The Pros and Cons of Minimalism

Minimalism is a popular trend on social media recently, but it is more than just a fad. This lifestyle is a commitment and a mindset. It allows you to find more meaning with less. But before you jump in, there are some things that you need to know about a minimalist lifestyle.

How minimalism can improve your finances
Minimalism can have a positive impact on your finances, even if it is not the top reason to follow this philosophy. It just so happens that many principles of minimalism point to healthy money habits such as:

Sticking with essentials. A minimalist lifestyle steers clear from over consumption. It encourages sticking with essentials, which means buying fewer things and spending less money. Shedding possessions this way also helps you get out of debt faster.

Prioritizing spending. Minimalists continue to buy things. The only difference is they buy intentionally. They purchase needs and not wants.
Simple living. A minimalist lifestyle is not just about having less, but also doing less. The focus is on doing things that matter and dropping costly commitments that do not add value.

How minimalism can hurt your finances

Of course, everything has a downside, and this is the case for minimalist, too. These are possible ways it can cause a dent in your pocket:

High quality stuff can be expensive. With a minimalist lifestyle, it is quality over quantity. At the start, this can cost you since high quality clothing, food, or furniture cost more. But it is a worthy investment.

Purging can cost you. At least purging without thought. If you are overzealous with your purging, you might end up tossing items only to discover that you later need it and have to buy it again.
Simple can be expensive, too. Simplicity does not always mean cheap. You will have to rethink your food, clothes, car, and other products that you use. Making the switch may mean investing in high quality but expensive alternatives. Watch out: a minimalist lifestyle should not be a lifestyle upgrade that will only be an extra expense for you and your family.

Ian Schindler