Financial minimalism sets you free. You can benefit by learning about the 7 easy minimalist habits that I use to save money! Then I invest this saved money for a better future or use it toward meaningful experiences.
Habit 1: Whether I’m shopping, eating, or otherwise consuming, I try to maximize savings while minimizing spending. By shopping smartly, I get the best deals on anything I buy. Watch my video for specific examples on how to shop smartly!
Habit 2: I strive to save food and consume all the food I buy so no food ever gets wasted. Even with rising inflation, I can get my grocery bill down to $20 a week. It is totally possible if you are trying to save the most money while getting decent nutrition. Aim for the types of foods that go a long way per dollar spent.
Habit 3: Delaying gratification helps to not only save money, but helps to stay disciplined. Asking yourself if you truly need something as opposed to wanting something helps to rein in unnecessary spending. If you don’t need instant gratification, you will do better in preserving your wealth by holding investments for the long term and not YOLOing in the stock market.
Habit 4: The simpler your life, the happier you’ll be. I discuss ways to simplify your life and save money and time at the same time! When you have less stuff cluttering your life, you can think more clearly and literal baggage doesn’t weigh you down as much. You’ll lead a better quality life with less junk in it.
Habit 5: With the average consumer spending $273 a month on subscription services, this is a huge area where people can reduce subscriptions to boost savings. The less you have commitments with subscriptions, the less you have money draining out of your bank account.
Oftentimes subscriptions make you buy more than what you really need, so think how realistic it is for you to consume what you are subscribed to.
Habit 6: It is highly motivating to me to see how much I can save and invest rather than just consume. So I prioritize paying myself first and tracking my spending consistently. I allocate money to investments before I spend my money on something that is not income-producing. I like to make a little competition with myself to see how little I can spend.
I realized that buying materialistic things doesn’t bring me happiness. I would rather spend my money on meaningful experiences with those who are close to me, and then save and invest the rest. Minimalism empowers us to focus on what really matters to us, such as our family, friends, self-improvement, and helping out in the community.
Habit 7: The last habit is to not be easily influenced to buy things. I have a number of ways I set up boundaries so that I resist buying. Always ask yourself if you truly need an item before you get sucked into buying something from tempting advertisements or “sale” signs.
By adopting these habits to save money, you will be bound to save lots of money. Starting with small, gradual steps to save money will lead to having a huge effect on your bottom line! So you can not only save money, but invest the money for a better and brighter future!
If you’re interested in learning how to take control of your finances and start becoming an investor like Warren Buffett, check out my free PDF guide.
I look forward to making more investor friends! Add me on Instagram: michellemarki