25 Ways To Live a Luxurious Life on a Small Budget
Living on a small budget doesn’t mean you have to be giving up on the luxuries that life brings you. There are ways to eat well, travel afar and dress like a million bucks without dropping a whole bunch of cash.
Use these tips to get the most mileage out of your money and live large on a frugal budget.
Make Money With Your Bank Accounts
Everyone needs somewhere to put their money, but there are options and then there are smarter options.
Before picking an account or looking for a better one, shop around and find one that maximizes your money by helping you organize and grow it.
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Resolve Your Debt Now
One of the smartest things you can do to live a big life on a small budget is to get rid of your debt.
If you don’t have regular high-interest credit card payments or other debt to deal with then that money can be used for more fun.
Use Rewards Credit Cards
You can make many items on your wish list more affordable using a credit card offering rewards.
Just make sure you’re using your credit card wisely; you don’t want to end up in debt to afford your big lifestyle.
Utilize Discount Gift Cards
Lock in simple savings by using discount gift cards at your favorite retailers. Card resale sites like Gift Card Granny can offer savings of up to 50% on gift cards for your top shopping destinations.
Whether you want to stock up on necessities at Target or enjoy a little indulgence at Starbucks, the savings with discounted cards are already built in.
Learn To Save on Event Tickets
Although there are plenty of events that are free or cheap to attend, there are others that come with some hefty price tags. Instead of missing out, use sites like Vivid Seats to save on costs.
You can also use these online marketplaces to unload extra tickets, saving the cash for something you need.
Make Friends With Coupon Sites
When figuring out how to live on a budget, you can search coupon sites to save money on goods and services in your local area.
All you have to do is visit the site, input your location and start searching for your desired goods and services.
Consider Alternative Accommodations
When traveling on a budget, remember that a hotel is not the only option for lodging. Consider alternatives like Airbnb, Couchsurfing and Home Exchange to save money. They’re often more cost-effective and almost always offer a unique experience.
“Everyone seems to think you need to be rolling in dough to see the world, but it’s not true,” said Amanda Abella, author of “Make Money Your Honey."
“Find ways to make travel more affordable by crashing with friends.”
Best Wallet Hacks founder Jim Wang added that vacations don’t have to be expensive to be satisfying.“What we enjoy about vacations is that we get to spend time with friends and family, see new places and not worry about work,” he said.
Make the Most of Airfare Savings Apps
Use an app like Hitlist that monitors fares from your home airport and alerts you when hot deals arise. The end result is that you can get to your dream destinations for less.
Hopper is another way to save money on flights. The app analyzes historical airfare data and lets you know whether to buy now or hold off on your booking to get the best deal.
You can also visit Skiplagged, which reveals potential savings through strategies like hidden-city ticketing that you won’t find elsewhere.
Try Exchange Rate Travel
Sometimes, traveling abroad can be cheaper and easier than traveling within the United States. If you visit a country where the U.S. dollar is worth more, the exchange rate works in your favor, affording you more for less.
Just remember, some countries might have travel restrictions due to COVID-19, so you may have to plan your trip abroad pretty far in advance.
Take Short Trips Instead of Long Vacations
Instead of taking an extended vacation, you might find more sustainable enjoyment by taking short trips more often. Sprinkle a few long weekend getaways into your calendar.
You might also find it easier to unplug from work if you’re getting away for just a few days, rather than a week or more.
Go Yachting With Groupon
Yachting might sound like the ultimate one-percenter experience, but evening sails, daytime cruises and full-boat charters can be enjoyed for an affordable price when booked through discount portals like Groupon.
Rent Luxury Fashion Instead of Buying
If you have a weakness for designer items like handbags, dresses and shoes, consider renting them on sites like Lending Luxury or Bag Borrow or Steal rather than buying them outright.
These portals offer weekly and monthly rates that cost only a fraction of the sticker price when buying items new.
