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5 Tips For Living Like Royalty on a Tight Budget

5 Tips For Living Like Royalty on a Tight Budget

“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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            Published on January 8, 2021

            How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

            How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

            Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

            The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

            Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

            What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

            Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

            1. Pay More Than the Minimum Credit Card Payments

            Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

            Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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            You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

            The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

            2. Start With High-Interest Credit Card Debt

            If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

            First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

            At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

            3. Revisit Your Budget

            Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

            You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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            Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

            If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

            4. Avoid Using Your Credit Cards

            Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

            The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

            It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

            5. Start a Side Hustle to Boost Your Income

            You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

            If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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            Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

            It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

            6. Sell Your Used Items for Extra Cash

            Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

            A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

            Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

            When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

            7. Know When to Seek Help With Your Debt

            Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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            There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

            In extreme cases, the debt solution can be:

            • Debt relief – where your debt is partially or wholly forgiven
            • Debt consolidation – taking out one loan to repay others
            • Debt settlement – the creditor forgives a significant portion of your debt
            • Bankruptcy – legal process for seeking relief from some or all your debts

            It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

            Wrapping It Up

            Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

            So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

            More Tips on How to Pay Off Debt

            Featured photo credit: rupixen.com via unsplash.com

            Reference

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