ paid job for a while…
I think it was good that you experienced how amazing life could be. Also rainy days can happen and you need to have money to fall back on. I’m going to try some of the things you’ve discussed. The problem is that so many people are stuck in their ways that they overspend buying things they don’t need because quite often they are depressed. They’re in financial difficulties.they use one card to pay off another and they continue the cycle of spending because they don’t know how to get out of the mess they are in. It’s a vicious circle. Years ago I remember being on that roundabout. I eventually talked to my bank manager. Cut up my credit cards and the bank gave me a loan with a low interest rate. I cleared my debts and became free. I still spend but only what I can afford. But I’m going to stop wasting money.
Using oatmeal as an exfoliator really works and it’s good idea. I tried it with breakfast gruel this week, when I needed some peeling, didn’t have any, and didn’t fancy going to a shop with temperatures of below -15 degrees. It worked well, is better than most store bought peeling products and only costs a tiny fraction of the money. You only need a teaspoon full of the breakfast gruel. Needless to say, I’m not buying any peeling again.
One of the most traumatic decisions for me was to stop taking care of my stuff which was not taking care of me. I quit my job, and have been on the road on and off for six years now, and I’m completing a Master’s program, despite being technically homeless. (and nop, just before you ask, I do not receive government money 😉 )
I wish there was more to do in my town. I’m a shopping addict who is trying to cut down on my spending. I’m an emotional shopper so I have to work really hard on taking note of when I am likely to spend. Then stop myself which is hard coz the craving symptoms are a nightmare! I’ve started perusal articles like this coz they help me refocus my attention on positive action against my addiction.
Good talk and lots of great comments. Some folks, though, fixate on “What are you saving for?” It’s understandable that many folks need that kind of motivation to not spend, but better if we could all realize that materialism and overconsumption are destroying the planet. Simply consuming less for environmental reasons and the commonweal can also be a worthwhile goal – with personal savings and the new lifestyle and independence that comes from that as a bonus.
My husband and I recently moved to Finland from South Africa, and because everything is a lot more costly, we had to seriously change our spending habits. In South Africa we would go to a restaurant at least 2 times a week (or get take out), we would go to a bar and be free spending on alcohol because it was so cheap, and we had 2 cars that ate holes in our wallets (insurance and fuel). Now, we rely on public transport, we cook all our meals and maybe go to dinner once a month (its really expensive eating out here), our free time is spent walking our dog in a nearby forest, and we have cut down on alcohol. I mostly love living like this, only buying what I need ( i have always been frugal with buying clothing and make up etc.), purchasing food that will be eaten, rather than stuff that will just go to waste, and so on. Things I miss, admittedly, are my own transport and the socializing of going out for drinks with friends.
I stopped and deconstructed my desires. For me, I found that I simply wanted to want “stuff.” I didn’t actually enjoy or use the things I thought I had to have. Instead, I would research and watch YouTube to satiate the “want,” knowing that my personal desires wouldn’t be satisfied if I actually possessed the “thing.” It has helped me find a great deal of freedom in recent years. Perhaps this idea can give you pause to get inside your own materialistic desires.
I don’t have a career yet. I’m not financially independent from my parents yet. I definitely want to live as frugally as I possibly can get away with- including trying to grow my own food if I ever get the opportunity to. I will also say that there are systemic issues with our economy at the moment that are making it harder and harder to be financially stable. The whole “millennials are poor because they buy coffee” accusations are so…. Frustrating. Sure, it has a tiny bit of truth to it, but it’s blaming individuals for a systemic problem that is not really our fault.
When I moved out I guess I spent the most on furniture and building up my store cupboard. You’d be surprised how many free things you can get on Facebook these days so my bed, sofa and dining table were all free. Just cost me the petrol to pick it up. I still go out but to cheaper places and for lunch instead of dinner. I don’t earn very much so I have no choice but to live this way.
I’m doing this exact thing this year… After looking and my husband and I’s budget, I realized I was the problem of our spending. I kept wanting to buy more, more more. My family and I decided to not eat out, and no junkfood for the first two months this year. So far we’re doing good! And I have vowed to not buy any beauty products, or clothing, or any of those things for this whole year. We’ve already seen an influx in our bank where we’ve stopped eating out and we’re able to spend extra at the grocery store on nicer foods. And I’m still staying strong to my no spend year. It’s going to be a lot of work to resist the temptation to get things, but I’m pretty sure I can do it. In the end we want to buy our first home, so this will be a good start. Thanks for the article!
What an amazing talk, thank you so much! I’ve watched it few times and it keeps me going with my goals. I realised that I was literally draining my money on things that I didn’t need. It’s been over a year that I’m living a more minimalist lifestyle, don’t remember when was the last time I bought new clothes or shoes (to be honest I have so much from my years of shopping, that it will last me another few years). I managed to get a small investment apartment in my home country which I’ll pay off within a year. Of course it is not always easy, you have a lot of temptations along the way. People ask you : oh why don’t you get a new phone or shoes, they look old. Or if you go to Instagram you feel that your life is boring and miserable. But in general I feel more free right now, slowly detaching from this modern life that is put upon us and going towards my goals.
An unexpected illness can create this kind of challenge but with out the confidence that it will happily come to an end, a happy, filled with new knowledge, end. Perhaps though, good things will come of it. Hopefulness is human quality that helps face the day even when it is darkest. We can’t buy a better life. We can’t buy health. What is important can come with finding our true self and what brings meaning to that self.
thanks for sharing this. I can imagine it is hard to actually share the discoveries in this topic nobody really willingly wants to talk about. This is inspiring though. I cut my spendings over the year as well, and what I too did not expect were changes I observed in my habits and outlook. This was a cool confirmation and second perspective to hear about – THANKS!
We paid our mortgage fast living frugally. Once it was paid I told myself ‘well now I can spoild myself and save just save a little for retirement’ after a while I realize that it didn’t make me happier. I return on my frugal way and after a couple of years I took an opportunity during a laid off at my company to leave my job. I’m now free to work part time and free lance. I just work for paying vacation abroad, but if I don’t travel It is possible for me to just live on my interest. I usually end up working because something interesting come along. I know I was lucky along the way but sometime when your to much in a daily grind you just overlook possibility on how your life could be different to make you happier.
I agree wit what she is saying but only to a certain extend; If I would stop spending on everything I don’t NEED then I could maybe own a house by the time I’m in my thirties BUT now I just love going out to dinner with my boyfriend, traveling far away countries, feeling confident in those heels I bought, meeting friends at a bar, taking expensive dance classes, spending a lot on a masters degree etc. I fear that if I would cut back on this I would miss my youth in a series evenings at home to then do what? Start a family and also staying at home a lot.. I want to enjoy my youth and have fun and stories to tell once I am older and many of these things sadly cost money. I love spending money feelings and emotions. And if I don’t own a house by the time I’m thirty I’m sure I’ll figure it out. I am investing in experiences and education as I feel it should be when you’re just starting life
I really wanna do this because I have such a problem with shopping but I dont know what to do instead. I live in a small town where you can do nothing for free except for walking around the forest, dont have family and close to no friends and the friends I do have always want to spend money. I do like doing creative things but after getting diagnosed with multiple mental illnesses that nearly became impossible because I can hardly focus and a lot of my creativity went away so at the moment I really dont have anything else to do which is really sad…Does anyone have ideas for me?