Affordable luxuries

How to Budget for Affordable Luxuries

Posted on 12th August 2013

Don’t we all just love affordable luxuries? These can be any type of products from your favorite beauty and grooming products to the glossiest touch-screen smartphones that you can use to access all of your social media. Men and women approach affordable luxuries in different ways but what remains the same is the financial aspect of them both – you need to have the right amount of money so that you can buy the luxuries that you want. Read this guide that Peachy Loans has created for you so you can understand how to budget for the luxuries that you love!

Definition of luxuries

Luxury products can include items such as:

  • High-end designer hand bags
  • Designer phones (think brands like Apple, BlackBerry and Samsung)
  • Designer suits
  • Traveling to exotic locations such as Thailand and Bali

Top tips to budget for your luxuries

1)      Make a vision board of products that you will save for

This will stop you from doing any impulse purchases which can hurt your personal finances. A vision board is simply a board that you put all of the things that you want. You can use the vision board to track the products that you really want.

2)      Understand that you can’t buy it all at once

It’s important not try and buy all of your luxury products at the same time because then you can’t save as much as you want. Choose the products you want the most and list them in priority order so you can start ticking them off your list.

3)      Don’t be tempted by sleek marketing

Companies like Apple know that it’s their job to convince you to buy their iPads, iPhones and iPad minis. You should always look at the benefits of these products, and look beyond the packaging and sleek look of these products. If you can see that the benefits are good for you, then this means that you can buy the product and get actual benefits from it.

4)      Create a savings account only for luxuries

If you have a savings account that is only for your wishlist products, then you can accumulate the cash that you need to buy the items that you really want. A savings account that you can’t access easily is a good way to get affordable luxuries because then you know you won’t use them for other things.

5)      Change your spending habits

You need to decide what is more important – getting your hands on your favourite smartphone or buying a cup of coffee at Starbucks every day.  If you are inspired by the first choice, this means changing your other impulse spending purchases so that you can get the luxury products that you have always wanted. It requires changing how you think but once you make a few tweaks to how you shop, you can finally buy the big ticket dream luxury products that you have always wanted.

Whether you want a brand new iPod or you want to go to Paris for the weekend, this is all within your grasp as long as you budget effectively. Use these tips to get what you want!

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