"How we behave toward our money, how we treat our money, speaks volumes about how we perceive and value ourselves. If we aren't powerful with money, we aren't powerful period."

― Suze Orman

Fellow women! It's time to ditch the "stuff" and boost our bank account and peace of mind. But how? Minimalism might be your secret weapon to figure out what truly makes you happy. Is it that designer handbag, or is it traveling the world?

But what is minimalism, and why would it help us women, you ask?

When you know your priorities, you can spend your money on experiences and things that bring real joy, not just fleeting "stuff." And minimalism helps you find the clarity to understand this basic (and pivotal) difference.

Let's understand how minimalism works

Managing money can feel overwhelming, especially for working women or those planning to step into the workforce. There is so much happening at once, and making those decisions about money might seem chaotic.

So, what do we do when faced with such a dilemma? Do we just let everything go and move with the flow? Or do we take control and refocus our approach towards life and money? Here's where minimalism comes in to offer a fresh approach, teaching us to not just declutter our space but also streamline our spending and saving habits.

And when we choose to focus only on the essentials and what adds value to our lives, we say goodbye to unnecessary stress (and spending).

More specifically, this is how minimalism empowers us financially:

1. Mindful spending becomes your superpower

When you embrace minimalism, you naturally become more intentional with your purchases. That cute top you were eyeing? You will ask yourself, Do I really need it, or is it just retail therapy talking?

Minimalism doesn't mean not enjoying now or then or starving ourselves of the little things. Instead, it just helps us take control of when we are in for serious investment and when a little "fun money" won't harm us. It helps us find clarity in making wiser financial decisions and taking control of our money.

Pro Tip: Make a 30-day wait list for non-essential purchases. If you still want it after 30 days, then go ahead.

2. Declutter and monetise your space

Ever noticed how much "stuff" just sits there collecting dust? Be brutally honest and ask yourself, has everything bought in the last month or week been used by you or anyone else recently?

Now you must be wondering, even if I haven't, what do I do? Well, that's the beauty of minimalism because not only does it encourage you to declutter, but it also puts the extra stuff to use. Whenever you find such extra things lying around unused, start donating them or even selling them online as pre-loved items. These days, it's a rage, and people don't mind buying rare or little-used items.

Pro Tip: Start small-maybe your wardrobe or kitchen gadgets-and use the extra cash to earn your financial freedom to invest or build your emergency fund.

3. Saving time equals saving money

Whoever said time is money, said the truth, and there is no greater truth than the fact that you are as precious as your time is. Time is definitely money, and minimalism helps you save both.

Imagine fewer decisions about what to wear or what to cook because your wardrobe and kitchen are curated to essentials. That saved time can be used to upskill, freelance, or even network for better job opportunities. You will not only have more money in hand for more financial decision-making but also be able to upskill yourself for better-paying jobs.

Pro Tip: Create a capsule wardrobe with versatile pieces to reduce decision fatigue. Read our blog to learn more about how you can create this capsule wardrobe.

4. Cutting down on subscriptions and impulse buys

Yes, I know, we are all guilty of doing it, and every year, we promise ourselves to cut down and then forget it after approving those autopay requests. Our subscription lists have been increasing over the years, and so has our money because we all know how little we use all of our paid platforms or read those magazines.

This is why we need minimalism because it will give us that necessary push to audit our expenses regularly. Be honest and ask yourself, Do I really need five streaming services or that magazine subscription I never read? We know the answer but are not just ready to accept it. But trust me, once you embrace minimalism and let it inspire you, you will find true joy and realise you don't need five, but just maybe one.

Pro Tip: Set a calendar reminder every three months to review subscriptions and cancel those you don't use.

5. Building a values-based budget

No, it isn't as hard as it sounds because, in the end, all we want is to not feel guilty or regretful about our last purchase.

Minimalism helps you align your spending with your values and helps you invest money towards what you really enjoy and not on what you should do because everyone else is. If you love traveling, then save for meaningful trips instead of splurging on takeout every week or going shopping every month. Likewise, if you want to start a business, redirect money toward your startup fund rather than impulse shopping.

Pro Tip: Create budget categories that reflect your goals-like growth, joy, and future security, and start saving for what matters more.

Final thoughts

The best thing about minimalism is that it helps you recognise the difference between want and need, so you can resist the siren call for every sale or price drop that brands want you to pay attention to.

Minimalism helps you by making you more conscious and aware, and that helps you take back control. It empowers you to make conscious decisions about your spending rather than falling prey to trends or advertising. And the result? You become the CEO of your own financial empire!

So, if you are ready to ditch the "not thinking before spending" mentality and embrace a more intentional life (and a healthier bank account), give minimalism a try. You will just see how wonderful minimalism magic is because it's not about deprivation but rather liberation (and financial freedom)!

This blog was written by Ayesha Mollah, a professional blogger who has embraced minimalism since 2023. Being on the minimalism journey is helping her find her "focus" amidst the chaos.