11 Minimalist Money Habits for a Frugal Life
Frugal living and minimalism are best friends. There is a lot you can take from the principles of minimalism when it comes to getting your finances in order.
Frugality and minimalism truly go hand in hand. You’ll find once you start picking up frugal habits you are also picking up minimalist habits.
This does not mean you have to bring minimalism to every part of your life.
I am a frustrated minimalist, living with three people who are not – including two kids. My home will never be a minimalist home, and I have made peace with that. However the principles of minimalism do help me save money.
Minimalist money tips
These are the top 11 money habits of minimalists that you should definitely try to follow in order to save money.
Less is more
Minimalism is all about simplicity. When applied to your home or wardrobe it’s about clean lines, key pieces and only the things you really need that spark joy.
When we apply that “less is more” attitude to our finances we can find ways to free ourselves from the habit of overspending.
Minimalists do not spend on stuff they don’t really need. As a result their home is far less cluttered with stuff taking up space that’s not providing any value.
The result of this shift in attitude from mindless spending to more intentional spending is that you will help yourself to spend less than what you make.
This habit means you can free yourself from debt, are able to save for the future and get rid of money stresses that can bring you down every month.
A common trigger for excess spending is keeping up with trend or spending to make ourselves feel good in the moment. But I’ve found when I spend less and focus more on what really matters to me, so that I know for sure I can afford it, life is so much better.
Applying minimalist principles to your budget means that you focus on the stuff that you actually need and what really matters to you. You simplify your spending so that you can save more for the future.
Buy for life
The word frugal is misunderstood to mean being cheap, tight and penny-pinching. But it’s not about finding the cheapest thing.
It’s about focusing on buying quality essentials that are good value for money, and when we bring minimalism into it it’s about buying long lasting, useful items and not filling our home with lower quality goods.
Ultimately, if you penny pinch on things like large household items you need every day such as your dishwasher then you may find yourself replacing them more often. It doesn’t mean you need to buy the most expensive model, it’s just that the dirt cheap model is rarely the best or the one that’s going to last the longest.
And it’s also about buying stuff that we feel genuinely we need or that sparks joy, to borrow a phrase from Marie Kondo, because that way you know you will get long term use out of it.
Needs over wants
That leads us nicely to needs over wants. Minimalists consider each item of spending, and this approach helps them to be clear on what is a need and what is a want.
As part of that it’s also about seeking out best value for money. For example, clothes are a need, but minimalists look for practical pieces that they will wear a lot, rather than fast fashion.
Exercise is a need, but a minimalist goes for a run in their local area rather than taking out an expensive gym membership.
It’s not about giving up all joy, it’s about focusing your budget on what is truly important to you. And it’s also about learning to be content with what you have.
Ultimately, this approach helps you balance your budget.
Organise your pantry
Organise your kitchen so that you know where things are.
This means you can easily do stock checks, use up food that is about to go out of date and make it easy for you to check what you have before you visit the supermarket.
Having cupboards that don’t become a black hole where food goes to die, literally, is so important for saving money on food on food.
Rule of 3
You can apply the rule of 3 to multiple areas of your life and it helps to prevent you from overspending and from buying stuff you do not need.
The basic idea of it is you have one you use, one in the wash and one ready to wear.
One good example is bedding. You have one set of sheets on your bed, plus two others. One may be in the wash because you just changed the sheets, and there’s another spare just in case.
You can apply this to towels, kids’ school uniforms and more.
The idea of it isn’t to make you rush out and buy two more sets of bedding. It’s about stopping you from buying any more that you do not need. Excess stuff clutters your home, and when you don’t need it it’s just wasted money.
Plan before you shop
Part of minimalism is having a purpose for everything in your life. There is no excess.
So applying this to our spending habits means that we plan before we shop. You think about what you actually need, and stick to your plans.
This is intentional spending, and it is such an important habit to get into if you are living on a tight budget. It means you’re making considered purchases, buying only stuff you need and/or will actually use.
Audit your wardrobe once a year
A good wardrobe audit is a fantastic way to remind yourself of what you have, clear out things you never wear and make money selling on unwanted items.
I used to be an impulse purchaser, I would see something that looked great in a picture and buy it. The trouble with that is it often spirals. You bought a dress with no shoes to go with it so now you need shoes. Then you realise there’s no coat to go with it so now you need a new coat. And then you think that maybe you need a new handbag. The list goes on.
I’m now more focused on building a capsule wardrobe of pieces that work well together. So you can create multiple outfits from just a few key pieces that you really love.
You may also like these tips to stop spending money on clothes.
Look after your stuff
Part of minimalism is wanting to make the most of the things you have. And it’s the same with frugality, we don’t want to buy something only to lose it, damage it or wear it out within a few weeks.
For example taking care of my eldest daughter’s clothes has meant I have a whole wardrobe ready for her little sister every single year.
Only buy to replace
When I think of this tip I think of that scene in Confessions of a Shopaholic where Isla Fisher’s wardrobe explodes and clothes just rain down everywhere in her room.
She didn’t buy to replace, she just bought. But the movie was super funny.
My point is when you buy something new, buy it to replace something else that ran out, doesn’t fit or has served its purpose.
That includes things like makeup and personal care items. It can be so easy to end up with 10 different moisturisers. Now I just buy new when the previous item has run out.
Edit your email subscriptions
Your email inbox can be a scary place. Not just because of all those unread emails you need to go through, but because it’s full of temptation to spend.
Sales in emails are so important to brands. Every brand puts a ton of effort into their emails because they know it’s a great way to get their top customers’ eyes on their products.
Some brands will email you daily, or even twice daily. So take a minimalist approach to your inbox and start unsubscribing from brands that clutter up your inbox and tempt you to buy stuff you don’t need.
I’ve been unsubscribing from one per day and It’s already so much better.
Ditch one item at checkout
My final tip is to help you cut back on your supermarket spend and it’s a fun challenge. When you have filled your trolley at the supermarket, look for one item you can put back.
This can be a really good way of saving even just a few pennies on something you didn’t really need. For me that can be that extra bag of snacks or the impulse purchase on a new cleaning spray I do not actually need.
