You don’t often associate budgeting with luxury, but the two actually can live side by side.
With some ingenuity and strategic planning, you can still enjoy the finer things in life without going into debt.
Here’s how to finesse your budget to save money and still treat yourself.
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Don’t Simply Cut — Redirect
Sometimes budgeting can scare people because they think they have to make drastic cuts to make financial progress. Ian Skjervem, CEO of Smart Investors Daily, said the trick isn’t to just cut out all expenses; it’s to redirect the funds to items that matter most.
“The real hack is to cut nothing. Stop three subscriptions you didn’t know you had and save the money for one thing you will use and enjoy every week,” he said. “A quality coffee subscription. A weekly meal at a restaurant that you enjoy. A real gym. The same amount of money, but the experience is completely different because you didn’t spread it out on things that give you nothing and you put it into something that gives you a lot.”
Make a ‘Fun’ Budget
Not every cent you make has to go to bills. Give yourself a percentage of your income every month that feels comfortable that you can use in any way you please.
“Budgets that allow little to no freedom of choice for discretionary spending are unlikely to be followed long term,” said Andrew Gosselin, certified public accountant (CPA) at Save My Cent. “Budgets that allocate about 10% of after tax income toward items and activities that bring joy make it much easier to stick to an overall financial plan.”
Limit Impulse Purchases
Those items we pick up while in the checkout line or scrolling on TikTok Shop seem cheap, but buying these types of things over and over again can really wreak havoc on a budget. Paul Mauro, founder of Smart Financial Lifestyle, has a trick that will cut down on these impulse purchases so you can save your money.
“If after a month or so you can’t stop thinking about an item to buy, then you should make sure to save up for it properly before spending the money,” Mauro explained. “When you wait to make a purchase that isn’t necessary, you would be surprised how often we don’t actually cave. You start to feel wealthier because more of your money goes into things you actually value instead of acting on an urge.”
Automate Savings
Cody Schuiteboer is the president and CEO of Best Interest Financial and said the most luxurious thing you can do for your finances is to put it on autopilot so you don’t have to think about saving money.
“Think of this example: your employer deposits your paycheck. Your savings account does the same automatically. You are left with cash to spend without the anxiety of overspending,” he said.
Negotiate Like a Business Owner
Looking for a lower price on your bills might not sound luxurious, but if you think of yourself as a business owner who’s trying to cut costs, it’s not because you can’t afford it. You’re just doing things the smarter way.
“When negotiating your personal bills, take the same approach you would use to negotiate with your vendor if you were a business owner,”said Jason Vaught, director of content and marketing at SmashBrand. “Almost every monthly bill you receive has room for a reduction and companies rely on customers never asking for a reduction to remain profitable.”
Vaught added that an afternoon of calling your internet service provider, your insurance company and your gym could save you more than $1,000.
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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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