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5 Tips For Living Like Royalty on a Tight Budget

5 Tips For Living Like Royalty on a Tight Budget
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“Cash rules everything around me, cream get the money, dollar dollar bills ya’ll”, are famous lyrics rapped by none other than the infamous hip hop group the Wu-Tang Clan. Albeit, not overly eloquent in its execution, the sentiment is undeniably true. Pretty much every step in our life is governed by our monetary circumstances, meaning that balancing the books is a fine art.

So, if you’re not one of the lucky few who was born into an oil baron’s family or you didn’t invent a social media page that went bonkers, you’re probably apart of huge crop of individuals experiencing the challenge of getting on top of payments and struggling to save.

When looking at the old bank account, the knot in your throat might be suggesting a visit to a public library or prompt you to Google, “free things to do in my city this weekend” as a few tears pour out, (but only a few, the lack of sustenance you can afford will only produce so much!) Don’t fear, unless you live in Mogadishu or Kabul, there are plenty of ways to live like the Wolf of Wall Street and still fulfil your cash money goals.

So, where to? It all starts with budget and planning. Yes, the old ‘budgeting’, approach. No doubt we’ve all heard this method a hundred times from parents or that annoying accounting student we all know. It’s constantly mentioned for a reason; it works. It doesn’t matter if you’re earning mega benjamins or only a few, you have to look at what is coming in versus what is going out.

This helps you work out where you money is going and can then help you develop a strategy to start racking up pennies. Once you got a budget, you can then plan expenses by planning your life. You can plan a week of meals, transport, social hangs, whatever, meaning there will be no surprise costs that strike up like a jack in the box leading you to sing for extra coins at the train station.

We all have essentials and desirables. One obviously takes a bigger priority for quality of living, but here a few tips to merge those wants into your everyday hustle.

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1. Eats

Food on a table

    We all gotta eat. For your everyday life though, buy in bulk. With your grocery expenses buy for most meals of the week. Leave a few meals spare for eating out with mates and/or romantic mates. Yes, I feel ya, you’re probably thinking,”Eating out?! Isn’t that the worst? So expensive”. You’re not wrong, however don’t worry, I got you. As long as you’re not dining out everyday, there are plenty of ways to eat out on a budget.

    First move, get on social media, no not to perve on hot people or watch funny cat videos, get on there and follow any local restaurants, bistros, diners, bars, if it serves food, follow it. Food businesses and eateries are always posting deals, ranging from 2 for 1’s, discount hours, special offers, events, it’s how they market and build customers, why not take advantage?

    For budgeting purposes you can save bulk dimes and still enjoy the luxury of someone else cooking you up a feast.

    2. Stay Fashion Relevant

    A woman in various outfits showcasing fashion

      You might remember that moment at school when you’re sported new sneakers or mad clothes and the whole class was like “Damnnnn!!!!”. Contrarily, you also might remember that moment where you got picked on for wearing daggy threads or looking like a Kmart mannequin. Fearing that the latter may come again due to budget constraints? Stay calm, a world of affordable and trending fashion is out there.

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      Companies like Asos, H&M, Zara, the Iconic, present magic and freaking awesome options for styling up a storm. Forget about the last catalogue of Abercrombie and Fitch and Ralph Lauren, you can pick up quality plain tops, sweaters, shirts, pants, jackets, shoes for anywhere between $10 to $40 and look fit for anything from a fashion show to an ivy league party.

      The rise of the hipster and serious gentrification has meant picking up second hand apparel is also a cheap and stylish option. Fortunately, op shops are everywhere so get rummaging. The world of fashion is no longer all about labels, it’s about style and there a plenty of sources available to maintain yours on a budget.

      3. Date Nights

      Wine and Candles

        Candlelight: the perfect real-life Instagram filter.

        You don’t have to hire Hitch to spark romance or maintain it. Staying in with your significant or attractive other provides great ways to inspire love, cuddles, romance and even savings on the finance scene. Ever heard of “Netflix and Chill?” Yes, while the term has its dubious associations, it is a darn impressive service full of great, versatile content for just over $10 a month. There’s something for everyone and every mood.

        Cosy up on the couch and watch classics or discover new favourites. Don’t hesitate to follow your local cinema on social media if you prefer a bigger screen, just like restaurants, they’ll be promoting hot deals too. Or, If you happen to be a Masterchef, cooking in at home can serve up a dish of good times and speaks for itself when saving cash.

