Are you minimalistically minded about money ?
Let us take a look at money minimalism – what is it and how can you benefit from it
I bet there are tons of shirts you own, but how many of them do you wear? And how many of them just sit there forgotten at the back of your closet? I bet there would be plenty. Now imagine, if out of some 20 shirts you own, you wear just eight? It leaves you with 12 useless shirts. Now suppose each of them cost 30$ each, then you have wasted approx. 360$ on shirts that you don’t even wear.
You could have made better use of 360$, or even better, you could have saved the money for your future necessary expenses.
Being minimalistically minded means embracing the concept of minimalism. Minimalism concentrates on fewer possessions and a simple lifestyle. When you apply the principle to your finances and your lifestyle, you can save up a significant amount of money and time and energy.
But that’s just the basic benefit, Money minimalism has plenty more benefits which we are going to discuss in length in this article. Stay tuned.
What does minimalistically mean?
Minimalistic is used to describe something that is stripped down to its most essential elements or uses only what is needed. (dictionary.com) Minimalistically doesnt actually appear int he dictionary but is widely used to mean someone who behaves in a minimalist way.
Do you behave minimalistically?
How can you benefit from being minimalistically money minimalism?
You think more about the future
Having a financially secure future is what we desire at the end of the day. However, owing to the lavish lifestyle, and our increased purchasing power, we don’t think through it. We don’t think how every bit of money that we spend can accumulate only to create a financial strain on us later.
But when we adhere to the principle of money minimalism, we no longer think of the present, but our financial future. We foresee how even a few dollars can significantly affect our credit card bills. Consequently, we make better purchasing and financial decisions.
Being minimalistically minded – Allows you to pay off your debts
It’s a fact that when you save money by practicing money-minimalism, you can put your finances to optimal use. One of which is to pay your debts and save yourself from the interest that keeps accumulating over time.
Helps you improve your investment portfolio
Investing in assets that are of no utility and offer you no return is an utter waste of your financial resources. The money you can save from practicing minimalism can be used to make investments that are more likely to offer you higher returns.
For instance, if you are planning to purchase a speaker that you are to use only on occasions, or none at all. Think again, you can use that money to invest in shares instead. It might earn you profits in the end.
You value your efforts and energy – when you are minimalistically minded about money
You don’t earn money for free. It takes up your time, skills, and energy. So every time you spend money on objects, you are wasting away a portion of this energy that you invested in earning that bit of money.
Just imagine this, if you earn 500$ per week, and you spend the whole amount on something, you have to work an additional week to earn that money back.
When you begin to view each expense through this vision, you would automatically want to hold yourself back from making any mindless purchases.
You become clearer about the things you want and things you need
One of the factors that influence our mindless purchasing decision is the distinction we fail to recognize between a want and need. When you are spending money on something that you want, rather than what you need, you are only satisfying yourselves. However, such satisfaction and pleasure are just transitory. You won’t care about the object or forget about its existence a few days later.
Having said that, minimalism can make you recognize the difference. You would be clear about the things you need. Consequently, you will be making a wiser purchasing decision.
That’s all we have to say. Now that you know what money minimalism is and its benefits, I bet you are going to embrace it to reach your financial goals and increase your financial standing.
Let us know how minimalism has worked out for you. We would love to know about your experience. Feel free to share it with everyone in the comments below.
Being minimalistically minded is rather amazing –
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