If you’re looking for ways to cut back and save more money, learning to live with less should be your top priority. This can be tricky when you’re used to impulse buying, but it can be done with some key changes to your financial behavior.
That said, experts say you can reach your goals with the below strategies that involve being frugal and adhering to a minimalist lifestyle.
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Eliminate Everything but the Basics
“You don’t have to stick to bare necessity living for long, but it’s a good idea to cut back on everything nonessential and then add back what’s most important,” said Melanie Musson, finance expert with Insurance Providers. “When people take this step, they usually appreciate a less busy life and figure out quickly what’s more important.”
Prioritize Quality Over Quantity
One of the cornerstones of frugal minimalist living is focusing on quality over quantity. “This may sound counterintuitive, but buying fewer, higher-quality items reduces the need for constant replacement, which can save money in the long run,” said Dennis Shirshikov, head of growth at Summer and professor of finance at City University of New York.
For example, investing in a durable, well-made coat might cost more upfront, but it will last for years, compared to cheaper versions that wear out after one season.
Mafe Aclado, finance expert and general manager of Coupon Snake, equally agreed that you should always prioritize quality over quantity.
“The goal of minimalism as a lifestyle is to help individuals learn to make healthy spending choices, and to learn to live within their means. However, contrary to popular misconceptions, frugality doesn’t translate to being cheap, instead it emphasizes that individuals always make durable purchase decisions,” she said.
Adopt a ‘One in, One out’ Mindset
Another great tip for maintaining a minimalist and frugal lifestyle is adopting the “one in, one out” rule, according to Shirshikov. “Every time you bring something new into your home — whether it’s clothing, electronics, or kitchenware — commit to removing an equivalent item.”
He added that this practice not only reduces clutter but also forces you to critically evaluate the necessity of new purchases. “It turns impulse buying into a more thoughtful process.”
Reduce Digital Subscriptions
With the rise of digital services, subscriptions can become a silent financial drain. Streaming platforms, music services, cloud storage — Shirshikov said these seemingly small costs can add up to hundreds of dollars annually.
“Frugal minimalists should regularly review and cut back on these services,” he advised.
Musson agreed that cutting back on subscriptions can lead to big savings. “Use one a month instead of paying for three or four continuous streaming services,” she suggested.
Declutter and Sell Unused Items
Minimalism and frugality often go hand-in-hand when it comes to decluttering.
“Selling unused or underused items not only creates a more streamlined living environment but also provides an immediate financial boost,” said Shirshikov. “Many people are surprised at how much value is sitting in their closets, garages, or basements in the form of things they no longer use.”
Limit Dining Out and Embrace Simplicity in Food
Food is another major area where minimalism can lead to significant financial savings. “Instead of eating out or relying on expensive meal delivery services, frugal minimalists can embrace simple, home-cooked meals,” said Shirshikov.
He explained that this doesn’t mean sacrificing enjoyment. Instead, it’s about focusing on whole, unprocessed ingredients and cutting down on unnecessary costs like daily coffees or takeout. “Meal prepping is one way to streamline the cooking process, making it easier to stick to a budget.”
Avoid Lifestyle Inflation
One of the most important strategies for maintaining a minimalist and frugal lifestyle is resisting lifestyle inflation. “As people earn more money, they often feel compelled to upgrade their homes, cars, or wardrobes,” Shirshikov said. “Frugal minimalists take a different approach, focusing on living well below their means, even as their income rises.”
Instead of upgrading to a larger house or buying the latest gadgets, these folks focus on what truly enhances their lives and channel excess income into savings or investments. “This long-term approach to financial health allows them to maintain stability and freedom, regardless of external pressures to ‘keep up.’”
Shop With a List
Whether you’re at the grocery store, mall or hardware store, Musson recommended making a list before you go and sticking to it. “A sale doesn’t save you money if you weren’t already planning to purchase the item on sale. So, don’t be tempted to stray from your list,” she said.
DIY Often but Only When Necessary
“In my opinion, the number one rule of living frugally is knowing things you can do for yourself, but most importantly, knowing when a home maintenance issue is not a DIY project you can do yourself,” said Aclado.
She noted that there are simple but practical everyday frugal habits that can help you save money. “Things like cooking your own meals, washing your car instead of regularly visiting the car wash, and doing your own laundry.”
She added that other habits, like buying nonperishable household supplies in bulk and resisting impulsive spending, are equally important. “However, living frugally also means knowing that some issues, no matter how little they appear, are better left to specialized experts. Issues with plumbing, electrical and roofing.”
