Minimalism and Money – The Power of Less

Episode Transcript

Speaker 1 (00:00):
Welcome back to the wealth Wise Woman podcast. I'm your host, Anna,
and as always, a quick reminder, this podcast is for
educational and informational purposes only. It is not financial advice.
Always do your own research and consult with a licensed
professional before making any financial decisions. Today, we're diving into

(00:22):
a transformative topic that blends simplicity with financial empowerment, minimalism
and money. The power of less For women navigating the
gender pay gap, caregiving responsibilities, or the pressure to keep
up with consumers lifestyles, Minimalism offers a path to financial
freedom by focusing on what truly matters. By embracing the

(00:45):
power of less, you can reduce expenses, boost savings, and
align your money with your values. Whether you're drowning and clutter, overspending,
or seeking clarity in your financial life. This episode will
show you how how minimalism can revolutionize your relationship with money.
Let's simplify your life and amplify your wealth. In this

(01:07):
comprehensive eight part episode, we'll explore why minimalism matters for
women's financial health, the connection between minimalism and money, assessing
your current spending and clutter. Practical minimalist strategies to save money,
overcoming emotional and social barriers to minimalism. Real world examples

(01:29):
of women embracing minimalism. A gendered perspective on minimalism and
money action steps to build a minimalist money mindset. Let's
get started and discover how less can lead to more
in your financial life. Part one. Why minimalism matters for
women's financial health. Minimalism, living with intention and focusing on

(01:55):
what adds value can transform your finances. Especially for women,
face unique challenges gender pay gap. Women earn on average
eighty two cents for every dollar a man earns, resulting
in a lifetime earnings gap of four hundred thousand dollars
one million dollars. Minimalism reduces expenses, freeing up income for

(02:17):
savings and investments. Caregiving responsibilities. Women often pause careers or
work part time for caregiving, limiting disposable income. Minimalism helps
stretch smaller budgets by prioritizing essentials. Longer life spans women
live five seven years longer than men, requiring larger retirement funds.

(02:38):
Cutting unnecessary spending builds wealth for the future. Consumerist pressures
women face societal expectations to spend on appearance, home or
status symbols. Minimalism counters this by focusing on needs over wants.
Mental clarity, Clutter and overspending create stress. A minimalist approach

(02:58):
reduces financial anxiety, empowering confident decision making. Example, by adopting minimalism,
a woman earning fifty thousand dollars might cut dollar two
hundred slash month in non essential spending, for example, clothes,
dining out, saving two dollars four hundred year for an
emergency fund or investments. Minimalism isn't about deprivation. It's about

(03:21):
creating space for financial security, freedom and joy, especially for
women navigating systemic barriers. Part two The connection between minimalism
and money. Minimalism and money are deeply intertwined. Living with
less reduces expenses, increases savings and a line spending with

(03:44):
your values. Here's how lower expenses. Owning fewer possessions means
less spending on purchases, maintenance, and storage. Example, declining to
buy a two hundred dollars dress saves money and closet
space increased safe cutting non essentials freeze up cash for
emergency funds, debt repayment, or investments. Example, skipping dollar fifty

(04:09):
slash week on takeout saves two dollars six hundred year.
Intentional spending minimalism encourages spending only on what aligns with
your goals. For example, health education rather than impulse buys
reduced stress, fewer possessions, and simpler finances lower mental clutter,
making it easier to manage budgets and plan for the future.

(04:31):
Wealth building potential Redirecting savings to investments. For example, dollar
one hundred slash month in an ETF at seven percent
can grow to twenty thousand dollars in ten years, building
long term wealth. Example, Sarah, overwhelmed by credit card debt,
embraced minimalism by canceling unused subscriptions dollar thirty slash month

(04:54):
and selling unused items five hundred dollars. She redirected dollar
one hundred slash month to debt, paying off one thousand,
two hundred dollars in a year. By focusing on less,
you create more financial flexibility, especially for women balancing multiple roles.
Part three. Assessing your current spending and clutter. To embrace minimalism,

(05:20):
start by evaluating your spending habits and physical possessions. Track
spending use apps like wine ab or Mint to log
expenses for thirty days. Identify non essentials for example, dollar
one hundred slash month on clothes, fifty dollars on coffee,
audit possessions. Walk through your home and note items unused

(05:41):
in six months for example. Close gadgets estimate their value
for selling or donating. Calculate clutter costs. Consider storage dollar
fifty slash month for unit maintenance, dollar one hundred slash
year for unused appliances, or replacement costs for impulse buys,
cess financial goals, list priorities for example five thousand dollars

