As 2019 comes to a close, many of us are left to look back on last year’s highs and lows, and to think about things we can do better in the new year. If you’re like 32% of Americans, saving money is probably on the list of things you can improve on in 2020. But that doesn’t mean you have to quit living your luxurious lifestyle. There are plenty of ways you can still buy luxury items while still sticking to your financial goals for 2020.
In this post, we’re discussing 4 ways you can maintain your lifestyle on a budget with savings tips on everything from luxury cars to designer brands and more.
1) Consider buying used luxury cars
There’s nothing that feels quite as luxurious or thrilling than driving, or even sitting in a luxury vehicle. The rev of the engine, the clarity and power of the sound system, the smooth ride, and the advanced safety features make owning a luxury vehicle feel more like a need than a want. But affording a high-end car can be seriously costly.
According to Kelley Blue Book, an entry-level luxury car runs around $40,000 today while midsize luxury sedans are approximately $55,000. If saving money is a priority for you in 2020, but you still need to have the new 2020 BMW 3 Series, or the 2020 Audi SQ5, or maybe a Bentley Mulsanne, you might consider searching for luxury used cars for sale. In fact, the value you get from buying a used car is generally significantly better than a new car. This is because the value of new cars typically depreciate around 20-30% the moment they’re driven off of the lot. If you choose to sell the vehicle later on, you’re essentially eating that cost the minute you leave the dealership. To expand the value you get on your new vehicle, just consider buying used instead. Used cars (especially those purchased from certified dealers) are generally in impeccable shape, anyway!
2) Shop for discounts on designer
Maybe you can pass on luxury car shopping, but designer clothing is your weakness. That’s okay! I think all of us dream about owning a luxury wardrobe one day, and you can do so—even on a budget—if you shop smart. Next time you’re tempted to go to the department store or luxury boutique to purchase a new bag, skin care set, or sunglasses, consider shopping at a discount department store. They sell many of the same items you might see at high-end boutiques and major stores such as Macy’s, Nordstrom, and Neiman Marcus, but at a fraction of the price.
Another option is buying your clothes gently used. On apps like Depop and Poshmark, sellers offer designer fashions for discounted prices. What’s more, you can sell your clothes on those apps, too! So when you’re ready to swap your Prada for a Birkin, simply log onto to the app, list yours for sale, and pick out one that better suits your current aesthetic.
3) Stay on top of promotional specials
Another way to maintain your preferred luxury lifestyle while still upholding your budget is to constantly shop for deals. Whether it’s joining Sephora’s Beauty Insider program or shopping for restaurant deals, it’s amazing how much you can save on your favorite items when you take advantage of good deals.
You can even find special discounts at local establishments! Many restaurants offer pre-fixed menu specials during the week (most often on Mondays and Tuesdays) that can help you save a little extra cash while still enjoying that homemade pasta and wine you’ve been dreaming about!
4) Check discount travel sites
If you’ve been desperate to plan a luxury European vacation, but don’t have the money saved up to make it happen, check out discount travel sites to find airfare and accommodations at reduced rates. Keep in mind, many of these discount flights are on budget airlines so don’t expect to be traveling on the Orient Express at 30,000 feet in the sky. However, with the money you save getting there, you can splurge more on your experience!
Living the luxurious life isn’t always the most economical, but you can definitely appreciate the finer things in life at a lower cost by using our tips!