Minimalism is a lifestyle philosophy that advocates for simplicity, decluttering and intentional living. In other words, you cut back on all the excesses and only spend on things that bring value to your life.

Embracing minimalism comes with a host of side benefits: It saves you money, gives you more free time, and you lead a more fulfilling life.

Here's how minimalism to help save you money:

• Reduced consumption
  Minimalism encourages you to buy only what you truly need or truly brings value to your life. By avoiding unnecessary purchases, you can significantly reduce your spending, lowering your cost of living and streamlining your finances.
• Go for quality, not quantity
  Adopting a minimalist mindset means focusing on quality over quantity. Instead of buying many cheap, low-quality items, investing in a few high-quality, durable items that will last longer. Although the initial outlay may be higher, it actually saves you money in the long run by reducing the frequency of replacements.
• Conscious spending
  Minimalism involves shifting your focus away from consumerism and being more mindful of your spending habits. As a result, you're less likely to feel the need to constantly buy new things to find happiness, saving money in the process.
• Resell old possessions
  Declutter your living space by getting rid of items you no longer use or need. Go through your closet for items that no longer spark joy. Instead of throwing away things in working condition, consider reselling them in return for extra cash.
• Lower maintenance costs
  With fewer possessions, accompanying expenses are reduced. When you live minimally, you’ll find that you pay less for maintenance, repair and storage.