As the economy picks up, luxury goods are coming back in style. While most people assume that luxury means expensive, fortunately, today’s market includes an increasing range of products designed to meet demand for affordable opulence. Here are three ways to add some luxury to your life without breaking the bank.
Look for Affordable Items That Add a Touch of Class
One strategy you can use to add splendor to your life is to keep an eye out for items that look lavish but aren’t actually expensive. For instance, buying a chandelier is an easy way to add an ambience of elegance to your living or dining room, but it can be done as cheaply as $100 or less. Luxury kitchen items such as single-serve coffee brewers, food processors, immersion blenders and pasta makers add spice to your meals, and can be had for as little as $20. Faux fur car seat covers can give your car a more sophisticated look for $20 and up. Get in the habit of spotting items that look good but don’t hurt your pocketbook.
Shop Around for Discount Luxury Items
Another strategy for luxury goods buying is to shop around for discounts. Using this strategy effectively takes a combination of persistence and knowing where to look.
For example, Tommy Hilfiger specializes in affordable designer trends, and its website includes a section highlighting items on sale. Designer discounts are available from many other sites, including The Outnet, RueLala and Neiman Marcus Last Call. You can sometimes find deals on luxury cars through police car auctions. You can even find state and government real estate auctions.
Use Savings Strategies to Afford Expensive Items
If you want to make a truly expensive luxury purchase, the smart way to do it is to pursue a deliberate savings strategy rather than buying on impulse, says personal finance author Ramit Sethi. Doing this without breaking the bank requires designing a budget that builds luxury purchases into your expense planning.
To do this, Sethi recommends implementing an automated savings system. For example, you might create a budget where 5 percent of each monthly paycheck goes into your 401(k) account, 5 percent goes into a Roth IRA and 5 percent goes toward saving for luxury items, leaving you 85 percent left over to spend on expenses such as rent, utilities and credit card bills. Within the luxury savings part of your budget, you can set up sub-accounts to save towards specific line items, such as furniture, appliance, car or home down payments. You can then automate this by making arrangements with your employer or bank to set up scheduled direct deposits or automatic transfers.
Looking for lavish but affordable items, shopping around for discounts and saving up for expensive purchases are three ways you can add luxury to your life. By following these strategies, you can afford to improve the quality of your life without hurting the quantity in your bank account.
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