Making the Case for Financial Minimalism

What is it and how to practice it

by Josh Whitaker at Happy Writers

Making the Case for Financial Minimalism

If you’re looking for a lifestyle centered around spending more on quality items and services and even having money left over to save or invest, then financial minimalism may be for you. 

What Is Financial  Minimalism?

In a nutshell, financial minimalism means cutting out unnecessary and thoughtless spending in order to strategically invest in your financial future and in goods with long-term benefits. The mantra of this movement is quality over quantity

Making more calculated moves may be difficult at first, but in time, the new way you use your paychecks can leave your life surrounded only by things that bring you joy and energize you, instead of just more stuff!

How to Practice Financial Minimalism

Practice Begin to incorporate financial minimalism into your life by recognizing the control and power modern consumerism has on you. Reflect on the urges you experience to grab items or cheap goods that have no value past this day, week, or month. The more you are aware of your patterns you can begin to change them. 

Check out the tips below for more ideas on how to get started. 

Purge Unused Subscriptions

Today it’s not only the entertainment business requiring subscriptions for their services. We have subscriptions for nearly every type of service we encounter, especially with phone applications. 

Take a look at what you’re subscribed to each month and note how often you actually use each one. Find the subscriptions you rarely use or actually distract you from your goals more than assist you and cancel them. Now you’ll have one less monthly payment draining your earnings.                                                                                                


Handling multiple credit cards, debit cards, and bank accounts can make staying on top of your finances even more difficult. If you are paying school debt, a mortgage, car loans, and more, it can get even more tricky.

Instead, keep the minimum amount of checking and savings accounts possible and consolidate your debt and investments into one loan. You can reduce stress by focusing on one payment at a time.

You should also consider using checks instead of cards every time you spend. That way, you always have a paper trail, and you are more mindful of your spending. 

Sell Unnecessary Items

A lot of places will exchange cash for used items like laptops, old phones, furniture, and kitchen applications. If there is nowhere nearby, try selling the items online, which is becoming more and more popular. 

If you aren’t looking to part with bigger items, try selling clothing, books, or even tools. Not only can you make extra cash, but you can declutter your home and embrace minimalistlism mindset more easily. 

Keep One Bank Account 

Having multiple accounts, especially with multiple banks, can get confusing and stressful. Try committing to one bank and one account. You’ll be able to keep track of your expenses and earnings in one place and avoid hidden fees and blind spots in your spending. 


If you’re really looking to live a life that values peace of mind over things, you may want to downsize your biggest expenditures. Cars, homes, and apartments all take up a lot of our income, and sometimes it’s best to ask ourselves if the extra space is worth it. 

Downsizing creates the potential to save hundreds of dollars per month that can be reinvested into the things that matter most to you.