We live in a world dominated by commercialism and consumerism. Because of this, many people have accumulated an extraordinary amount of unnecessary stuff and succumbed to unnecessary debt.
In Singapore, many folks have gotten tired of the clutter of consumerism and have started embracing a lifestyle of minimalism. This article will take a look at this trend and how it can affect a borrower’s finances in the short and long term.
Unveiling the Benefits of Minimalism
Minimalism, by definition, simply means living simply. This means having fewer but carefully curated possessions to create a zen-like home and clutter-free lifestyle. It focuses on intentionality and things of greater value—or as Marie Kondo would say, things that “spark joy.”
The minimalist lifestyle forces us to identify stuff we need versus what we want. Often, the things we think we need aren’t as important as they seem.
That’s not to say that we can’t enjoy material possessions. Far from it.
The thing is, minimalism allows us to clear our lives of clutter to truly focus on things and experiences that matter. By prioritizing them, minimalism can drastically change borrowing habits leading to greater financial freedom.
From Impulse Buying to Mindful Consumption
That said, let’s take our purchasing habits for instance. Without the focus minimalism brings, we tend to spend money without considering our finances. Just because you have money to spend doesn’t mean you should spend it.
We can blame all our unnecessary spending on the constant barrage of marketing and product placements we see daily. These things seep into our psyche and convince us that we “need” to buy what they’re selling.
Minimalism helps you narrow your purchases to the essentials. This eliminates the need to use credit cards with high interest rates or spend beyond your means.
Spending isn’t necessarily a bad thing. It’s how you spend money that matters. For instance, instead of swiping your card on a trendy suit that will likely go out of style in a few months, use it to plan a weekend getaway with loved ones. This helps you mitigate clutter buildup and create lasting memories.
Additionally, minimalism develops a “maximizer” mentality because it forces you to make do with what you have. Do you really need the latest kitchen appliance when you still have one in good working condition on your kitchen counter?
If you plan to borrow money from a money lender in Singapore, with a minimalist mindset, you’ll be using the proceeds more wisely and not waste it on things that don’t “spark joy.” These include financial goals such as housing, a passive income, and investments.
4 Ways to Integrate Minimalism in Your Life
If you’re considering switching to a minimalist lifestyle, the following steps will help you ease into it:
The Minimalist Starter Kit
Pick a few small, manageable spaces like a drawer, shelf, or cabinet to put away most of the clutter you find around the house.
Sort and Strategize
Divide them into three piles—one to keep, one to donate or sell, and one to throw out. At this stage, you need to be brutally honest as you will most likely have to let go of more than you’re willing to.
Give It a Second Life
For items in the donate/sell pile, consider listing them on online marketplaces. Doing this will help widen your reach for potential buyers and earn extra cash.
Embrace the Sharing Economy
Singapore has a thriving rental economy where you can find almost anything. Need a power tool for a DIY project? Rent one instead of buying one. This helps you avoid having clutter at home as you help others earn.
Making a lifestyle change and going minimalist takes a lot of willpower. It’s not easy, especially if you’re used to having much. However, if you have the discipline and the drive to stick to it, you will get your reward.
Wrapping It Up
Minimalism cleans up your home and gives you a better reign on your spending habits. Instead of being a slave to commercialism and consumerism, minimalism lets you take steps toward financial freedom. It makes you question your motives for spending and builds responsible spending habits.
Even if you’re strapped for cash for a certain expense and need to borrow money from a reliable lender like Goldstar Credit, the money you borrow can be used responsibly on things and experiences that matter. It will not go to waste. And you have minimalism to thank for that.
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