Do you want to live large on a small budget? Well, this might be easier than you think. Some young adults – and older ones – desire a fabulous, fun life. Unfortunately, they don't always have the income to support this lifestyle. Some people go into debt trying to impress others, yet this isn't necessary. The truth is, there are ways to live large on a small budget.
1. Dine out Responsibly
Do you enjoy experimenting with different cuisines? Despite what you might think, a small budget doesn't mean you have to cook every night. If you want to live large on a small budget, start by eating out on the cheap. There are several ways to enjoy a nice meal without breaking the budget. Some people only dine out during lunch to take advantage of specials, and others only buy an appetizer or water, or share an entrée with a spouse. They can go out with friends, but stay on budget.
2. Buy Clothes for Less
Finding a nice item at a discount retail store is like searching for a needle in a haystack – sometimes. But if you stumble upon a great find, this is an excellent way to increase your wardrobe without exceeding your budget. Also, it helps to pay attention to retail sales. You might be able to combine a coupon with a sale and purchase multiple items at tremendous discounts.
3. Pay Less for Your House
Most people want the dream house, but this comes with a price. You may have to work long hours in a stressful career to achieve the dream, and if you splurge on a house, you might have little money for extras. There is a smarter way to live. Rather than spend all your cash on your house, consider buying a smaller, but nice place – perhaps a condo or renting a luxury apartment. You could pay less for housing, yet live in a sought-after community. And with a cheaper payment, it'll be easier to live within your means.
4. Use Groupon
Do you want to travel but can't afford a hotel, airfare and a rental car? Go to Groupon and you might stumble upon an amazing deal for domestic or international travel. Personally, I've seen deals as much as 60% off. For example, I once stumbled upon an eight-day London getaway including airfare and hotel for $999 a person. This was an excellent deal, especially since regular airfare to London from my home was nearly $1,000.
5. Buy Used Cars
New cars depreciate significantly within the first year. If you don't have a down payment, you could end up upside down within the first couple of years of owning the vehicle. However, you can buy a used car that's one or two years old for much less, yet enjoy the same features as a new car. And since car models rarely change much from year to year, most people won't know that the car is used, unless you tell them.
6. Bag, Borrow or Steal
Want a designer purse or accessories, but can't afford a designer price tag? No problem, take advantage of shopping clubs that let you borrow or rent merchandise for a fee. You can rock a new purse today, and a different one next month. Also, you might be able to find designer styles at upscale consignment shops.
7. Cash in Reward Points
What's the point of earning reward points if you never redeem these? If you’re a regular credit card user, you might accumulate reward points or cash back for every dollar you spend. You can redeem rewards for merchandise, gift cards, airfare, hotels or cash. It's a way to get the things you need without spending extra cash.
You don't have to earn big bucks to live large, but you will need to know the best ways to spend your money, and ways to get the most bang for your buck. What are other ways to live large on a small budget?