In earlier entries to this multi-part blog series, we’ve gone over many of the basic tenets of a practice known as financial minimalism. Mimicking other forms of minimalism in general ways, financial minimalism is all about limiting unnecessary expenses and debt to gain control over your finances, and there are several distinct pieces of a given approach to financial minimalism.

At 1st Choice Money Center, we’re here to help those who are looking to take control of their finances around Utah, Idaho, Delaware and Missouri with short-term loan products like car title loans, installment loans and more. Today’s final entry in our series will discuss some additional elements of financial minimalism to consider if you’re looking to use this approach.

Getting Rid of Unneeded Items

One fantastic approach to financial minimalism that carries multiple benefits is getting rid of items you no longer need. This can include anything from clothes to furniture and other household items, all the way up to vehicles or even homes in some cases.

By eliminating these items, not only are you removing expenses from your life and limiting the amount of debt you take on, you’re also simplifying your life in general. You now have fewer items to keep track of or worry about repairing or replacing, plus more open space in your home for whatever purposes you desire.

Embracing Low-Cost Free Time

There’s no rule that free time must involve spending money, and in fact the opposite is often true. Time spent at home or outdoors with friends or family members can be just as valuable and uplifting without costing you a dime.

For instance, rather than going out for an expensive dinner or drinks with friends, suggest a potluck or picnic where everyone brings something to share. This can be even more fun and engaging than a costly night out, plus it supports the general theme of minimalism by focusing on experiences and relationships rather than material possessions.

Prioritizing Investments

Finally, when you do have excess funds available for investment purposes, look to prioritize them in areas that will benefit you most long-term. This could include retirement accounts or other savings tools with tax benefits, or it could mean paying down high-interest debts like credit cards.

By prioritizing investments over short-term purchases and expenses, you’re setting yourself up for a more successful financial future. You’ll see the dividends of these decisions over time, and this will make it easier to continue making smart financial choices.

Remember, at 1st Choice Money Center, we’re here to help with any questions you may have about financial minimalism or any of our loan products. We look forward to assisting you however we can!