At its heart, minimalism involves reviewing your priorities and removing excesses (e.g. possessions, ideas, relationships and activities) that don’t add value (e.g. meaning/happiness) to your life – allowing you to surround yourself (and, work towards) the things that do add value.
In this somewhat direct, but rather thought-provoking video, Matt D’Avella shares how minimalism helped him with his personal finances – although focused on debt management, it’s a good reminder of some overall personal finance basics:
- Spend less money than you make.
- Have open and honest conversations about money.
- Improve upon your financial literacy.
- Avoid lifestyle creep and the myth of ‘I don’t have’.
- Question your want purchases and the ‘Joneses’ mentality.
- Make sacrifices to focus on the things that add value to your life.