Can A Minimalist Lifestyle Help You Achieve Financial Freedom?

Minimalism has been gaining traction among Americans. It is, as The Minimalists describe, a tool to finding freedom. This includes freedom from fear, guilt, depression, and consumerist traps.

financial freedom

Not all people may have those problems. But there is one kind of freedom that most want: financial freedom. Is it possible to achieve that with a minimalist lifestyle?

Having the Right Mindset About Minimalism

This lifestyle is not about living in a shack and letting go of all human desires that money can buy. It just focuses your awareness on what gives you freedom. And freedom is not some abstract idea here. It all relates to time.

You need to devote time to making money, right? So by extension, what you’ll buy with the money you earned is yours in exchange for a piece of your time. This kind of awareness allows you to consider a purchase, no matter how small: is it worth toiling an hour for a cup of fancy coffee? Joshua Fields Milburn, the other half of The Minimalists duo, explains it more poignantly in this article.

You Will Be Forced to Spend Less Than You Make

Not to sound sadistic, but minimalism entails some sacrifices. That could mean leaving your day job to build a business, teach kids, or write a blog. It would not always be as lucrative as your previous source. But it could be more fulfilling. The thrust of minimalism is for you to try living without making money the first priority.

Now that you’re probably bringing home half of what you used to, you can be forced to live for less than what you make. That includes not incurring debt. That involves curbing impulsive shopping tendencies.

Clearing the Clutter Provides Perspective

You can definitely devise a plan, create a budget, and achieve financial freedom without minimalism. So there are other ways. But the benefit of minimalism is perspective. By clearing the clutter, you’ll be able to see how much of what you own do you really need.

It’s time to allow Marie Kondo in your head, but not just regarding personal belongings. It also touches on your need for a car, a TV, etc. What exactly in your life is adding value to you? What is the purpose of having this or that? Do your stuff bring you joy?

Conclusion

Minimalism enables you to take stock of what you have, get rid of what’s burdening you, and determine what truly adds value to your life. It echoes of mindfulness, which eastern religions have been putting forth for centuries. At the same time, its point is not to devoid yourself of earthly desires. You still need to own things, pay your bills, and participate in society.

At the end of the day, however, minimalism wants you to contribute in a meaningful way by looking inward. And this includes spending your money with intent and determination. You’d defeat the purpose of this lifestyle if you continue getting into debt. So, if you follow the philosophy and practices that make up minimalism, it’s not actually far-fetched to achieve financial freedom as a result.

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