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There are a lot of strictures about living within our means. Every lesson on personal finance begins with the need to spend less, save more, and trade current pleasures for future comfort. Focus on the goals, we are told. But then, where does one draw the line?
Minimalism is a way of living where you differentiate between what you actually need and what you just want. Whereas being a miser is a way of living where you start compromising on what you actually need even if you can afford it. It’s a very thin line which differentiates a minimalist and a miser. A minimalist always estimates the value of a product without compromising on the quality.
A minimalist will worry on spending money, but he will find the right circumstance to spend his money and extract maximum value out of it.
Minimalists seek to have fewer possessions in their life in order to have a fuller life. It is about appreciating the items you do have and the experiences you choose to spend money on.
Misers simply seek to spend as little as possible. They are not about creating a life of meaning. They simply want to keep as much of their money as possible, even if that means living in rags and never leaving the house.
Ultimately, a minimalist seeks to create a life of meaning by having fewer possessions. The focus is not on wealth. A miser just hoards wealth and has little value for other people or their own quality of life.