The Connection Between Minimalism, Frugality, And Building Wealth

How do minimalism and frugality connect to wealth-building? Discover how living a minimalist and frugal lifestyle can help you build wealth.

Authored by James Bollen

Have you ever thought about how minimalism ties into frugality and ultimately helps you build wealth? You and I are about to dive deep into this intriguing relationship. I will explain why living with less gives you more financial security, more freedom, and more happiness.

Minimalism: What Does It Really Mean?

Minimalism is a lifestyle decision that focuses on living with less. 

Less stuff. Less clutter. Fewer distractions. 

Being a minimalist goes beyond cleaning your closet or choosing neutral decor. Minimalism emphasizes discovering what truly matters to you. Minimalism is about letting go of everything that doesn't serve a purpose.

Minimalism is about intentionality.

It's about recognizing what brings value to your life. You then eliminate anything that does not serve a purpose in your life.

You promote the things that add value. You remove the excess that distracts you from what you value the most.

By understanding what truly adds value, you can create a space that fosters a sense of peace and freedom. Minimalism can inspire you to live a more intentional life.

When I first moved into my grandparent's house after they passed away, the house was filled with junk. The entire downstairs was full of boxes, unused or barely used items, and no space was usable. What is the point of having space or rooms that do not serve their purpose? Having to deal with and go through a long process of getting rid of the majority of my grandparent's items made me realize the importance of decluttering and the practicality of a minimalist lifestyle.  

Frugality: How Does It Connect To Minimalism?

If minimalism is about living with less, frugality is about spending less. Frugality is not about being cheap. Being frugal does not mean depriving yourself. Frugality means being smart with your money. 

Frugalism gives you freedom. You live below your means. You then can find ways to make your money work for you.

Frugality is an often misunderstood concept. Being frugal is usually thought of as penny-pinching and avoiding spending money altogether. However, frugality is more about maximizing value. It's about making mindful decisions that align with your priorities, much like minimalism.

Frugality and minimalism share a lot in common. Both encourage a focus on what's essential and reject excess. They require you to be conscious of your choices – whether they involve what you bring into your home or how you spend your hard-earned cash.

The Wealth Connection

Now, how do minimalism and frugality connect to building wealth? Here are seven ways living a minimalist and frugal lifestyle helps you build wealth.