Be a minimalist because it's good for your finances

The Encyclopedia Britannica describes minimalism as a movement that is marked by “extreme simplicity of form and a literal, objective approach.” It originated in New York City and was targeted towards the arts and music. The turn of the century made minimalism more accessible as it permeated other aspects of people’s lives such as architecture, fashion, and technology. Moreover, the ideas forwarded by minimalists are now used to change our habits and alter perspectives to make room for great things and ONLY great things. These, in turn, can improve our overall well-being including our finances.

Here are three minimalist questions to ask that will allow us to save and spend only on the essentials:

Is it a need or a want?

We have to ask if the stuff we’re planning to buy is a need or a want. Needs are non-negotiables; wants can be rethought. Before getting something, ask again and again if having such stuff can help significantly in our day-to-day living. Otherwise, we can stall the purchase or forget about the stuff forever.

How much of it is needed?

Assuming that something is a need, how much of it is needed? We all need food, but food is perishable. We should be watchful about our food consumption so as not to purchase anything in excess. The same applies to other stuff at home and work. One can be enough; duplicates are often unnecessary.

Does it fulfill any purpose?

Decluttering guru Marie Kondo swears by the question, “Does it spark joy?” We can improve this question by asking, “Does it fulfill any purpose?” This way we are sure that we only get the essential, the useful, the stuff that helps us go through our day-to-day commitments.

It is not easy to change one’s predisposition toward buying, but it wouldn’t hurt to try. Like the minimalists, we can always strive for greater simplicity coupled with function. This way we can be free of things that only clutter not just our physical space but also our minds.