Hello guys,
It’s been a tough year!
Some of you found yourselves graduating into a recession, starting your career during the pandemic, many losing their jobs or taking a pay cut, servicing loans, paying children’s school fees and funding the many personal or household expenses.
All these have taken a huge toll on so many of us and it’s okay not to plan anything big or ambitious till the situation improves.
At this point, adopting a minimalist lifestyle is important and of course, very beneficial. This lifestyle will help you to find a positive impact on your overall wellbeing – both mentally and physically, save more money and then de-stress.
Minimalism is about living simply and having only what you need to go about your daily life.
A minimalist lifestyle looks different for everyone and it doesn’t automatically save you money or stress.
It’s a gradual intentional process that helps you audit yourself – to stick with and keep only the things that are useful or bring you great joy. It teaches you to align your choices with your personal values and vision and these choices include your spending habits.
Let’s dive in to how a minimalist lifestyle can help you to de-stress and save money in the process:
- Shop Quality, Not Quantity
Minimalism means you should be more intentional with your spending. Invest in quality things that will last you a lifetime. Rather than have a lot of low quality shoes or clothes. It’s better to invest in quality items that will last the test of time and save you so much money in the future.
2. Eliminate Unnecessary Expenses
One of the most important parts of minimalism is cutting down on things you don’t need. Start to identify what’s of value and what isn’t – and then get rid of them.
Review your budget to see where you could shift your extra money to and ensure to contribute more towards your savings or investment. This gives you a better control of your financial wellbeing.
Create the habit of pausing before you buy. Ask yourself “how will this purchase add value to my life?” and if you don’t have a good answer, don’t hand over your money.
3. Sell Your Used Items
I find this very interesting.
Pick a free day to go through everything you own ( electronics, furnitures, clothes etc.) and start to audit them. Once you’ve been able to identify the items you can live without, then you can sell them on various online platforms or create an instagram sale page to better increase your money.
This exercise helps you stop mindless shopping and focus your time, money and energy on only the essentials.
4. Re-audit Your Finances
Reviewing your finances is a fundamental step in managing your money well and de-stressing. Always take time out (every 3 months) to assess your current spending habits and make adjustments to your plan to fit where you are in life right now. It’s important to:
- Prioritise paying your debt
- Top up your emergency fund
- Check your monthly budget
5. Practice Gratitude
Practice gratitude and focus on the positives. Every morning, try to write out three to five things you’re thankful for.
Practicing gratitude first thing in the morning may put you in a positive mood and help to prepare for a productive day ahead. Being grateful for all the things, people and places can help to remove both emotional and financial burden.
Minimalism encourages a long-term focus when you declutter your home and life, you start to be intentional about your finances, what you’re going to keep and what kind of life you want to create.
Here’s my birthday gift to you!
Until next time,
Happy Economist
Happy Economics 
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