How a minimalist lifestyle can help save you money

Published: February 28, 2021 at 4:19 pm

Last Updated on February 28, 2021 at 6:58 pm

In this article, author Smriti Tuteja explains how a minimalist lifestyle will help you save money as well as time to do things that give you joy.

About the author: Smriti is an author, freelance content writer and avid reader. She quit her six-year-long IT career to embrace her love for writing. Her previous article – How much money can I make as a content writer – went viral. She writes content across genres and takes pride in her ability to research and carve magic with words. Over her six years of content writing experience, she has developed a knack for technical and digital marketing content.

She also passionately writes about parenting and is currently working on her book. When not writing or reading, she can be seen running behind any of her two kids or learning Deutsch. Reader’s may recall Smritis is the lead author of this popular book published via freefincal: How to profit from content writing.

If you compare your parents’ or grandparents’ house that you saw as a kid to your house now, you will come across stark differences. The hearth or the fireplace got replaced by a glistening hob with 3-6 burners. The house now gleams with smart bulbs and mood-based lighting, and you can sense modernity in each corner. Most of us eat out at least twice a month or collect takeaways. Watches, perfumes, clothes, there is an abundance of everything that was once a dreamy luxury.

Join over 32,000 readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email!
🔥Enjoy massive discounts on our robo-advisory tool & courses! 🔥

All this, due to the significant rise in disposable income over the years. Lives have become simpler, they say. Well, technically, yes, but from where I see, there is a lot more complexity. Charge all devices, add costs of maintenance, keep the stuff spic and span and to top it all, we are continuously looking for ways to save money.

Do you agree? While one reason for the increased rigour towards saving is the increase in wealth, a more valid reason is the way we spend. 2 cars in a family of 3 or fitness watches for everyone despite the sedentary lifestyle they lead explain it. There are many more examples of over-spending or hoarding. 

Have you ever wondered if the best way to save money could be not spending it on non-essentials? You may ask, “Who defines what are essentials and what aren’t”? That is a valid question because we all have different goals and varied dreams. After all, YOLO. 😉 Yes, you live only once, how about make it about substance than material?

Over the past few years, the word minimalism has been gaining popularity. So much so that capitalists have tried to monetize it too. From bags and jewellery for a minimalist to things you need to be a minimalist, the internet is full of oxymorons.

We, as a family, have been trying to embrace a minimalistic lifestyle for over 2 years now. Have we succeeded? No. But we haven’t failed either. We are slowly reaching there. Baby steps, I say. So today, I talk about how a minimalistic lifestyle can help you save money?’

  1. By not spending on new stuff: This is a no brainer. All the money that you don’t spend on buying things is what you keep safe in your account.  However, there is a lot more to it than just saving money upfront. A valid point to remember is that minimalism is not about not spending at all but about spending on stuff that matters to you or adds value to your living.
  2. Cut down on recurring costs of maintenance: When you have 365 pairs of clothes for the year, you also need a huge wardrobe to store them and run the washing machine multiple times a week. Your gadgets spike the electricity bills, and you pay for repairs too. The more vehicles you own, the more you spend on fuel and servicing. So, in addition to the fixed expense of buying stuff, you also spend a great deal on maintaining it.
  3. Cut down healthcare expenses: Most people I know would happily spend Rs3000 on a trip to the restaurant or a couple of beers. However, all hell breaks loose when the doctor advises health investigations worth 1k or the medical bill is 2k. Well, leading a minimalistic lifestyle will help control this issue to a great extent. It will significantly bring down your healthcare spends. Let’s see how:
  1. You eat out less and cook more at home: Healthy homecooked meals often mean less frequent visits to the doctor. This way, you also ensure that you are healthier when you are old.
  2. Better mental health because you don’t have 500 devices for 5 tasks: A mobile phone, a television, a fitness tracker, electric cooker, rice cooker, induction, mixer grinder, masala grinder, egg boiler, dough maker, and all the hunky-dory. Do you think you need them all? A few of these? Yes! But, all of these will only add to your stresses. You need to find a place to store them all, maintain them, keep them dust-free, charge them and do a lot more. When gadgets start controlling your life, mental wellness certainly goes for a toss and medical expenses higher. Remember, people have been working out forever without trackers, and 5 different screens will only take a toll on your eyes and brain. More the number of distractions you have, the worse will be your mental and physical health.
  3. More physical movement because you do not have 6789 vehicles: That is clearly an exaggeration, but the ill effects of having motor vehicles at your disposal are not. My 15-year-old nephew doesn’t go to the neighbourhood shop without a car. The shop is literally 50-70 metres away from home. That he goes and buys packaged coffee is another story on the essential or non-essential list. When you don’t have these options, you move a bit more and embrace healthy living. How about walking to the dairy or vegetable shop each morning?
    1. You get more time to focus on earning: Most people trying to get a side hustle or an alternate source of income complain about the lack of time. A simplistic reason for this lack of time is household and work commitments and time with family. However, a closer look into it, and you realize that it is majorly due to the amount of clutter and loads of stuff you have accumulated. Time mostly goes in either maintaining or cleaning stuff or staying busy with it. The 2 hours you spend in front of the iPad can very well be used to make paintings and sell them online or work on your finance blog. Rather than dusting random objects, you could be building income for years to come. And no, not dusting is not a good idea. Not hoarding is.
    2. Better mental health: You got to believe me that a lot of stuff tends to weigh you down and tire you out merely by looking at it. You stay calmer when there is less stuff to distract you. I cannot emphasize enough how mental health is extremely important and how you can maintain in by living a minimalistic life. 2 years ago, I had a wardrobe full of bed linen and 2 beds at home. Now I have 3 beds and 8 bedsheets in all. This way, I have more space for kids’ books and toys that are quite space-intensive. It also saves me the hassle of dusting open bookshelves. A peaceful trade-off, I say. The 8 bedsheets include a good set that I spread only when we have special guests, so that is sorted. I feel a lot better because I have only stuff that I love and not stuff bought on a whim lying around, taking space on shelves and my brain. Downsize as much as you can and save yourself the mental space that leads to more prosperity.
    3. Stay clear of debts and interest: Every day, I hear people complaining about the vicious cycle of debts and credit cards that they are stuck in. Howsoever attractive the no-cost EMIs are, they are still EMIs that you need to pay out of your earnings. They work by manipulating your brain by an illusion that you can afford the stuff. In reality, you cannot afford it and fall into the debt trap. This is how lending companies are growing prosperous and you are surrounded by stuff that you don’t need and is just depreciating (Hint: jewellery transactions cannot be made into EMIs, and houses cannot be bought without interest).
  • Declutter and earn: Well, what is done is done. Years of hoarding has left you with some barely used stuff that you may not use ever. Take it out and get rid of it. This is the first step to a minimalistic lifestyle. You may donate the stuff but think about it. Which person struggling for essentials will need a bottle of Burberry perfume that you ordered in the last online sale. Isn’t it better to sell it to someone who will use it? And there is a market for second-hand objects. There are numerous preloved groups on Facebook and pages on Instagram. Or just head over to the Facebook marketplace and list them all. You can also hold a garage sale at home and invite people. So, earn from all that stuff lying around idle.

