Do you want a life without an avalanche of debt? We hear a lot about the champagne lifestyle… But if we’re honest with ourselves, a champagne lifestyle is rarely what we really aspire to. Many of us really seek glamour or opulence so much as comfort and the off indulgence. We may not aspire to wear a watch that costs more than the average car or step out of the house wearing jewelry that belongs in the Louvre.
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That said, we want to be able to wear nice clothes and makeup, take our partners or families for fun days out and dine well when we feel like treating ourselves. We may even want to indulge ourselves with a nice holiday once a year or so. Unfortunately, in a time of economic and political turmoil where the cost of living seems to be ever climbing, even these modest lifestyle goals can seem increasingly untenable. Even a latte on the way to work can seem like an extravagance.
It can seem as though the only solutions are to live a meagre and frugal life or to live will under the constant shadow of debt. The good news, however, is that anyone can walk that fine line between living the lifestyle they want and keeping their household finances manageable. Here are some tips to help you on your way…
Calculate before you borrow
While we all want to live debt free, there are some circumstances where borrowing is, in fact, prudent. It’s simply a matter of taking the time to review your options and find the right product for you when you need credit. Calculate what your loan or credit card repayments will be, and make sure that your household budget can spare the expense. Even if you have a less than perfect credit rating you can still benefit from decent credit, especially if you have a guarantor you can rely on. The better informed you are, the more likely you are to be able to better manage your debts.
Experiences, not stuff!
Too many of us treat shopping as a leisure activity, choosing to spend a sunny Saturday afternoon in a shopping centre as opposed to a museum, gallery or park. This is a shame as when we shop recreationally in this way we’re much more likely to buy things for the sake of it rather than because we really want them. Remember that the retail experience is precision engineered to separate you from your hard earned money. Focus your lifestyle on acquiring experiences and memories rather than stuff.
Treat yourself midweek
Who doesn’t love an indulgent meal out in their favourite restaurant? Leave it until Friday night, however, and not only will you struggle to get a table you’ll also pay top notch prices. Treat yourself midweek and you can enjoy the same sumptuous food and drinks at a fraction of the price. Many restaurants, especially chain restaurants, tend to have attractive midweek deals to get cost-conscious diners through their doors on days and times which are traditionally quieter.
Subscribe and save
Finally, subscription boxes can be a great way to make savings on the kinds of items you love and buy regularly… So long as you’re prepared to embrace a little of the unknown every now and then. What’s more, even businesses like Amazon are getting in on the act, allowing customers to buy goods they buy regularly at much more attractive prices when they “subscribe and save”. Even with the economy against you, you can still live a luxurious lifestyle without breaking the bank when you box clever!
Anyone can walk that fine line between living the lifestyle they want and keep their household finances in check without an avalanche of debt. If you found this post useful, then check out some of my other money-related posts-
well these facts and figures are totally true and these ideas are going to be very helpful and useful for every of reader..glad to know that you even shared that subscription box with us..though great information
Very very helpful! We all need to pat more attention to our finances. Especially now as we enter into a recession.