Master the Art of Frugal Minimalism with These Top Tips

we often hear being Frugal and minimalism as two separate Concepts but what if we tell you that they can actually be seen as one in today's Financial line video we'll be looking at the basics of frugal minimalism and how you can achieve it but before we get started if you are new here please do not forget to subscribe to our channel so that you can join a community we're learning about Finance is welcomed and encouraged you can also click the notification Bell so that we can notify you whenever we post new videos online now that we've got that covered let's get straight to the video in its basic terms Frugal minimalism is the lifestyle of spending less and saving more however this does not necessarily mean you have to live poorly part of the principles of frugal minimalism is not to sacrifice the essential things in your life or your basic needs it's basically the combination of being Frugal and being a minimalist to get you into what it actually is let us first Define the two words separately when we talk about being Frugal or Frugal Living this generally means minimizing your costs so that you can live within your means this is how most Thrifty people operate they create ways to spend less and Save More by being wise about their expenses on the other hand minimalism does not make money its central idea instead it's centered around the value aspect of an object this means that they live a life where they get only the things that they really use it means clearing out the things that are no longer functional for you to create more space for the things that you need at first glance they may sound the same but they're actually different concepts for instance a Frugal person will be enticed by buying in bulk so that they can cut the costs but a minimalist will only get what they need so their space in their home does not get compromised a Frugal person will look for cheaper options and buy it as long as it serves its purpose but a minimalist will not mind buying a branded one as long as it belongs to their lifestyle and home when you combine the two you get a lifestyle that cares for both price and value in this way you're able to get the right balance and live a richer and more Abundant Life here are some of the ways you can do it one change your way of thinking with a less is more mindset Frugal minimalists will put quality before quantity if you want to be like them you have to be intentional with your purchases they don't just buy things for the sake of having it they buy something when they know that they need it and it will serve a purpose in their day-to-day lives once you have this mindset it will be easier to follow a Frugal minimalist life 2. start a budget this is already an overused phrase but this must be taught because it's the foundation of being better with your finances the moment you make your budget and actually commit to it your life and finances will change positively all you have to remember is the fact that when Frugal minimalists make their own budget they think about the item and it assess whether it is needed or not then they make a decision out of that when we budget it also means being in control of your finances by tracking your income and expenses you need to have a hold of how much is entering your bank how much you're spending as well as the state of your savings three start your own emergency fund Frugal minimalists would tell you that it's better to not be able to buy unnecessary things because you're trying to save than to not to be able to buy anything because you failed to save you don't always know what will happen to you some people lose everything just in one accident while other people are one hospital bill away from being bankrupt if you do not want to be like that you need to start building your own emergency fund you can start by breaking your savings into different sections it can be for a medical crisis Dental Care unexpected repairs or Etc then start saving accordingly four learn to plan in advance making better selections is easier when you have a plan in place a wonderful approach to cut costs and eat well is to schedule your Meals by scheduling your meals in advance you can build meals around the cupboard components you already have and just purchase what you're missing also you can avoid wasting food by using up whatever you purchase and you can rearrange your meals around what's on sale at the grocery store and take advantage of Bargains you'll save time avoid impulsive purchases and be more efficient plus waste less food if you plan your meals in advance and Shop in accordance with them 5. make shopping lists a must malls and grocery stores are the biggest enemies of those who try Frugal minimalism a lot of deals sales and grabs can be found there and it may distort your budget hence the need for a shopping list if you carry around a shopping list you'll have lesser chances of wandering off and buying things you don't need you get to stick to what you're intending to buy only 6. try using a 30-day rule 30-day rule which states that if you locate a non-essential or non-food item that you want to buy you write it down on the list is one mindful shopping technique that minimalists swear by then you have 30 days to consider it and if at the end of that time you still desire the item you are free to purchase it you'll discover that you no longer want the item about eighty percent of the time seven choose quality over quantity purchasing items of higher quality than those of lower quality places more value on the item's quality than on its price for instance buying fewer higher quality items Timeless clothing items at a lower cost results in long-term Financial savings because they endure significantly longer than textiles made of cheap rapid fashion you and the environment will benefit from it more avoid buying items especially clothes with designs that you know will not stand the test of time you need to think about how long you're able to use them number eight join challenges individuals who view being Frugal as uninteresting and saving money as a chore are less likely to desire to maintain their Frugal lifestyle for the duration necessary to experience actual rewards you'll be more motivated to save money in the future however if you remain upbeat in view creating a budget and saving money as a fun challenge making frugal living or minimalism more enjoyable for yourself is one excellent approach to achieve this set goals and challenges for yourself to complete challenges like no spend challenge 7 or 30 days 52-week money challenge and 30-day minimalism challenge exists for a horizon join them to get more motivation 9. prioritize your time there are many frugal people who make the mistake of spending too much time just to save money they didn't know that time is much more important than money for instance people could spend hours and hours looking for bargains or traveling great distances to buy discounted groceries but they wind up spending more on petrol and lost time than they do on the savings they find while comparison shopping and taking advantage of deals are smart ways to save money the importance of time should not be undervalued time has promise keep in mind that increasing your earning potential is often a better long-term decision than saving any money number 10 don't forget your debts getting a credit card is good especially for building a good credit score however if you have a high interest rate credit card debt it will be more beneficial for you to pay it on time as a Frugal minimalist you are aiming to cut expenses and you can do this by not adding in to the interest your debt already has imagine how much more useful things you can buy with the interest you could have avoided if you paid on time but what if you do not have enough resources to do so you can start by paying debt slowly while saving for your emergency fund too if you've already saved money equivalent to your six months of expenses you can start getting all out and paying your debt number 11 join buy nothing groups since its Inception in 2013 the buy nothing project has connected people to share freely with one another in communities all across the world individuals can ask for things they need or offer Gifts of goods or services that others can utilize all for free and with no restrictions to find get rid of or swap stuff for free you can also join Regional Facebook buy nothing groups these are just some of the ways you can start your Frugal minimalist lifestyle just a reminder the goal is to have lesser expenses and more savings however do this without deprising yourself of basic needs as well as your wants from time to time it can be difficult for you but just remind yourself of the positive impact it can bring to your life speaking of impact you can also look at our video about the 18 Frugal tips with big impacts we're sure you can learn more from there that ends our video for today we hope you've learned a thing or two if you did please like this video and leave a comment on the comment section below we'd love to hear your thoughts suggestions and reactions if you want similar videos do not forget to subscribe to us and click the notification Bell so you can get notified whenever we post new videos until next time bye

Channel: Finance Aligned

Views: 449

Keywords: frugal minimalism, frugal living, frugal minimalist, frugal minimalism explained, frugal, minimalism, sustainable minimalist, minimalist, frugal living tips, how to live frugally during a recession, frugal mindset, financial independence, what is frugal living, cheap vs. frugal, minimalist frugalist, the minimalists, frugal living hacks, frugal hacks, frugal habits, live frugal, minimalism vs frugality, frugal living ideas, minimalist mindset, finance aligned

Id: uuRFQANMN6U

Length: 9min 22sec (562 seconds)

Published: Tue Jul 11 2023