There are many psychological and financial benefits for minimalism. In general, the stress you have can be directly proportional to the debt you owe.
Spending more money than you earn is pretty unwise and if you continue to do it, you will sink you deeper in debt and you will incrementally but steadily find yourself further away from your dream lifestyle and life goals.
The majority spend money on a lot of small purchases that seem harmless. If you are also doing that, then you should try taking back control of your personal finances by not buying cheap stuff ever again and living a minimalist lifestyle in order to improve your financial and phycological state.
From now on, you buy only high-quality products and you only buy them when you need them.
You actually save money
It might seem paradoxical at first glance but it is true. Buying 2 high-quality t-shirts that last 5 years and cost 50$ each is smarter than buying 10 cheap low-quality t-shirts that last 6 months and cost 25$ each.
Nevertheless, it is important to remember that a high price is not always associated with high-quality. Some sellers are greedy and thrive on cheating their customers, so it is important to be aware of that before purchasing anything.
You are able to resell your things
High-quality products that withstand the wear and tear of time maintain a decent portion of their value. You can sell these products when you no longer need them because they are still working and look good.
That is not the case with cheap low-quality products because they will either stop working or look so bad, that no one else would even consider buying them. This means that the money you invested in them would eventually land in a landfill.
Products produced by famous brands can generally be resold easier and for a better price than other non-branded products.
You feel better and more confident about your self
You will definitely feel more confident about yourself when you walk around your town or city wearing a jacket or carrying a wallet that looks fresh even after you have used it for years.
A rule of thumb you should follow is:
Owning a few good things is better than owning tonnes of crap
You declutter your life
Reducing the number of unimportant decisions you have to make every day will cancel out the overthinking and stress caused by making them. As a result of limiting yourself to more high-quality products, you will also limit your the number of options. This will liberate you and allow you to focus on the important things in your life like your health, relationships, and life goals.
You get your space back
By limiting your self to high-quality products, you will naturally think twice before buying anything due to the amount of money you will have to invest upfront. As a result, you will buy less stuff and have more space in your apartment or wardrobe.
Having more space in your home will positively affect your phycological state. Furthermore, you could utilize the free space created for things that make you feel better like plants for example.
You remain mobile
Are you planning to move to another city or another apartment in the near future?
You will probably have to throw a portion of your stuff away in order to reduce the load that you would have to carry around. Furthermore, having less stuff would give you more confidence to make such decisions by not allowing the stuff you own to drag you down.
You eliminate toxic materials from your life
The majority of cheap products contain toxic chemical compounds and pigments. These materials are used because they are cheap for the manufacturers and allow them to increase their profit margins from each sale they make.
Getting rid of toxins will make you feel calmer and more connected to nature.
High-quality products are generally made of natural materials like wood, leather, cashmere, hemp or cotton and are either still made by hand or in factories that pay attention to craftsmanship and details.