Budgeting with a minimalist mindset has totally changed the way I view money, budgeting, and using money as a tool, instead of something I simply want or need more of. I hope some of these tips can help you to harness the tool that money can be and empower you to have peace of mind and better use of your resources.
As always, you can listen by hitting the play button, or read a quick snippet below. Also, don’t forget to check out Dave Ramsey if you’re financially struggling.
This ended up being a long podcast episode, so summing up the entire thing would be a little tricky. However, my top tips would be the following:
Create a Monthly Budget:
If you don’t currently have a budget and are going to implement only one thing from this list, create a monthly budget. I think most people just check their bank accounts to see when the money is gone, but creating a budget will empower you to save, get out of debt, or simply take control.
Simplify Your Budget:
It can be tough to let go of stuff — like your favorite holey sweater — but it’s also difficult to decide to get rid of a streaming subscription or that gym membership you never use. The thing is, you can ALWAYS re-subscribe or sign back up to stuff you actually miss. If you’re trying to get out of debt or just get a hold of your finances, ditching subscriptions is one of those things that can be super helpful. It’ll make it easier to look at a cleaner budget, plus, it’ll put more money in your pocket to use as a tool for whatever goal you’re working on.
Money is a Tool:
I used to feel very negatively about money/budgeting/etc., but since coming to the idea that money is a tool, I feel so much more peace about it. It gives me direction about what I’d like to do with it. The idea also keeps me centered on getting experiences, not more money just for the sake of wanting more money. Money isn’t bad, it’s what we do with it and think about it that can get us into trouble. Having a healthy relationship with money has made all the difference for me.
Budget Fun Money:
Even if you can only scrape together $1, budget a little fun money. Maybe you want a box of candy to go with movie night, to download your favorite song, or to buy a marker for your art set. $1 isn’t nothing. And if you have $50 to set aside, you could do even more — camping trip, gas to go to a new city, or have a nice dinner with friends. The important thing is that you have some money to enjoy experiences, because practicing simple living and minimalism are all about experiences.
Use Your Budget to Prepare:
Do you know whether your kids are going to need a new winter wardrobe? What a are you going to do about that hole in your shoe? Note: I literally have a hole in my Birkenstock, so shoes are on my mind as I only have 4 pairs. Christmas will be here before we know it, plus you’ve been wanting to go on a little vacation. Note: Last year, we gave our kids a budget for planning a day trip as their major Christmas gift and it was awesome. They absolutely LOVED planning a trip!
The thing is, some stuff just pops up on us and we have to deal with surprises as they come — Dave Ramsey suggests having an emergency fund of $1,000 for these surprises like a popped tired, etc. But some things we see coming. If we take the time to prepare, we can do so with a minimalist mindset and purchase only the things we need or truly want to bring into our home, instead of buying excessive amounts that don’t necessarily fill out needs.
I hope these tips help you on your minimalist journey! Taking control of our money has been one of the most empowering things we’ve ever done and it feels good to be getting a foothold, even if it’s felt impossible at times.
Dave Ramsey’s Total Money Makeover
My latest videos on YouTube:
Vegan Cheesy Fry Sauce
How to Make Cashew Yogurt
Sushi Bowl Salad
My book, How to be a Minimalist with Kids: Finding YOUR Kind of Minimalism
Your support of the show is so very appreciated! Ratings, reviews, and Patreon patronage all sustain this show. Don’t forget that Patrons now get bonus episodes! Thanks so much!
Want to leave a tip in my virtual tip jar? You can Venmo me @HowtobeaMinimalist Thank you so much for your support!