Sometimes saving money is all about adopting a minimalist lifestyle. As a minimalist, you will want to only spend on things that you need to, and if you do need to spend, then you will want to do it in the most efficient way possible.
Here are some money-saving strategies that you can adopt as a minimalist.
Keep reading!
Rent Apartments when the Rent is Low
If you are renting and also living in an expensive city – there is a great possibility that your housing is eating up to 50% or even more of your monthly income. That said, if your goal is to save money, it will make perfect sense to cut your expenses in the housing budget.
You will want to aim at signing a new lease when the rent demands are at their lowest. The rent can be up to 20% cheaper during the low season. You will want to educate yourself on low rental demand season and avail yourself of your best chances at cutting expenses from the housing.
As a tenant, you can save money on rent by looking for apartments during the low season. Also, if you are renting, you can have roommates and split the rent to save money.
Plan Meals Carefully
Before you walk to the grocery store to buy groceries from the top of your head, you will want to plan your meals mindfully by assessing your pantry and looking at what you have and what you need. Of course, you will be sticking to a budget, including a budget for your weekly groceries.
Sticking to a budget is something that most people are afraid of because they think that it will delimit their financial freedom, whereas, in reality, it is the other way around. You can check out these amazing high yield savings account options and see which works best for you.
The key to not spending your entire paycheck on groceries is to look for ways to use up what you already have. You will want to avoid buying new ingredients for your meals every week. You can also look up the internet to find recipes to make meals with items in your pantry and fridge.
Here is what you will want to do – make a list of everything that you have in your freezer and find some recipes that will require as many of those ingredients as you already have. This way, you won’t end up buying new things.
When it comes to grocery shopping, you will also want to avoid going to the grocery store on an empty stomach. The thing is that if you are hungry and you are going grocery shopping, you will definitely end up buying far more things than you actually need – and most of the things will be junk food and unhealthy snacks.
So, make sure you are not on an empty stomach when buying groceries.
Pay Mortgage Payment
If you are a homeowner, you can still save money by readjusting your mortgage payments. Instead of paying your monthly mortgage payments, you will want to pay them bi-weekly.
You know that interest is typically calculated monthly, which means that in the middle of the month if you pay half the payment and make two split payments, the principal will be reduced. And by the time you reach the end of the month, the interest will be on a lower amount of principal.
If you keep following this simple strategy, over time, you will pay a lot less interest and, consequently, pay off your mortgage faster.
If you have just moved into a house, you will certainly be looking to furnish your house. And furnishing your house will cost money too. The best way to save money on furnishing is by buying secondhand things.
Before buying a piece of furniture or appliance from a store, you will want to look for secondhand options, such as Craigslist and Facebook Marketplace. You are more likely to find new items that have rarely been used for half the price.
Ditch Breakfast
Groceries cost money – we know that food is expensive. So, if you want to save more money, you might want to consider skipping breakfast. And when we say breakfast – we are referring to a healthy strategy for a better mind and body – mainly intermittent fasting.
Contrary to what you might have heard your entire life – breakfast isn’t actually the most important meal of the day. In other words – you don’t absolutely need to have breakfast. You will want to follow an amazing health trend known as intermittent fasting, where you basically eat your last meal of the evening before nine o’clock.
Subsequently, you don’t eat until the next day after 12 o’clock in the noon. This way, your body gets a twelve to fourteen-hour window where your body isn’t digesting any food. You will be giving your body a break, and according to studies, an intermittent fasting lifestyle helps with anti-aging, weight loss, and even cancer.
With that said, if you are used to buying coffee and breakfast when you get to the office, you can seriously save a lot of money by trying this method of skipping breakfast. Referring to coffee, you can definitely save loads of money if you – instead of buying coffee every day – would actually make your own coffee at home.
Of course, you will be investing more money upfront on getting your coffee-making machine – but – you will be saving loads of money in the long run by preparing your favorite beverage at home.
Nonetheless – if you believe that it will be too hard for you to survive on an empty stomach till noon, then you can opt for a cup of bulletproof coffee. The reason why you can stay full on a cup of bulletproof coffee is that you add butter or some other type of fat to your coffee.
You will enjoy the nice buttery-rich coffee taste, and it will keep you full until noon. If you think about it – then drinking a mug of bulletproof coffee in the morning is an amazingly cheaper option than spending money on your breakfast every day.
