Many people have a misconception about budgeting that involves the thought of giving up everything that is good in life for the sake of saving a penny. The negative connotation that budgeting has is often enough to discourage people from creating or adhering to a strict budget, even when doing so would benefit their lives considerably.
Here’s the good news: Those misconceptions are exactly that—an incorrect assumption. Budgeting is much more about prioritizing where your money goes than it is about withholding money from yourself to purchase the things you want or need. This is good news because it means that you can adhere to a strict budget and live a great life full of shopping sprees and purchasing the things you want. Here are 6 tips for living large on a small budget.
- Prioritize Quality Over Quantity. Instead of eating fast food three times each week, save that money to take your spouse to a nice restaurant once each month. Not only will the experience be better, but it will be more cost-effective in the long run.
- Exercise Outside, Not at the Gym. Gym memberships can be pricey. Of course, going to a gym definitely has its good things, but exercising outside is a perfectly viable (and free) alternative.
- Organize Free Meetups. All too often, friendly get-togethers turn into spending sprees. Instead of going out every time, try hosting the party at your house and playing some board games or eating a light meal.
- Look for Deals on Traveling. Traveling has never been easier or less expensive. Of course, it can get expensive, but there are so many ways to make traveling less expensive without making it cheap in a bad way. Look online for discounts on flights, hotels, and other commodities. Planning ahead and booking things in advance will save you a pretty penny as well.
- Rent or Buy Used Designer Items. If you’re planning a luxurious night out, you can rent designer clothing and accessories for the night. Or, you can always buy them used. Often, the items will be in great shape for half the price or less!
- Shop Out of Season. If you can hold off getting that coat or swimsuit you love for a few more months, you’ll be able to get it at a discount when they’re not in season. A little patience can save you a lot of money!