After owning a house, cars are considered the next expensive asset you can own. Many people even own more than two cars.
There are families where each person owns their car. While the families can keep fewer cars or share a car withing members, this is certainly luxury. And luxury comes with a price.
Living high with lesser expenses
While you think you can live a better life only with higher expenses, you can live better with lesser money.
There are alternatives where we can decrease unexpected expenses and furthermore have the luxury. Many families in Ireland have taken legit loans for bad credit that they have accrued because of high expenses.
Some ways to cut down expenses but not luxury
We can certainly cut down or reduce the over expenses that we do without compromising much on the luxury of the lifestyle.
- Own a lesser number of cars or smaller cars
Purchase as much you necessitate. You can decrease the count of cars you own. Cars can be pooled, shared between the family members to best utilize the asset.
Even if you like to own a new vehicle, consider selling the older one or less used one time to time. The more cars you have, the higher will be the maintenance and care cost.
Even consider keeping a smaller car for regular, day-to-day use and save a lot on the operational and maintenance expenses. You will not only be saving on the maintenance costs but combustible, coverage, etc. too.
- Try a smaller house
Who doesn’t like to live in a mansion? Even if you can afford a large house, consider buying or shifting into a smaller house. Smaller doesn’t mean lesser space.
It only means that the house has ample space and rooms for several family members. You will save on the maintenance expenses and a huge amount on the price you are paying for the house (either buying or staying on rent).
- Rent rather than own
It is a long debating decision to whether purchase a house or live on rent. It depends on many factors such as liquidity, stability, future plans, investments, etc.
But depending on the field you live in; it may be a probability that renting could be cheaper than owning the house.
Owning a house provides the sense of security of having a roof over your head and not living at the landlord’s mercy. However, the price off is important to be considered.
At times renting comes out as a better option considering the expenses such as mortgage interest, insurance, maintenance, etc.
- Buy clothes when you need it
Often you end up buying new clothes as you wish and end up filling your wardrobe. Many times often, the older clothes (not necessarily worn out) get stored under the new pile of clothes.
Also, buying branded clothes provides satisfaction to you. What you can do is wait for the sale season to start and buy your clothes in the early sales season.
You will get the clothes of your choice, brand, and quality that too at much lower prices.
Also, consider economizing the number of clothing you own. Use the ones you already have and then purchase the new ones. If you don’t wish to wear anymore (and are in good condition), try selling them online on used items selling portals.
- Increasing the clothes lifeline
When you wash your clothes often, which means more than necessary as a habit, it impacts the quality and life of the cloth. Wash it only when it is required.
Even washing is important correctly. Check for the instruction tag on the clothing and use the right detergent to increase the life of the garment.
Along with washing, you nowadays use driers, which are fast, effective, and easy to use. But they certainly consume a lot of energy, water and impact the life of the garment.
If the weather allows, why not try the conventional process of drying the garments on the clothesline. Like us, sunshine makes the clothes live longer, have fresh and natural fragrance, and allows you to enjoy some sunlight as a bonus too.
- Consider checking the used items
For many of your occasional needs, you can find already used items in perfect condition. Especially with the items which are lesser used or usage linked to a particular occasion are often sold or donated.
Ask around in the family or social circle, or try to find on the re-selling online platforms. This will not only save you money but also avoid the wastage of such items which have limited occasions of usage.
- Eating out less
These days eating outside has become a lifestyle and hence a major expense in your lives. Eating out in restaurants is expensive. It is fine to do it on occasions but including it into your lifestyle costs you.
Try out cooking at home. It will be healthier, will save you money, and allow you to practice and hone a skill too.
- Reduce your impulse buying
Impulse buying is becoming quite common with increasing spending power. With increased advertising, impulse purchases have increased too. You need to plan your purchases.
Consider figuring out your needs and prioritizing what to purchase before going shopping. Retail therapy is the new term in the market these days. Avoid slipping into the habit of buying something “small” every time you go out shopping.
- Try out the 30-day challenge
The 30-day challenge is one of the techniques to comprehend out if you require the item. Before purchasing the item you think you really need, wait for 30 days without it.
Post completion of 30-days, if you still think you really need the item, purchase it. Anything to be purchased other than necessary items (i.e., medicines or food), put it on this 30-day list to see if you really need it.
This way, you will cut down on many items you do not really need to buy and live life perfectly without owning that item.
Hence, lesser money spent and less clutter of items owned at home.
- Economizing your daily commuting to work
You can cut down your expenses by commuting through a smaller car or a two-wheeler. This way you will save money on fuel and will also save time in the traffic, especially during the peak timings.
Have you ever tried carpooling? or catching a local train or public transport?
Find people around you going to the same office or the same area you work in. Share the ride in the car. This saves money and allows social interaction, helping in reducing pollution and traffic on the roads. It is a win-win for everyone!
Wishing and living a comfortable, luxury life is a choice that comes with a price. With some little hacks or conscious choices, you can cut on some expenses while continuing to live lavish.