5 tips to financial minimalism
Financial minimalism considers how we can take steps to simplify our daily expenditure and take control of this area of our life. If we take stock of our situation as it stands and make small changes, we can make things easier for ourselves and potentially be better off financially, especially long-term.
Of the many ways we can track, streamline, decrease and increase our spending, here are a few options to consider, based on a minimalist and frugal approach.
Create multiple flows of income
Consider looking for ways of creating more than one stream of income.
When we build multiple income streams, we can give ourselves an advantage when it comes to our main job and they can provide us with perhaps more capacity for negotiation salary expectations, pay raises and schedules, simply because we know will continue to receive income elsewhere and therefore, perhaps, do not feel as tense about asking for a pay-rise when it relates to one stream. By developing several streams of income, we also can feel comfortable knowing that we at least will receive income from somewhere, should we want or need to chose to spend some time looking to further or change careers.
There are so many ways we can make a little bit extra, some more time consuming than others, but certainly something to consider exploring.
Plan out your meals
Start planning out your meals and search for healthy batch cooked meals to try. Whilst you may prefer to simply batch cook some meals and leave a few days more flexible, planning out at least some meals, can save you a lot of time and money, by buying in bulk and focusing on easy nutritious recipes.
Create a capsule wardrobe
Clean out your closet, analyze your style and design a basic capsule wardrobe based on your personal style and preferences concerning colors, textures and types of clothing, footwear and accessories. Decide which items you will need to complete your capsule and keep it simple. Invest in what you need by selecting a few quality items. A capsule wardrobe also makes it so easy to get dressed in the morning, when you can simply pull out a couple of things find that they all compliment each other in both color and style.
Once you've put together a great collection, you can save time and money by not having to invest in new pieces all the time. If over time, you pick up something that you think will be a great addition to your capsule, consider whether this items fits well with the rest of your items and whether you really need it, before purchasing.
This may not sound fun and glamorous to everyone but it's a helpful way to save. Many of the items we need in our daily life, we can get very cheaply, on sale, or find at thrift stores. If your objective includes saving money, buying used where possible will help immensely. As a minimalist, it's often about focusing on quality items as opposed to quantity, however, a lot of things, household items and basic necessities, can be purchased inexpensively, leaving extra to spend on good quality clothing items and shoes for example.
Focus like a minimalist
Audit your spending regularly and eliminate what you discover you might no longer need or want. Through appreciating what you own, where you live and what you do, you make more room for peace of mind and growth. If you wish to make changes, you do so more easily from a clear and content state of mind. It's always a good idea to learn from others as well. Read financial books and books on the topic of living the way you desire to live, whether that's picking up books on minimalism and simple living, financial freedom, business books or other inspiring topics that keep your mind learning something new every day and focused in the direction of what you want to achieve.
If you found this helpful, you might like also like:
What is the minimalist aesthetic? A basic guide to help get you started
5 Tips For Living A More Minimalist Eco-Friendly Life
A selection of our favorite book on business and wealth creation
5 Daily Habits That Can Actually Change Your Life