“Being frugal doesn’t mean slashing your spending or depriving yourself of things that you enjoy. It means knowing the value of a dollar and making every effort to spend it wisely.”
― Frank Sonnenberg
Maybe you decided to become a minimalist because you heard it will help you save money. It can, of course, but not automatically. You’ll need to learn to practice minimalist frugality.
So, what does minimalist frugality look like? Consider these ideas.
- Sell items you don’t want or need anymore. (Use that money to pay debts or increase your savings account.)
- Declutter enough that you no longer need to rent a storage unit.
- Declutter enough that you can move to a smaller home and/or rent out extra space in your home.
- Update your insurance policies if the value of your possessions has decreased significantly.
- Take tax deductions for your donated clutter.
- When it comes to holidays and other gift-giving occasions, give of your time instead of your cash.
- Eat out less and eat fewer processed foods. Simple foods cost less and are more healthful. Take a basic cooking class if you need to – it will save money in the long run.
- Exercise simply and cancel your gym membership.
- When deciding which activities to cut back on to give yourself more free time, or when choosing a new activity, consider the cost of each activity.
- Invite friends and family over for a potluck instead of going out.
- Focus on how much you spend, not just how much stuff you buy. If you go out to dinner with the money you saved from not buying a new book, you won’t save any money.
- Write – and stick to – shopping lists. No more impulse purchases.
- Borrow items instead of buying them. While borrowing books from the library is obvious, consider borrowing other items as well. Perhaps you can set up a neighborhood group for lending tools.
- While it’s often true that the more expensive item will last longer, be more functional or just look nicer, it’s not always the case. And even if it is, consider whether those benefits are worth the extra cost to you, and whether you might be able to purchase the item used.