A minimalistic lifestyle will help you save money as well as time to do things that give you joy. Who knows, you could use all this money to build your dream business. It is a sure-shot way to follow substance and live with a purpose than just browse shopping sites looking for the next best thing to clutter your life. You will also get more time with your family, and you can spend it on experiences instead of things.

Do share this article with your friends using the buttons below.

🔥Enjoy massive discounts on our courses, robo-advisory tool and exclusive investor circle! 🔥& join our community of 5000+ users!
Use our Robo-advisory Tool for a start-to-finish financial plan! More than 1,000 investors and advisors use this!
New Tool! => Track your mutual funds and stock investments with this Google Sheet!
We also publish monthly equity mutual funds, debt and hybrid mutual funds, index funds and ETF screeners and momentum, low-volatility stock screeners.
Follow Freefincal on Google News
Follow Freefincal on Google News
Subscribe to the freefincal Youtube Channel. Subscribe button courtesy: Vecteezy.
Subscribe to the freefincal Youtube Channel.
Follow freefincal on WhatsApp Channel
Follow freefincal on WhatsApp
Podcast: Let's Get RICH With PATTU! Every single Indian CAN grow their wealth! 
Listen to the Lets Get Rich with Pattu Podcast
Listen to the Let's Get Rich with Pattu Podcast
You can watch podcast episodes on the OfSpin Media Friends YouTube Channel.
Lets Get RICH With PATTU podcast on YouTube
Let's Get RICH With PATTU podcast on YouTube.
🔥Now Watch Let's Get Rich With Pattu தமிழில் (in Tamil)! 🔥
  • Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
  • Have a question? Subscribe to our newsletter using the form below.
  • Hit 'reply' to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question.

Join over 32,000 readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email!

About The Author

Pattabiraman editor freefincalDr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over ten years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.
Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! More than 3,000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market condition is!! Watch the first lecture for free!  One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Our new course!  Increase your income by getting people to pay for your skills! More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!   
Our new book for kids: “Chinchu Gets a Superpower!” is now available!
Both boy and girl version covers of Chinchu gets a superpower
Both the boy and girl-version covers of "Chinchu Gets a superpower".
Most investor problems can be traced to a lack of informed decision-making. We made bad decisions and money mistakes when we started earning and spent years undoing these mistakes. Why should our children go through the same pain? What is this book about? As parents, what would it be if we had to groom one ability in our children that is key not only to money management and investing but to any aspect of life? My answer: Sound Decision Making. So, in this book, we meet Chinchu, who is about to turn 10. What he wants for his birthday and how his parents plan for it, as well as teaching him several key ideas of decision-making and money management, is the narrative. What readers say!
Feedback from a young reader after reading Chinchu gets a Superpower (small version)
Feedback from a young reader after reading Chinchu gets a Superpower!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.
Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook is for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
Do you want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or get the Tactical Buy/Sell timing tool!
We publish monthly mutual fund screeners and momentum, low-volatility stock screeners.
About freefincal & its content policy. Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified with credible and knowledgeable sources before publication. Freefincal does not publish paid articles, promotions, PR, satire or opinions without data. All opinions will be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
Our publications

You Can Be Rich Too with Goal-Based Investing

You can be rich too with goal based investingPublished by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now.
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want Gamechanger: Forget Start-ups, Join Corporate and Still Live the Rich Life you wantThis book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.

Your Ultimate Guide to Travel

Travel-Training-Kit-Cover-new This is an in-depth dive into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically, with links to the web pages and hand-holding at every step. Get the pdf for Rs 300 (instant download)