What is Financial Minimalism?

5 Tips to Bring Minimalism Into Your Financial Life

1. Save Before Spending

Many people pay their bills and then might save whatever money is left over, if any. But the opposite is what you should strive for – save first and then spend what remains.

2. Bring Mindfulness to Your Spending

Declutter your finances by taking a good look at your spending and see how much goes to fixed vs. variable items. Differentiate between needs and wants. As for wants, ask yourself what brings you joy and which expenses you can do without.

3. Monitor Online Shopping

Try limiting your use of one-click purchasing. Shop in person, use cash, and buy with need and intention.

4. Assess Your Relationship with Money

When it comes to making personal financial decisions, your psychological makeup and the way you think about money can work for or against you. Be mindful of any money scripts (ingrained attitudes and behaviors) – they have a lot to do with how you manage your finances today.

5. Talk About Money

It’s a loaded and complex topic and having conversations about money with family and friends can be challenging. But doing so can help you become more aware of your own money habits. You could become better able to change the behaviors that are holding you back from achieving optimal financial wellness.

WAEPA’s Free Financial Wellness Program

WAEPA provides FREE financial wellness planning through our partnership with EY. As a WAEPA member, this program gives you access to important tools and financial advisors to help manage your day-to-day finances and build a retirement plan for your future. Learn more.