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        If you’re going to, make something edgy like burritos, arancini balls, something that is fun. Pair this with a bottle of wine or drink of preference, light a few cheap candles, dim the lights and voila, you’re on your way to recreating a scene from The Notebook. To throwback a few paragraphs, pair your date/s with a local dinner deal, even better!

        4. Bulk Gains, For Less Cash

        A woman stretching on the beach

          Provided you’re not living under a rock or militantly disbelieve basic science, exercise is pretty important when it comes to your health. Luckily, we live in a time of #fitspiration. In a nutshell, you don’t have to fork out bags of cash to stay fit and healthy, nor have you ever had to. There are plenty of cheap, small 24 hour gyms that offer more than enough for your everyday sweat and shred production.

          If budget doesn’t permit, your heartbeat can still be increased by more than just your financial anxieties. The internet is a great place to resource intel on exercise. Take notes, then hit your local park or lounge room floor and get sweating. Remember that push-ups, sit-ups, squats, running are all free and still widely used in military and professional sporting team programs. Last I checked, those guys are pretty cut.

          If you’re chasing zen, check your local council or shire as many throw free Yoga and Tai Chi classes. For more #healthyliving tips on the cheap, follow fitness fanatics or athletes on social media outlets to get even more daily workout and exercise tips. Do you even lift? No excuses.

          5. Grind and Hustle

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          A woman walking 4 dogs

            “I need a dollar, dollar, dollar man what I need,” Aloe Blacc isn’t wrong. Having an actual income when assessing finances and budget is a pretty good start, (obviously). But if you’re unlucky enough to be working hard for less, or just need more capital on top of your paycheck, the world is your oyster to make a few extra scraps.

            With a global service like Uber, you can drive up the figures displayed in your bank account. All you need is a car that meets the required specs imposed by Uber, and then let the extra cash floodgates open. If you’re not riding dirty in the vehicle game, there are plenty of creative alternatives.

            For example, roll deep with a couple of canines providing your own dog walking business. Not only does it give you great company, it’s also a method to integrate fitness while earning dosh. If you’re one of those weird people allergic or just don’t happen to like pooches, look to jobs posted on things like Gumtree or Craigslist. House-sitting, cleaning or even selling some of your possessions are easy and generally stress free ways to generate remuneration.

            Failing these options, pick up a part-time job at a bar or restaurant, a fantastic place to earn wages, get cash tips, and socialise. Eat, sleep, earn, repeat

            Alright, we may have overstepped the mark when saying live like royalty. Unfortunately that privilege is only destined for a select crop of lucky individuals. So if you’re eating rice in the dark in your apartment, with bills coming in while seeing your friends tagged in photos out and about, turn that frown upside down.

            There are countless methods to live a stimulating and adventurous life on a budget. Need help budgeting? Why not seek out a professional wealth advisor, the pay-off from an investment like this could be the ticket you need to your financial success. At the end of the day, it’s your life, your money, your budget, your goals, treat yourself where you can and know full well the world offers more than just paying the man.

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            Last Updated on July 20, 2021

            Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

            Financial Freedom is Not a Fantasy: 9 Secrets to Get You There
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            Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

            Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

            Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

            In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

            Break Free of Your Finances

            Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

            When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

            Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

            Though it seems hard to believe, it is really very simple to get financial freedom.

            To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

            While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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            Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

            1. Stop Unnecessary Spending

            We often spend money inwardly, instead of objectively.

            For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

            To stop this habitual spending, log down all your spending over the course of a month.

            Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

            This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

            2. Plan a Monthly Budget

            This is a great opportunity to get serious.

            Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

            Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

            3. Cut-up Credit Cards

            Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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            If not, you may want to consider ridding your life of the burden that credit cards bring.

            Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

            Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

            4. Increase Savings

            There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

            It’s good practice to save up to 15% of your income.

            Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

            Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

            5. Invest Wisely

            Consider investing in funds.

            Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

            To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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            Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

            6. Invest in Gold

            There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

            You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

            Another way to invest in gold is through ETFs (Exchange Traded Funds).

            These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

            With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

            7. Stash Emergency Funds

            Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

            If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

            Make it hard to get your cash.

            Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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            8. Find Fabulous Mentors

            Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

            If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

            There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

            9. Be Extra Patient

            Patience is the key of financial success.

            Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

            So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

            Financial Freedom for All

            Anyone can achieve financial freedom, regardless of their financial circumstance.

            Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

            Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

            Featured photo credit: rawpixel via unsplash.com

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            Reference

            [1] Hartford Gold Group: IRA Retirement Accounts

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