By renting, you can upgrade to new styles each season without incurring additional costs.
Buy Designer Items Used
You can also score designer clothing and accessories at budget-friendly rates on sites like eBay and ThredUp.com.
Just make sure you know what you’re buying is high quality, and watch out for imitations that are sometimes sold as the real thing.
Host a High-End Clothing Swap
Clothing swaps are a great way to spend time with friends while getting new clothes for free.
Traditionally, these swaps are not limited to high-end or designer clothes, but you can make up the rules if you decide to host your own.
Just be sure that everyone understands and adheres to the guidelines so you don’t end up giving away high-quality items in exchange for things of lower value.
Shop Out of Season
If you reset your consumer calendar to shop for swimwear in the fall and boots in the spring, you’ll save a ton by purchasing items at clearance rates.
Just be sure not to wait too long, as your size and favorite designer styles might run out.
Don’t Write Off Discount Stores
Don’t write off discount stores for finding items like designer jeans and bags. To locate the best deals in these shops, stick to quality items when sifting through the clearance racks.
Additionally, bargain shoppers should check for potential design flaws before making purchases.
Get a High-Style, Low-Budget Haircut at a Salon School
If you don’t want to do your own hair, consider saving money by getting it cut, colored and styled at a local beauty school.
Services at beauty school salons are provided by supervised students. Haircuts can be as cheap as $10, but it might be hard to get an appointment if you are in a time crunch or have a limited schedule.
Plan a Student Spa Day
Your local massage therapy school might not have a locker room complete with eucalyptus-scented towels and steam rooms, but it’s likely to offer great rates on relaxing massage treatments.
If you’re willing to be treated by a supervised student, you can indulge in future spa days for a lot less. Or, create your affordable spa day at home.
DIY Other Salon Services
A mani-pedi can make anyone’s life feel more luxurious, but these services are expensive when indulged in regularly.
Instead of shelling out every couple of weeks for professional nail art, complete your mani-pedi at home or have a mani-pedi party with a few friends where you provide these salon services for one another.
Search for Discount Nights at Local Theaters
If you don’t want to give up your movie nights, save money by checking for discount times at your local theater.
Not all cinemas offer lower admissions, but they might provide cheap snacks and drinks instead.
Bring the Party to You
“One of the great joys in life is spending time with family and friends, and that doesn’t have to cost much at all. Open your home, make a pot of spaghetti or ask everyone to bring a dish, and you’ve got a party,” said Teresa Mears, CEO of deals website Living on the Cheap.
Just remember to give everyone an assignment if you decide to go potluck style, recommended New York City-based writer James Dennin.
“I like to entertain a lot and used to feel very self-conscious about telling people to bring things,” Dennin said. “Now I’m ruthless. Everyone gets an assignment, usually booze since that costs the most, and everyone’s super finicky about what they like.”
Look for Other Free Entertainment
“There are so many free things to do. You just have to find them in your local area,” said personal finance blogger Karen Cordaway.
You might be surprised by what you can find just by searching online for free events in your city. You can also look for freebies by inquiring at your local library or checking the events calendar on your local park’s website.
Invest In Memberships to Places You Frequent
If you enjoy going to a museum or zoo regularly, it might make sense to invest in a membership.
Memberships to many popular attractions will pay for themselves in just two or three family outings. Switch it up by buying a membership to a different attraction each year.
Make Use of Introductory Specials
Whether you’re interested in finding a grocery delivery service or a personal trainer, it’s wise to make the most of introductory specials, giving you a taste of large living for a fraction of the cost.
But read the fine print to ensure you don’t sign up for more than you’ve bargained for and that you can cancel when you desire.
Buy an Older, Used Luxury Car
A financially savvy alternative to leasing a luxury car is buying a vintage used one. A “newer” used model might still be unaffordable on your small budget.
However, there’s a good chance you can find an older vehicle that hasn’t changed much over the years.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.
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