5 Tips For Living Fabulously on a Frugal Budget
Is it possible to live a fabulous life while still finding more room in your budget to pay off debt, save or invest? Yes, absolutely!
"Living a fabulous life doesn’t have to equate to how much money you spend."
You can still find ways to improve your finances while enjoying the things you value most in life. You’ll have to make some conscious spending decisions and choices but it’s possible.
Here are 5 ways to live fabulously on a budget:
1. Repurpose the fabulous clothes you already have
Do you love to shop? Do you consider having nice clothes and shoes a part of your fabulosity profile? If so, you probably already have a closet full of items that you hardly wear. Instead of going out to buy another pair of shoes that you’ll only wear once and forget, consider shopping your closet.
There’s probably a bunch of clothes and shoes lost in the back of your closet, begging to be worn again. Organize your closet so that you can find some of these hidden treasures.Learn to repurpose the fabulous clothes you already have before spending unnecessary money on things you don’t need.
2. Combine high & low
Mix matching high and low priced items is a great way to be both fabulous and economical. While you usually hear about matching high and low items when it comes to clothes, you can do this in any area of your life.
Let’s say you want to redecorate a room in your home or have plans for a night out on the town. Find a way to pair high priced items with more affordable items for a reasonable blend. Pick something that you know you want to spend a little more money on and then something that you can save money on.
In the case of going out, if you decide to go to an expensive restaurant, choose to have drinks beforehand at home or take advantage of a happy hour. Likewise, if you want to redecorate a room in your home, pick a staple piece you know you want to spend more money on and then shop for lower priced items from Target or Walmart.
You don’t have to go big and expensive for every purchase or activity. Pick a couple things that matter to you in terms of quality and experience and then value shop the rest.
3. Budget for your splurges and events in advance
There’s nothing wrong with occasionally splurging on the things you like. Just make sure you’re saving for these purchases in advance. If you want to take a particular trip with friends, buy a nice bag or pair of shoes, start putting aside the money for it.
Select how much you can afford to save each month while still taking care of your other financial obligations and then plan out how long it will take for you to save up enough money to make the purchase. When the times comes, you’ll be able to spend money without any guilt or additional credit card debt.
4. Redefine what being fabulous means
Fabulosity doesn't have to be tied to material items and expensive purchases. Living a fabulous life doesn’t have to equate to how much money you spend. The price of an item does not have to determine its value. If you can identify the things that will add value to your life regardless of the price tag attached to it, you can begin to live a life of fabulosity, no budget required.
Living fabulously can simply mean the joy you get from having your finances in order and spending quality time with family and friends.
5. Recruit a fab & frugal girl friend
Find at least one girlfriend with whom you can share your financial goals with. Together, you can make better money conscious decisions on where you go to eat and what you do for fun.
You can serve as each others accountability partner and together find ways to live it up, the simple way without feeling pressured or judged by others who have different priorities.
Living a fabulous life is possible while prioritizing good money habits. If you follow these 5 tips, you’ll be able to live it up and reach your financial goals at the same time.
Jamila is a Certified Financial Education Instructor (CFEI) and founder of JourneyToLaunch.com where she helps others on their journey to financial independence.