A minimalist mindset can help you save on your home

Published on November 27th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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A house is not really a home until you add your own signature mark to it with household items and furniture. However, when it comes to renovating or decorating your home with fewer things is more. Not only does it ease the eye by giving a sense of space, but it can also be friendly towards your pockets. Here are five reasons why adopting the minimalist mindset can help you save more on your home.

It will help you focus on quality rather than quantity

Avoid flooding a room with unnecessary things that do not add dimension to your room. Decorating a room in a minimalist sense does not mean that you have to have a room with white walls and minimal furniture.

This will cause the room to look empty. When improving a room, you need to focus on quality items that take time to break, unlike flooding it with cheap items that you constantly have to replace.

According to ASIC, the average Australian spends $15 a week on household appliances. Choosing to invest in quality kitchen appliances, furniture and bedding items might cost you initially, but you will reap the rewards when you realise that you have extra cash to spend elsewhere.

Budget for a room

Budgeting for anything can help is a huge money saver. Before rushing out and purchasing items to fill your house you need to budget. This means creating a budget for every item you wish to buy. Comparing prices will also see you putting back some extra cash back into your pocket instead of breaking the bank. Once you have done this you could space out the time frame in which you wish to buy particular items in order to make buying quality items affordable.

Generate some money by getting rid of things

Whether you have just recently moved to your house or have been staying there for years, it is likely that you have a treasure trove of things that you no longer use. After all, one person’s trash is another person’s treasure. Although it might be hard to let go of the memories getting rid of the possessions you no longer use can help you earn money to use towards buying new furniture, start an emergency fund, or help pay off your deposit.

Knowing the difference between a need and a want

You might be thinking of getting a vintage jukebox to keep in the corner of a room to give your room that classic feel, but do you need it? Before purchasing anything or making changes to your home it is also good to ask yourself if its something that you need, and whether it will add value to your home.

It can minimise your debt

Adopting a minimalist mindset can not only help you declutter your home, but it will also help you declutter the way in which you handle your finances. By focusing more on the need and quality of things you will be able to cut away unnecessary expenses that dig you into debt. It will even trickle down to how you go about choosing a home loan by comparing its features in order to walk away with a quality deal.

Get content insurance

Home content insurance is there to protect all the items that you have spent time and money investing in. Unfortunately, four out of five Australians underinsure their homes by 10% against building costs. This leaves many

Australians exposed should they become a victim of a crime or damage. Home content insurance is affordable and can be something that gives you that extra peace of mind knowing that you are covered.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

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The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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