Simple tips to save money focus on living with less. Although it can be challenging if you’re used to impulse buying, adjusting your financial habits makes it possible.
Experts suggest that with these practical strategies, you can embrace a minimalist lifestyle and achieve your financial goals.
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Cut Back to the Essentials
Melanie Musson, a finance expert at Insurance Providers, advises cutting back on everything nonessential. “You don’t have to live this way forever, but reducing unnecessary items helps you appreciate a simpler life and prioritise what’s most important,” she said.
Focus on Quality, Not Quantity
Frugal minimalism emphasises quality over quantity. Dennis Shirshikov, head of growth at Summer and finance professor at City University of New York, points out that buying fewer, high-quality items can save money in the long run. “A durable coat may cost more upfront but lasts for years, unlike cheaper options that wear out quickly,” he said. Also, Mafe Aclado, general manager at Coupon Snake, agrees. She therefore stresses that minimalism is about making durable purchasing decisions, not being cheap.
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Adopt a ‘One In, One Out’ Rule
Shirshikov recommends the “one in, one out” rule. Every time you buy something new, remove an item you already own. This not only reduces clutter but makes you think more critically about new purchases.
Reduce Digital Subscriptions
Shirshikov warns against the silent financial drain of digital subscriptions, such as streaming services and cloud storage. Reviewing and cutting unnecessary services can save hundreds annually. Musson adds, “Use one streaming service at a time instead of paying for multiple.”
Declutter and Sell Unused Items
Decluttering not only simplifies your living space but also provides immediate financial benefits. Shirshikov explains, “Many people are surprised by how much money is tied up in unused items in their homes.”
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Limit Dining Out and Simplify Your Meals
Food costs can add up quickly, but Shirshikov suggests cooking simple, home-cooked meals instead of dining out. He recommends focusing on whole, unprocessed ingredients and reducing unnecessary expenses like daily takeout. “Meal prepping makes it easier to stick to a budget,” he said.
Avoid Lifestyle Inflation
Resist the urge to upgrade your lifestyle as your income increases. “Frugal minimalists live well below their means and channel excess income into savings or investments,” Shirshikov explained. This mindset helps maintain long-term financial stability.
Shop With a List
Melanie Musson advises always shopping with a list and sticking to it. “A sale doesn’t save you money if you weren’t already planning to buy the item,” she warned.
DIY When Appropriate
Mafe Aclado emphasises the importance of knowing when to do things yourself. “Cooking your meals, washing your car, and buying household supplies in bulk are great money-saving habits,” she said. However, she advises leaving certain tasks, like plumbing or electrical work, to professionals.
Simple tips to save money focus on living with less. By adopting these strategies, you can save money while living a more intentional and fulfilling life.
