Just because you have to save money doesn't mean you have to give up on the finer things in life. How's that possible, you say? Guest contributor Emily Green tells you exactly how.
Who says frugality and lavishness can’t go hand in hand? No one’s bank account is bottomless. However, being wise with money doesn't mean giving up all your favorite luxuries. Here are some tips to save money and still live large.
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Cultivate the Right Attitude
Why do you spend? Is it because you can’t live without that pair of shoes? Because you want to impress your boyfriend with a new outfit? Because your partner shares funds with you and doesn't get angry if you rack up charges on a credit card? Recognizing why you spend money is a big step in learning how to save it.
If your boyfriend or husband makes a good income, don’t rely solely on his money. Cultivating the discipline to manage money even when it doesn't seem necessary can save you from major troubles down the road.
Understanding your motivation for spending is crucial. Ask yourself, are you seeking fulfillment or just temporary satisfaction? It's easy to fall into a spending cycle when you're chasing instant gratification, but remember, true contentment doesn't come from material possessions. To save money, reframe your mindset; start valuing experiences over things. Remember, even if it’s available, using your partner's income as a spending buffer isn't wise. A partnership means being responsible and self-reliant financially. Set personal savings goals and take pride in meeting them—it's empowering and essential for fostering a future filled with real luxury, one that's not solely dependent on income, but rather on smart financial habits.
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Set Goals
Goals are «key to financial success,» as one website aptly puts it. Whether you have your sights set on a beautiful house, a new car, or the vacation of a lifetime, make that goal your focus. Draw up a plan for reaching it so when you’re tempted to spend $50 at Gene Juarez on a haircut instead of $30 somewhere else, you can make the more affordable choice.
What should you do with that $20 you didn't spend on a haircut? Add it to your other savings and consider ways to invest. Fisher Investments’ advice can help you on the path to achieving your goals and obtaining financial success.
When setting those savings targets, remember to be realistic and specific. Instead of vaguely aiming to save more money, decide you'll stash away an extra $200 each month toward your dream getaway. Breaking down your larger ambition into bite-sized, manageable chunks makes the dream less daunting and more achievable. Celebrate small victories along the way; they are the stepping stones to your larger aspirations. And don't forget to periodically review and adjust your goals as necessary because flexibility is essential to maintaining a sustainable savings plan without sacrificing all the little luxuries.
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Track Your Spending
Keeping track of where your money goes can help you realize what you can live without. For example, will you really miss those lattes that you spent $100 on last month, or can you enjoy drip coffee just as much? Don’t worry about packing a pen and notebook to keep tabs on every penny; there are plenty of apps to help you get a comprehensive view of your spending habits.
By becoming more mindful of your daily expenditures, you'll have a clearer idea of where to cut corners without sacrificing enjoyment. Ask yourself if each purchase aligns with your savings goals, and consider the joy each expenditure brings compared to its cost. Remember, cutting down on non-essentials doesn't mean depriving yourself—it means prioritizing. With tools right at your fingertips, you can effortlessly review weekly or monthly summaries and adjust accordingly, ensuring you maintain that fabulous yet financially savvy lifestyle you’re cultivating.
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Prioritize
Once you know why you spend money and what you spend it on, you should evaluate what's most important. If you want to reach your goals as soon as possible, think about cancelling the magazine subscriptions you never use and taking the bus to work. Maybe you can get free digital copies of those magazines through your local library, and not driving to work will make things easier on your car so you can take it on your summer road trip with fewer worries.
Analyzing your monthly services can also lead to savings without sacrifice. Consider if that premium music service is essential when there are free versions available—these changes add up. Rethink your daily coffee shop visits too; a luxurious at-home coffee maker could pay for itself and keep adding to your savings. Remember, it's about making smart choices that align with your lavish lifestyle goals, without leaving a hole in your wallet.
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Love What You Have
Before you head to the mall, certain that you don’t have a thing to wear for your big date on Friday, spend a little more time with your closet. One article calls this «shopping in your own closet.» Maybe you’ll fall in love again with that blouse you haven’t worn since last year or that quirky pair of jeans.
Also try to do beauty treatments like manicures and facials for yourself. Sure, doing stuff like that at home isn't quite like having the pros take care of it, but the result is the same — you’ll feel gorgeous.
Rediscovering your wardrobe can be an exciting treasure hunt. It encourages you to mix and match pieces, creating brand new looks with old favorites. This not only saves you money but also spices up your fashion game. For self-care, why not turn your home into a mini spa? Indulge in homemade masks or try out new hair treatments; these personal pampering sessions are not only cost-effective but can be incredibly satisfying, knowing you’ve both saved and treated yourself to the luxury of me time without breaking the bank.
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If you have a harem of 40 women, you never get to know any of them very well.
Shop Wisely
When you must go shopping for something new, make a plan. Know what you need, how much you’re willing to spend for it and where to look first. Having a focus will prevent you from aimlessly wandering the aisles and convincing yourself that you can't live without that genuine sheepskin jacket. Pay attention to rewards, as well. Some retailers offer great customer loyalty programs that can help you save money on your next shopping trip.
Additionally, consider shopping in thrift stores, outlets, or online during sales events. Often, gently used or out-of-season items can be purchased at a significant discount, allowing you to enjoy high-quality products without splurging. Remember to also download apps or follow your favorite stores on social media to stay informed about special deals and discounts. Staying on top of these opportunities can mean snagging that perfect item at a fraction of the cost, thus keeping your lifestyle luxurious and your wallet happy.
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Enjoy Little Things
A lavish lifestyle isn’t about spending and getting — it’s about deriving pleasure from what you get. A fun piece of costume jewelry that costs $10 can refresh an old outfit and make you feel brand new, and you don’t have to bemoan that you didn’t buy a new head-to-toe look. Don’t envy the woman at the mall who is carrying 10 bags full of merchandise from Nordstrom; she’ll probably be paying for that stuff long after she’s stopped using it.
Saving money comes with more rewards than spending; saving gives a deep sense of satisfaction and accomplishment, and in the long run it yields big payoffs. It also doesn’t bar you from living a lavish and fun life now.
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