There’s no doubt that the current state of the economy is one in which the cost of living is constantly rising and difficult to keep up with. With the rise in the cost of living, minimal living is a lifestyle that many people have to adopt, and this article emphasises simplicity and intentionality.

The essence of minimal living is not about deprivation but about making conscious choices to reduce physical and mental confusion and prioritise quality over quantity. Such an approach encourages individuals to organise their lives, differentiate wants from needs, and provide financial relief.

Let us look at a few key principles of minimal living.

 

 

Budget Wisely

The first step to adopting a minimal lifestyle is a sound financial plan. Create a realistic budget that accounts for all necessary expenses and your savings goals. Also, track your spending to ensure you stay within your budget and adjust when needed, as we can never tell when unforeseen circumstances may arise. This way, you can be accountable for each amount you spend and know where it goes.

 

 

Prioritise Quality

When it comes to household items like furniture, kitchen items, and more, it’s important to invest in high-quality, durable items that last longer rather than cheap, disposable goods. Getting quality items might involve a higher initial cost, but having such durable items saves you money in the long run and reduces waste. You won’t have to worry about low-quality items that get damaged quickly, leading to frequent repairs or, worse, frequent changes.

 

 

Transportation

Transportation is an important aspect to consider, and as much as we all want comfort, using public transportation is cheaper than owning and maintaining a car, especially with fuel costs on a steady rise. Another way to reduce costs is to share rides with friends or colleagues when using transport services such as Bolt.

 

 

Clothing

There’s a saying that you don’t need to break the bank to look good.

Many thrift stores or online second-hand platforms have quality clothing items on sale, and you can buy them to save money and reduce environmental impact.

Create a capsule wardrobe with a limited number of versatile, high-quality clothing items that can be mixed and matched, especially for work and events.

Food And Groceries

A good way to cut costs and live within a budget is to plan meals in advance to avoid unnecessary purchases and reduce food waste. If possible, make a food timetable to help. Also, make sure to purchase non-perishable items in bulk to save money in the long run, and cook meals at home instead of eating out. This is healthier and more cost-effective.

Minimal living is a powerful approach to managing an expensive economy. Adopting this lifestyle also builds financial discipline and intentionality and gives you a better chance at saving or putting money aside for other investments.

 

Johnson Chukwueke
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