Money Saving Tips
April 8, 2019

3 Ways Simple Living Will Save You Money

Written By Mary Beth Eastman
Last updated April 8, 2019

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Simple. Thrifty. Living.

Minimalism has been a growing trend in modern culture for several years now. The concept is quite simple – remove as many physical possessions or “distractions” from your life as possible while increasing valuable relationships and aspirations along the way. For many, this new lifestyle not only leads to a happier life but also reduces many financial burdens and the stress that come along with them. Here are three ways that simple living can help you save money while allowing you to live a healthier lifestyle.

When simplifying their life, one of the first things most people do is reduce the number of vehicles they own or switch to public transit altogether. The cost of vehicle payments, insurance, fuel, maintenance repairs, and parking can add up quickly and minimizing these expenses can pay off significantly over time. Taking the bus or carpooling is on average 80% cheaper than owning a vehicle. It can save you thousands of dollars a year, all while reducing your carbon footprint and improving the environment, not to mention freeing up tons of money to apply toward debt.

Plus, when you pay off your car loan (by selling the car and fulfilling the loan), your credit score will go up. This will really help you if you have a low credit score and are trying to repair it. You can also check out credit repair reviews to find out the best companies to help you raise your score.

It’s amazing how much money most people spend on products or services that are unessential to their daily lives. When living a more simple life, most people take stock of these and cut out items they can live without. Music and media streaming subscriptions, cable services, and entertainment devices are all examples of optional expenses that aren’t necessary to have. Services like Trim Financial Manager offer to take care of this process for you. Be sure to read our Trim review to decide if that’s something that can help you.

While it may not be realistic to remove all of these expenses, by auditing and removing applicable products and services you no longer use, the savings can add up quickly.

Simple living means getting the most value for every dollar you spend. Purchasing food and groceries is by far one of the largest expenses individuals experience on a regular basis, and taking a frugal approach to this process can mean significant savings over time. The first step that most people should take is reducing the number of times they dine out instead of preparing their own meals. On average, eating out is over 300 percent more costly than preparing that same meal at home. Also, by making smaller, more frequent grocery shopping trips, you can plan out your meals more efficiently, reducing your waste and your bill at the same time.

Living a minimalistic lifestyle can bring many benefits both to your health and your wallet. By evaluating your current expenses and making smarter choices, you can save a significant amount of money each month while reducing stress and living a more balanced lifestyle along the way.

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