Save Money With This Minimalist Buying Guide
Financial discipline sometimes feels like a list of things you must do. But taking a minimalist approach to your life and money is all about doing little!
If you are considering getting something new, check this buying guide and ask yourself the following questions:
Do I need it?
Asking yourself this question is the first step in living a more minimalistic life. Most of the time we buy things we don’t need or can do without. If you have the urge to buy something new and shiny, consider upcycling it! If you would like a new dresser or table but yours is still in decent shape, why not give it a makeover? Give it a fresh coat of paint and take joy in not having that big purchase on your credit card.
Will I use it more than once or for a long time?
If you are buying a unique item that will last, it can be worth the investment, but Canadians have become addicted to fast fashion, which is low-cost and seen as disposable. In Canada, each household throws away 46 kg of clothing every year. About 8%-12% of municipal landfills is made of textiles. If you want something that you’ll only use once, see if your friends or clothes swap sites have what you need. Why buy something that will end up in your closet or the dump?
Do I already have something like it?
In Canada, 79% of the clothes in our closet do not get worn once in a full year. Sometimes it’s just a matter of taking stock of what you already own. Pat yourself on the back for first considering whether you already own something like this item and going through all your stuff.
Do I have space for it?
Did you know 83% of Canadians say they are extremely disorganized, and 91% feel clutter negatively affects their lives? The average Canadian spends 12 weeks (about 3 months) a year looking for stuff they can’t find.
Minimalism is all about knowing how much room you must store your things and keeping stuff well-organized. If you really need it, but don’t have anywhere to store it, try borrowing it from a friend before buying it new. Or look at what you own – a little spring cleaning could create the space you need, and free you of unnecessary clutter!
Will I still love it in 6 months?
Organization expert Marie Kondo says you should only buy and have things that bring you joy. Sometimes spending the money to buy a unique item that you will love for a long time is worth investing in but If you won’t love your purchase 6 months from now, it may not be worth the money.
Can I afford it?
You should not spend more than 30% of your money on wants. If you need it, will use it often, don’t already have something like it, have the space for it, and you know you’ll still love it in 6 months, then your purchase passes the minimalist test. If you found something you love but it’s out of the budget, take some extra time to plan your purchase. As you save up, you might even change your mind or find something you like more.
Make today a minimalist day! Asking yourself these questions before you buy something can make you a smarter shopper, reduce clutter and stress in your life, and save you money!
Finjoy Capital is not a financial advisory firm.
This article is for informational purposes only and is not a substitute for individualized professional advice.