I try to live a minimalist lifestyle because it is useful for many reasons. One reason which I am going to discuss in this blog is the ways it has to help save money.
I made a small list of little habits that work well for me. Particularly, when you may not have it to spend, or you are struggling to find a way to make use of your dollar. Hopefully, some of these ideas can work for you.
I am going to concentrate on good habits to help with “fast spending” or mindless spending. I think it is something that we all struggle with, and I want to share my techniques on saving. I realize that some of these suggestions are not a realistic option for some people. It depends on your situation.
Take a photo / Leave it in your cart
I think this habit has made the most significant difference is cutting out impulse buys. Thinking about things before you buy them makes the most difference.
I used to buy maybe multiple things on impulse buys every time I went shopping, and they were never pricey things. However, they did add up. I noticed that beautiful displays in the store or an appealing ad would lure me into buying more. Now, whenever I get into a situation that I feel the impulse come on, I take a photo. If I am shopping online, I leave it in the cart. I do notice within a couple of days after doing this action. I didn’t want it, anyway.
Make the most of what you have
I like to keep everything as it is until it no longer works. I always try to use up what I have before I buy something new. I make sure I squeeze out everything I can from the item before I purchase something similar. I take great care of my stuff, and that’s why it always lasts me for a long time. I’m forever grateful for it. Trends and fast consumerism do not influence me.
Shop with intention
I also shop for specific items. I’m not randomly going out shopping for clothes or things that will not serve my family or me. Changing this habit from buying without a plan to searching for a specific item, does make shopping easier and curves my impulse buying.
Have an intentional wardrobe
I now have an intentional wardrobe. I used to spend a lot of money on clothing and accessories. It was my biggest indulgence. It wasn’t that I was buying expensive things; it just added up after a while. There was a time when I spent at least a hundred dollars on clothing each month and sometimes more.
Being intentional with my wardrobe helps me curve my spending habit. I only have about 35 hangers in my closet and two small boxes for seasonal clothing. When they are full, it means that I have to get rid of something before purchasing any new items. This helps me to think before buying something. I also ask myself the following questions like:
Do I need this new item?
Has the last item been worn out or no longer needed?
What will I do with the item once I decided it no longer serves me?
Having these three questions as part of my spending habit ritual does invite the discussion of my actual need versus wants of things. It is a mindful practice that doesn’t take very long to master or for me to get an internal response.
Use sales to save
If you want to save money, then use sales wisely and to your financial advantage. For example, there is a wallet that is 50% off, and it is now $20. If you didn’t need a wallet, but you buy it anyway, then it’s not a good deal. You’re spending $20 that could be saved for something that you actually may need in the long run.
If my wallet gets worn out, and I am looking for a new wallet. Then, buying it on sale would make sense.
You are also not saving if you are buying things that are more expensive because they’re on sale. For example, I would never buy a wallet that’s $40, even if it used to be $80. I would, however, buy a wallet that’s $20. So, if I see a wallet on sale at or below my budget, then I’m saving money.
If you want something or need something and if it can wait, then wait until you can find it on sale. I do this with a lot of my purchases.
Cancel subscriptions that no longer serve you
Canceling subscriptions and memberships that you are not using or serves a purpose in your life. I have canceled most of my subscriptions. I only have Netflix and Boxycharm. These are choices that I made because I enjoy using these services and products a lot.
If you’re spending money on something every month, then take a moment to think:
Am I getting my money’s worth?
Am I using this often enough?
Automatic monthly payments can be kind of tricky because they’re easily overlooked. However, it does add up if you do not cancel them and you are throwing money away.
To avoid spending whatever is left
It helps to save that money. However, I have to be mindful not to spend the excess on other items. I put away whatever I have at the end of each month. As you get more used to minimalism as it becomes more and more your natural lifestyle. You will buy less and fewer things and this way you can even bump up your savings incrementally. I am still new to this thought process, but I like to view it as a game. Each month, the extra is my reward. The more dollars I have, the more money I earned.
Save first and spend later
So if you know roughly how much money you need to get through the month, Then you also know how much money you will have left to save and instead of waiting until the end of the month.
These saving habits do give me a backup and do help me to share experiences with loved ones. For example, my daughter was able to go to her ideal camp for the summer. My intention was to saved to allow her to go. The ultimate prize was to see her confidence go up as she did what she enjoyed doing.
I hope you got something from this blog. Please let me know what you do to save money.