(06:05):
emergency fund, ten thousand dollars debt payoff. Compare to current spending.
Defined gaps reflect on values. Ask does this purchase or
item align with my goals for example security freedom? If not,
it's a candidate for elimination. Example Lena Tract dollar three
hundred slash month in non essential spending, subscriptions, dining out

(06:28):
and found two thousand dollars in unused items old furniture, clothes,
selling half and cutting spending saved two dollars three hundred
year funding her emergency account. Pro tip use a decluttering
checklist search minimalist checklist on Pinterest or Marie Condo's spark
Joy method to guide your audit. This step reveals opportunities

(06:51):
to simplify and save. Part four Practical minimalist strategies to
save money. Here are five practical strategies to apply minimalism
to your finances. Declutter and sell. Sell unused items on eBay, poshmark,
or local marketplaces. Example selling five hundred dollars in clothes.

(07:15):
Funds a savings account. Steps list five ten items weekly
price twenty fifty percent below retail Deposit earnings to a
high yield savings account for example four point five percent
apy at Marcus. Adopt the thirty day rule. Wait thirty
days before buying non essentials if you still want it.

(07:35):
Ensure it fits your budget and values. Saves one hundred
dollars dollar two hundred slash month on Impulse buys. Simplify subscriptions.
Cancel unused or redundant services for example multiple streaming platforms. Example,
cutting dollar forty slash month and subscriptions saves dollar four
hundred and eighty slash year. Steps list all subscriptions, keep

(08:00):
only one in two essentials. Redirect savings to investments. Embrace
minimalist budgeting. Use a fifty thirty twenty budget fifty percent needs,
thirty percent wants twenty percent savings lash debt, but reduce
wants to twenty percent, boosting savings to thirty percent. Example,
on three dollars zero zero zero month, save nine hundred

(08:24):
dollars versus six hundred dollars. Downsize lifestyle. Opt for smaller homes,
used cars, or fewer outings. Example, moving to a one
dollar two hundred month apartment from one thousand, five hundred
dollars saves three dollars six hundred slash year. Steps evaluate housing, transport,
and leisure costs. Negotiate or downsize where possible. Example, Priya

(08:48):
sold one thousand dollars in unused items, canceled dollar twenty
slash month subscriptions, and applied the thirty day rule, saving
one dollar five hundred slash year. She redirected dollar one
hundred slash month to a wroth ira, growing to fifteen
thousand dollars in ten years at seven percent. These strategies
make minimalism actionable, cutting costs while aligning with your financial goals.

(09:14):
Part five Overcoming emotional and social barriers to minimalism. Minimalism
can be challenging due to emotional attachments and societal pressures,
especially for women. Here's how to overcome them. Emotional attachment
to possessions sentimental items. For example, old gifts can feel

(09:36):
hard to part with. Solution keep one two meaningful items,
photograph others, and donate sell the rest. Fear of missing
out FOMO, social media or peers may push spending on trends.
Solution unfollow consumerst accounts on X and follow minimalist influencers

(09:58):
for example, at the Minimalists guilt over prioritizing self, women
often feel pressured to spend on family or appearances. Solution
reframe minimalism as self care, enabling savings for shared goals
like education. Social pushback friends or family may question your

(10:18):
minimalist choices. Solution explain your vision. For example, I'm saving
for financial freedom. Join minimalist communities on X for support.
Overwhelm decluttering or budgeting can feel daunting. Solution start small
for example one drawer dollar ten, slash month savings and
celebrate progress. Example Emma struggled to declutter sentimental clothes. She

(10:45):
kept one meaningful dress, photographed others, and sold three hundred
dollars worth, using the money for a five hundred dollars
emergency fund, easing her stress. A gendered perspective, women face
pressure to maintain appearances or prioritize others, making minimalism a
radical act of reclaiming financial and mental space. Part six.

(11:07):
Real world examples of women embracing minimalism. Here are three
hypothetical women who used minimalism to transform their finances. Clara,
twenty seven, office assistant. Clara burdened by five thousand dollars
credit card debt, decluttered eight hundred dollars in unused items,
and canceled dollar thirty slash month subscriptions. She adopted the

(11:31):
thirty day rule, saving dollar one hundred slash month, and
paid off two thousand, four hundred dollars in debt in
a year, boosting her confidence. Amara thirty five, single mom.
Amara downsized from a one dollar six hundred a month
apartment to one thousand, two hundred dollars, saving four dollars

(11:52):
eight hundred year. She sold five hundred dollars in kids
old toys and used a minimalist budget, saving dollar two
hundred slash month for an emergency fund reaching three thousand
dollars in fifteen months. Sophie forty two freelancer. Sophie embraced
minimalism to fund a side hustle. She sold two thousand
dollars in furniture, cut dollar fifty slash month in dining out,

