A strong symbiotic relationship exists between minimalism and finance. Minimalism is the art of living with less. In recent years a plethora of podcasts, books, and documentaries have been produced in concern to the rise of minimalism. The most famous being the documentary titled “Minimalism: A Documentary About the Important Things.” The documentary takes the audience into the many flavors of minimalism by following individuals and families through their living-less lifestyle.
The bare bones of minimalism are fundamentally about intentionality. Although there are many avenues and flavors of minimalism, a definition can be broken down into the following; “the process of identifying what is essential in your life and having the courage to let go of the rest.” The framework is done by figuring out the difference between needs and wants. The way you approach minimalism relies on what your unique wants are. For example, someone who may put a considerable amount of time and effort into fashion may be challenged to trim their wardrobe down to the bare essentials. Some minimalists can fit their entire wardrobe, shoes and all, into one suitcase. Someone who puts a priority on having the newest and brightest kitchen gadgets may be challenged to having only what you need to cook with—limiting themselves to one set of silverware, pots, pans, and a hot plate.
So, where does finance come in? You may think that the things that you own, that you deem essential, don’t directly correlate to your finances, but the opposite is true. Finance is simply defined as the management of money. Your money management includes fixed income like bills and taxes, as well as flexible income, which can consist of anything from a grocery budget to going out with friends. Our flexible income reflects our priorities. When we prioritize a minimalist mindset, our finances will reflect that choice.
Adopting a minimalist mindset is unavoidably intertwined with your finances. If you consider adopting a minimalist mindset, make sure you adjust your funds accordingly.