I imagine that when you read the word ‘minimalist,’ you think of nude colours, white walls, and the beach!

Well, I do.

I think about my time spent in Asia and Africa after I quit my 9–5 finance job — that is when I started living a life of financial minimalism, it was bliss. I didn't know that I was doing it at the time, but looking back at the decisions I made, the way I felt, and what I was working towards meant that I was. I travelled for over a year alone, with everything I needed in a backpack. I had my trusted laptop and DSLR camera and remained present in the moment and focused on the now.

Adapting a life of minimalism has allowed me to have more, be more productive, and achieve more than I could have ever imagined- excessive abundance and happiness.

The below provides a simple introduction to a life of financial minimalism. Consider the main features and the impact they could have on your life. For me, it opened up space for focus on the lifestyle and business I wanted to build. Doing so meant I was able to structure my day-to-day to work towards building this and not be distracted as I was before.

What is Financial Minimalism?

Unfortunately, there is no one set definition. This is due to the way you achieve Financial Minimalism, being different for each and every one of us.

Minimalism

The idea of minimalism is living a life with just the things you need and nothing more. You focus, instead, on what brings you value. This includes things occupying your time and physical space. At its core, minimalism is about being intentional with the way you live your life. People who live a life of minimalism report feeling autonomous, competent, have more mental space, are more aware, and feel more positive emotions.

One commonly known feature of this way of life is the shedding of unwanted goods. Selling unwanted items, throwing or giving things away. Do you really need the whiteboard, TV subscription, car? These decisions are answered after identifying what you really care about; everything else then becomes excessive. In effect, you are freeing up space to allow room for more — physically and mentally.

Incorporating your finances

Prefixed with ‘financial,’ you now include your financial decision-making into the mix. You focus on living a life free from the distractions of excessive possessions, reduced spend and taking steps to increase your wealth.

You live below your means by spending less than your earn. Here, it is good to note that the amount of money you make has nothing to do with your ability to be a financial minimalist. You’re likely to not need as much money to live a more refined life.

You’ll allocate money towards reducing expenses, optimising how much money you can keep, and building wealth. This may mean starting a business, investing in stocks and shares, or the property market.

Someone living in such a way lives a simplified life, have fewer decisions to make, reducing decision fatigue and anxiety.

The inner work

To achieve the above is not as easy as pressing a button. It requires self-reflection, honestly, and maintaining control. Most importantly, you will need to address any habits you hold that do not support a life of financial minimalism.

It will take time to identify what you want and where you are. Once you have, the hard work begins. You’ll need to identify what you need to change and the habits you need to work on. Changing habits is not easy; it takes time and consistency. To get it right, focus on why you want to change these things, make sure they are anchored in something you really care about — otherwise, it’s just a waste of time.

Along the journey, there will be a lot of forgiving, accepting, and letting go. This may include past mistakes, expectations of others, or the time you feel you have wasted. Practise meditation and gratitude to help you along the journey—focus on the present and the fact that you’re making changes now.

Could you live a financial minimalist life?

The road to financial minimalism is a unique and beautiful journey. Along the way, you will learn new things about yourself, as I did whilst travelling.

You’ll learn how resilient you are, that you are capable of having fewer ‘things’ and not feeling like you are missing out and still have the life you want. It will open up a new space within your life that allows you to dive deeper into what you really want.

• Minimalism — Living with just want you need and nothing more.
• Financial minimalism — Reducing expenses and building wealth.
• Inner work — Working on yourself using mediation and gratitude.

Do let me know what you think?