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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 November 20, 2018

            The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

            The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

            The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

            Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

            In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

            Why Your Past Prevents You from Saving Money

            Are you constantly thinking about your financial mistakes?

            If so, these thoughts are holding you back from saving.

            I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

            It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

            For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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            How to Effortlessly Track Your Spending

            Stop manually tracking your spending.

            Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

            When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

            Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

            The Truth on Why You Keep Failing

            Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

            Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

            Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

            If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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            Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

            Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

            1. Save more than 50% of your available money (after expenses)
            2. Only buy nice things after saving
            3. Automate your savings with automatic bank transfers

            These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

            How to Foolproof Yourself out of Debt

            Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

            So how can you separate yourself from the 60%?

            By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

            This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

            For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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            Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

            A Proven Formula to Skyrocket Your Savings

            Having proven systems in place to help you save more is important, but they’re not the best way to save money.

            You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

            What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

            Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

            Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

            During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

            Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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            Transform Yourself into a Saving Money Machine

            Saving money isn’t complicated but it’s one of the hardest things you’ll do.

            By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

            The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

            Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

            Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

            What are you waiting for? Go and start saving money, the sky is your limit.

            Featured photo credit: rawpixel via unsplash.com

            Reference

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