(12:16):
and invested dollar one hundred fifty slash month in an ETF,
growing to five thousand dollars in three years for her
business launch. These stories show how minimalism empowers women to save,
reduce stress, and pursue dreams. Part seven a gendered perspective
on minimalism and money. Minimalism is particularly powerful for women

(12:40):
due to systemic and cultural challenges. Pay in wealth gaps,
lower earnings, and career breaks mean women must stretch every dollar.
Minimalism reduces expenses, freeing up funds for investments or emergencies.
Consumerist pressures women face expectations to spend on beauty, fashion,
or home dew. Minimalism rejects these norms, prioritizing financial goals

(13:04):
over status. Care Giving demands time and money. Constraints from
caregiving make low maintenance lifestyles appealing. Minimalism simplifies budgets and
spaces for busy women, Mental load women often manage household
and financial decisions, leading to overwhelm. Minimalism reduces clutter and stress,
creating mental clarity for planning. Example, a woman pressured to

(13:28):
buy trendy clothes might spend dollar two hundred slash month.
By embracing minimalism, she saves dollar one hundred fifty slash month,
investing one dollar eight hundred year in a wroth ira,
growing to thirty thousand dollars in fifteen years. Minimalism empowers
women to defy societal expectations, focusing on financial independence and

(13:50):
personal fulfillment. Part eight. Action steps to build a minimalist
money mindset ready to harness the power of less. Here's
a detailed action plan. Audit your life. Spend one hour
tracking thirty days of expenses, use mint and listing unused items.

(14:11):
Identify one hundred dollars dollar two hundred slash month in
non essential spending. To cut declutter one area, start with
a closet or drawer, selling five ten items on poshmark
or eBay for one hundred dollars five hundred dollars. Deposit
earnings in a high yield savings account for example four

(14:33):
point five percent at ali. Adopt one strategy, Try the
thirty day rule or cancel one subscription ten dollars dollar
fifty slash month. Redirect savings to a financial goal for
example one thousand dollars emergency fund. Create a minimalist budget.
Use fifty twenty thirty fifty percent needs, twenty percent wants

(14:57):
thirty percent savings debt. Automate fifty dollar dollars dollar one
hundred slash month to savings or investments via betterment. Join
a community. Follow minimalist accounts on x for example at
Minimalist Baker, or join a local decluttering group for accountability.
Learn more. Read The Minimalist Home by Joshua Becker fifteen

(15:20):
dollars or Your Money or Your Life by Vicki Robbin
sixteen dollars for inspiration, track and celebrate. Monitor savings with
ynab or a spreadsheet. Celebrate milestones, for example, five hundred
dollars saved with a low cost street five dollars coffee.
Revisit monthly, spend fifteen minutes monthly reviewing spending and decluttering progress.

(15:42):
Adjust goals as needed, for example, increase savings after raise.
Example plan a thirty year old earning forty thousand dollars,
audits dollar two hundred slash month in non essentials, sells
three hundred dollars in items, and cancel's doll dollar twenty
slash month subscriptions. She saves dollar one hundred fifty slash

(16:05):
month in a high yield account, reaching one dollar eight
hundred on year, and invests dollar fifty slash month in
voo building wealth pro tips. Use free decluttering apps like
clutter free for motivation. Listen to minimalist podcasts, for example
The Minimalists via Spotify for busy days, share progress on

(16:26):
x for community support and inspiration. Minimalism and money go
hand in hand, offering women a path to financial freedom.
By embracing the power of less. By decluttering possessions, simplifying spending,
and aligning finances with values, you can overcome the gender
pay gap, caregiving demands, and consumerist pressures. Minimalism isn't about sacrifice.

(16:50):
It's about creating space for what matters, security, freedom, and joy.
Start small, stay intentional, and watch your savings and peace
of mind grow. With the right mindset and strategies, less
truly becomes more. Here's your action plan to start today.
Track your spending for seven days and identify fifty dollars

(17:13):
one hundred dollars in non essential expenses to cut. Declutter
one area, for example, closet and sell one hundred dollars
two hundred dollars in items this week. Automate twenty five
dollars dollar fifty slash month to a high yield savings
account or ETF. Follow a minimalist account on x or

(17:34):
join a decluttering group for motivation. Tune in to next
week's episode for tips on building a minimalist investment portfolio.
The best day to start simplifying your financial life was yesterday.
The second best day is today. Embrace the power of
less and build the wealth you deserve. Thanks for joining
me on the wealth Wise Woman podcast. If this episode

(17:56):
inspired you to simplify your money in life, share it
with a friend ready for a financial reset. Until next time,
keep building your wealth wisely.