7 Ways to Live a Lavish Life while Saving Money

7 Ways to Live a Lavish Life while Saving Money

7 Ways to Live a Lavish Life while Saving Money

They say the earlier you start saving money, the greater the wealth you make by the time you hit the age of retirement. For example, if you start saving money at the age of 25 versus another who starts saving at the age of 35, chances are you will have greater wealth in your account.

But does saving money means not living lavishly? Does it mean you cutting down expenses and gulping down your dreams or wishes? Not necessarily. Saving money is not synonymous to not living lavishly. There is a world of difference between being frugal and just not spending at all.

Here are 7 ways in which you could live a lavish life while saving money:

1. Set Goals

set goals

One of the most important habits to cultivate while saving money is setting a goal. Goal setting allows you to plan your finances and live comfortably. So, if you have your eyes on a new luxury watch, save for it. Take a $10 hair cut instead of $40. Eat at a decent restaurant if you are treating yourself if a luxury watch is what you really want.

2. Tracking the Expenditure

tracking expenditure

Keeping a track of your spendings helps you understand the areas where you spent unnecessarily and where you could have saved. That will allow you to be careful when you spend your money next.

3. Redefine Luxury

redefine luxury

Now if your idea of a lavish life is to live like a millionaire, partying on the finest of yachts and drinking the best of wine, well, you can forget ever becoming a millionaire. The trick here is to redefine luxury. Luxury doesn't necessarily mean expensive. It means quality. Hence, focusing on quality of people, things, and places.

4. Have the Right Attitude

have the right attitude

You want that expensive pair of shoes- why? Is it to impress your boyfriend or have you been saving up for it as a reward for all the hard work you have done for the past couple of months? Cultivating the right attitude helps you discipline your expenditure yet helps you live lavishly by spending once in a while.

5. Prioritize

prioritize money

Being able to evaluate what’s important and what needs to be spent on is an essential habit when you are trying to save money yet live comfortably. Instead of subscribing to the nearest library for a monthly magazine, try getting an online subscription or free PDF downloads. That amount saved can then be used to do something or buy something you have been wanting for quite some time now.

6. Learning to Re-Use

learn to re use

Many times we throw away old stuff that we have , just because we don’t want to come across as cheap. But there is a difference between being cheap and being frugal. There are a lot of DIY sites you can look up and learn to re-use your old furniture, stationery or other items and give your home, desk or yourself a new look, free of cost.

7. Shop Wisely

shop wisely

Well, this is something that needs no explanation. It's always wise to think through before buying an expensive item.

These are a few tips that you can use to live comfortably while saving save money.