Things you must spend money on, even if you are a minimalist!

Published: March 7, 2021 at 9:35 am

When I wrote the last article about how a minimalistic lifestyle can help you save money, people had some obvious questions and apprehensions. Some were sceptical that a lot of skimping may take the joy out of living and some others were worried about society and extravagant families waiting to judge them.

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.

While society will judge you for whatever you do and your frugality or minimalism will always be misconstrued for you being a miser, you must know why you are following this lifestyle in the first place. Is it only to save money? Is it to save space? Is it for your mental health? We all have our reasons and essentials and non-essentials are a personal affair. No two individuals are the same and that is why we call it personal finance.

As a naysayer when you say that too much skimping will take the joy off living, you need to know how much is too much and who decides that? I, for instance, barely ever visit the beauty parlour. For me, it equates to spending money to buy an hour of boredom. My husband, on the other hand, will not mind shelling out a few thousand in the name of grooming or self-care. When I tell him that I hate paying for salon services, he labels be a miser, so do some other friends and family members that I know. So, in a judgmental society like ours, what is it that we can spend money on or skimp on without being judged. Nothing! Well, that is right, you cannot escape judgment. 

Get free money management solutions delivered to your mailbox! Subscribe to get posts via email!

    🔥Enjoy massive discounts on our robo-advisory tool & courses! 🔥

    But, is there a list of non-negotiables that you must spend on despite wanting to be a minimalist? Yes, there is. Here are some things that you must spend money on, even if you are a minimalist:

    • Food: Did you say, that is obvious? Well, most of us know it is. But, do we look at food expenditure the way we should? Spending extravagantly on restaurant meals and alcohol bills is not what you’d call spending enough on food. Spending on healthy meals and to achieve a balanced diet is what is necessary. Now and then I get into a discussion on one of the mom forums where people argue that ghee is too expensive or buying cold-pressed oils is beyond budget. While, this is again a personal choice, knowing what is conducive to good health and saving up for it is wiser than saving for the newest model of iPhone while the current one is working perfectly. Isn’t it?
    • Safety equipment: Opting to hold your child in your lap instead of buying a car seat is not being minimalistic. And no, it isn’t a personal decision either. The same goes for other safety equipment such a wall plugs instead of shoving the wires into the socket or safety tested cooktop/stove. And do not save on the helmet if your state doesn’t mandate it.
    • Self-care: Self-care has a different meaning for different people. For some, it is long hours in the salon, just a cup of coffee for some others. For me, it is a few good books or craft supplies. Figure out what genuinely makes you (not your neighbours and society) happy and do not shy away from spending money on it.
    • Gym/ yoga class subscription or workout equipment: I cannot emphasize this enough, investing in your health is never a bad investment. Go ahead and pay for that Taekwondo class or get home that treadmill. But only if you attend the class and use the equipment regularly because there are cheaper alternatives to drying towels than a treadmill 😉.
    • Self-development programs/ courses: Never shy away from paying for that digital marketing course you always wanted to take or those painting lessons. Whatever be it, if you get to learn something, acquire a new skill or brush up an existing skill, go spend on it. You will either get an amazing hobby or something you can change into a side hustle.
    • Good quality footwear: My articles may sound that a lot has happened to me and people I know but I still think that I am the perfect person to tell you about the perils of cheap footwear. Thanks to years of buying pretty and cheap footwear off flea markets and street stalls I developed severe heel pain. It was so debilitating that I couldn’t keep my feet on the floor. Plantar fasciitis they call it and it is a result of poor footwear. So, compromise a bit on vanity and opt for only high-quality and comfortable pairs because your feet go through a lot. They carry the entire weight of your body and thus need to be pampered enough to support you till you die.
    • Health Check-ups: An annual health check-up is non-negotiable. It will ensure that you stay healthy as well as save money in the long run. Remember, it is a lot more expensive to be hospitalized for an illness than health investigations and preventive medication.
    • Dental care: Regular dentist appointments, changing your toothbrush every 3 months or investing in a battery-powered toothbrush are all investments and not expenses. Dental health is critical to your overall health. Yet, it is one of the most ignored aspects of healthcare.
    • Health Insurance: Health insurance premium may look like an unnecessary expense but is a great saviour. Trust me, hospitalization expenses are no joke and while you may want to leave your well-being to god, it is a good idea to cover the unforeseen expenses beforehand.
    • Term-Insurance: Why should I be paying the premium year on year without the guarantee that I or my family will get it back? Your term insurance plan is a cushion to your family in case of your untimely death where you may be survived by dependents. It is great if you outgrow the term and do not get anything because in that case, you don’t need it either. (Hint! You can still earn or draw income from investments and your liabilities/responsibilities are majorly taken care of)
    • Education: Kids need to study at good schools, get books and stationery required and attend tuitions if they need help. The same goes for adults looking for higher education prospects. Money spent on quality education is money well spent.
    • Experiences: It is always a good idea to spend on experiences than on things. It goes a great way in achieving a life of substance than material. Book that hiking trip today or take that vacation and create memories that will make you feel fulfilled.

    Is there anything else that you think is non-negotiable? Do let us know.

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

    🔥Enjoy massive discounts on our courses and robo-advisory tool! 🔥
    Use our Robo-advisory Excel Tool for a start-to-finish financial plan! More than 1000 investors and advisors use this!
    New Tool! => Track your mutual funds and stocks investments with this Google Sheet!
    • Follow us on Google News.
    • Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
    • Join our YouTube Community and explore more than 1000 videos!
    • Have a question? Subscribe to our newsletter with this form.
    • 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.

    Get free money management solutions delivered to your mailbox! Subscribe to get posts via email!

      Explore the site! Search among our 2000+ articles for information and insight!

      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 nine years of experience publishing news analysis, research and financial product development. Connect with him via Twitter or 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 3000 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 what 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 you 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 boy and girl version covers of Chinchu gets a superpower.
      Most investor problems can be traced to a lack of informed decision-making. We have all 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 and teach 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 for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
      Want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or you buy the new 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 from credible and knowledgeable sources before publication. Freefincal does not publish any paid articles, promotions, PR, satire or opinions without data. All opinions presented will only 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 analysis 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)