Why Minimalism is good for your wallet – Guest Post on MillennialMoneyGuide.com

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Last month, I did a guest post for Millennial Money Guide. The original post saw some traction on Reddit’s r/Minimalism subreddit (to my pleasant surprise), so I wanted to let you all know that it exists! Head over to MMG to check it out here. I’ve included an excerpt of the original post below.

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Minimalism is so in right now. Owning (and consuming) fewer things is not only great for the environment, but it’s great for your wallet as well. Every dollar you’re not spending money on clothes you don’t need and things you won’t use is a dollar that can go towards savings, retirement, or really anything else better allocated.

With the recent popularity of books like Marie Kondo’s The Life-Changing Magic of Tidying Up, it seems like everyone and their mother is on a belongings purge. It’s a fantastic book, but what Kondo fails to mention with her many tips on organization is that the biggest benefit of adopting minimalism is that you automatically adopt a no-spend lifestyle that so many people shoot for. The hardest part about adopting minimalism is that it can feel a lot like sacrificing. For some, it’s tough to tell the difference between need, and want. “I need a new watch” vs “I want the latest apple watch with all the frills”. Okay, maybe that example seems easy, but there are many other purchasing decisions where the line isn’t quite so clear.

Here are some minimalism tips that can have a positive effect on your wallet:

Unsubscribe from mailing lists. Having a clean digital life is just as important as a physical one. Just as a desk can be cleared of loose papers, an inbox can be cleared of emails. Do you have any daily (or weekly) emails that you just automatically delete? Take 30 seconds and unsubscribe. Many companies get sales from enticing newsletter readers with “exclusive” and “limited-time” sales, which are essentially just a drain on money. You can’t buy what you don’t see.

Go through your closet and remove anything that you haven’t worn in over a year. Exclude special occasion items like suits, parkas, etc. Donate to the nearest Salvation Army/Goodwill, or see if you can get a couple bucks for nicer items by selling them at a garage sale/consignment shop. Don’t forget worn-out items. That old tee that got you through your high school years? You may still love it, but it’s really just a nostalgia thing now. Turn it into a quilt or a rag, or take a picture and put it in the donate pile.

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To see more tips and read the rest of the post, go check it out on Millennial Money Guide!