The Minimalist Lifestyle: Saving Money While Enjoying Life - Bitter to Richer (2024)

I’ve covered minimalism at length before. If you don’t already understand what minimalism is, why people pursue it, and how it can help your life, then be sure to read that article in full. However, most people are probably well aware of minimalism and its benefits – at least in theory. In this article I’m going to break down the minimalist lifestyle in more detail than ever. On top of that, I’ll show you real word examples to actually make minimalism feel more concrete and attainable. After all, talking theory is one thing, but the reality of frugal lifestyles can be a lot different than what people expect.

The Why

The main point is simple – take control of your life, focus on what you truly want, and be able to obtain financial security. If you skip all the excess spending, you’ll find it’s a lot easier to accomplish your goals. If, even while leading a minimalist lifestyle, you still have issues, it’s important to focus on increasing your income as well.

Relaxing

Beyond that, minimalism is also relaxing when done right. Minimalism doesn’t take anything from you or deprive you of your desires. Instead, it puts extra emphasis on the most important things to you. It’s possible to go overboard and take things too far, as with any other frugal habit or lifestyle. However, minimalism is truly designed to help take a load off of your shoulders. Having the ability to focus on your main wants, and ignoring the excess, is a huge weight relieved. Most people don’t even realize how much of a burden it is, until they try minimalism at least once.

Satisfying

A minimalist lifestyle also helps satisfy you. Think about what I’ve been saying so far. If you are able to focus your money and energy on what you really want, then that can bring you much closer to your goals. Consequently, you’ll feel much more satisfied, especially with your overall progress.

Starting With Few Habits

I hate to say it, but it’s easier to be a minimalist when you have few or no habits already formed. So, for you up-and-comers in your twenties, this is the easiest time to start! Of course, if you’re older, don’t fret much. It’s possible your habits are mostly good, but if they aren’t you can still reform them with some effort.

Whatever habits you have formed, consider carefully and decide which ones are bad, neutral, good, or just not right for a minimalist lifestyle. It’s possible that there is little you’ll need to adjust before diving in. If there is, don’t worry.

Killing The Bad Habits

Getting rid of your bad habits can be hard, especially when it comes to your finances. If you have a system in place that works for you, go ahead an use it. If you don’t, then try some of these:

• Find something you can replace the habit with that takes equal energy – and less money. For example, if you buy yourself a case of beer every time you go to the store, then find something else instead. For example, you could replace that ritual with something you need for the house, or a cheaper habit like a pack of gum.
• Quit cold turkey. This definitely isn’t the easiest option, but it can be useful if you have the willpower to push through the initial struggle.
• Reformat your budget and put the funds from your bad habit into something more useful. That way you are getting closer to your goals and feel like you’re gaining a lot from it.
• Replace the bad habit with a good habit. For example, if you feel like shopping online, just go for a brisk walk whenever you get the urge.

The Minimalist Lifestyle

Now that we have the fundamentals out of the way, let’s dive into the details of living a minimalist lifestyle. A lot of people go into this thinking it’s harder than it is, but it isn’t. You cut back spending, sure, but in a way you also reward yourself greatly. It ends up being a win-win, and it’s perfectly sustainable!

Budget

First up, you need a strong budget if you’re a minimalist. There are two common ways I see minimalists budget. The first is straightforward and quite similar to how most people will approach budgeting. You make a list of expenses, write down a cap, and then make a total of your expenses – and that’s your budget. The difference with minimalists is that they usually just have a much smaller budget, focusing on the important aspects and dropping unnecessary or luxurious expenses.

The second tactic is a little more complicated. Zero-based budgeting is creating a budget that breaks down your spending, savings, and investments. In other words, your budget will account for absolutely every dollar you make. This is a strategy a lot of minimalists like, but it isn’t required. Either way, just focus on having a good budget (that you stick to) and you’ll be fine.

For a free budgeting template, and financial goals worksheet, be sure to sign up for Bitter to Richer! We send them out in the welcome email.

Splurging

Minimalists don’t really splurge. The lifestyle doesn’t exactly support it. Or, at the very least, it calls for controlled splurging. After all, minimalism is not about giving up everything. It’s perfectly okay to spend money on yourself – in fact, in my opinion it does more good than harm. Spending on yourself in measured doses satisfies your major wants, doesn’t make you feel like you’re missing out, yet still helps you save money.

Quality Over Quantity

This is one of the keys of minimalism. Drop the quantity. The average consumer doesn’t need what they buy, and they usually don’t really want it. Perhaps they want it in the moment, and buying it makes them happy, but that joy dies off fast. Minimalism is about dropping the things that aren’t serious concerns or wants for you, so that you can spend more on the things you truly care about.

This translates more to just wants and hobbies though. The classic example is work boots. If you buy a $60 pair of boots, that will almost certainly wear out within a year of serious work. However, if you buy a good pair of boots for $200, then you’ll have a set that could last you many years – even a decade. A good pair of work boots is more expensive up front, but it’s cheaper over the long haul. Plus, you get a more comfortable boot the entire time! That’s just one example, but that’s the general appeal of minimalism. There will be less, but what you have will be much better and higher quality of what you get.

How Not Buying Too Much House Helps

Another aspect of a minimalist lifestyle is not buying too much house. Ultimately, if you buy what you need, then you’re set. You can pay off the house and enjoy the extra cushion in your budget. However, if you buy more than you need then your budget may be exceptionally tight. On top of that, you may just waste a lot of space!

Misconceptions

There are a lot of misconceptions about minimalism and how minimalists lead there lives. I want to dispel a few for you.

Yes, Minimalists Buy New Things

You don’t have to be a thrift shop connoisseur to be a minimalist. Some may choose to do that, but many also buy excellent clothes that last many years – think of the work boot example. It’s really up to the individual and their priorities. A minimalist who cares about clothes will buy new, nice clothes, but may buy reused tools. A handyman minimalist may buy the top notch equipment, but opt for cheaper clothing.

Minimalists Still Get Snide Remarks About Their Spending From People Who Have Less

Since minimalists spend a decent chunk on some things, but less on others, they still get a lot of flack from others. For example, if you buy nice clothes, then people will still call you over the top or say you’re too spendy. Meanwhile, if you choose not to eat out much, people may still call you a cheapskate and think you’re being overly frugal. If you’re a person who does this to minimalists, stop! Minimalism lets them prioritize things and drop others, it’s just about their personal priorities.

Minimalists Do, Occasionally, Crack

The minimalist lifestyle, in an ideal world, is perfectly maintainable. However, sometimes people fall on hard times, or go too far with the frugal aspect of minimalism. When that happens, sometimes they crack and fall off the wagon. Minimalists are only human after all, so they make mistakes too.

Minimalism Is Just Depriving Yourself

Most people tend to think that minimalism is just about depriving yourself. Hopefully I’ve convinced you otherwise in this article. I prefer to think of it like a reward system. Let’s take an example I know, of my friend. He was able to decrease his total monthly spending by roughly 25% – which is amazing! However, he was able to more than double what he spent on his hobbies and passions, which is also amazing.

Conclusion

Hopefully this article covered everything you wanted to know about the minimalist lifestyle. If you have more questions, or some thoughts of your own, let us know in the comments! For more content like this, and a free budgeting template and financial goals worksheet, be sure to sign up for the Bitter to Richer newsletter.