For many people, living a luxurious lifestyle may seem out of reach. Something only available to the extremely wealthy.
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However, there are countless opportunities to achieve that dream without breaking the bank, even for those in the upper middle class.
From savvy shopping techniques to creative ways to travel in style for less, we’ll explore strategies that can help elevate your standard of living while staying within your means.
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Comparison Shopping Is a Must
If you’ve ever looked at the price tag for some popular luxury brands, you might have been caught a little off guard. Depending on the item, it can be way out of the budget for many people, even those considered upper middle class.
Instead of paying for the first item you find, shop around for the best price on the same or similar items.
Comparison shopping sites like Google Shopping are a great way to compare prices from several retailers simultaneously. If you’re shopping on Amazon, CamelCamelCamel is an excellent resource for learning about historical prices on items.
This will help you understand if the price could go lower or if now is the time to buy.
Consider Rentals
Have you ever needed an outfit to wear to an event? Did you go out and buy something brand new? If you are like most other people that outfit was worn once, and now it just collects dust in your closet.
Instead of purchasing that expensive item, consider renting instead.
Rent The Runway is a fashion subscription service that allows you to rent designer clothing at a significantly less cost than purchasing the items. You can choose the rental period that works best for you. It could be for a weekend, weekly or for several weeks.
Renting is a great option when you need a new outfit but know you will only wear it once.
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Consider Experiences Over Material Items
While many consider material possessions a luxury lifestyle staple, experiences can add even more value to your life. Instead of finding ways to afford a high-end wardrobe or have the nicest things in your home, opt for experiences.
Experiences will create memories that can last a lifetime, whereas most physical items will eventually go out of style. Plus, experiences will be much more Instagram-worthy if that’s something you want.
“Luxury isn’t just about material possessions,” said Eloisa Hife, chief technology officer at Bark Like Meow. “It’s about indulging in experiences that enrich your life and create lasting memories.”
Hife continued, “Swap designer handbags for a weekend escape to a charming B&B or ditch the fancy gym membership for a private yoga session on the beach. Prioritize experiences that ignite your passions, whether it’s mastering a new skill or exploring hidden corners of your city.”
Cook Personal Chef Quality Meals on Your Own
Most of us would love to have our own personal chef. Unfortunately, it doesn’t really fit the budget of many people.
Instead, you could take your own cooking up a notch. This could help you start throwing luxurious dinner parties at a fraction of the cost.
“Who needs a personal chef when you can unleash your inner Rachel Ray. Invest in a few top-notch cookbooks and culinary tools and whip up gourmet meals that rival any fancy restaurant,” said Hife.
She suggested you take the DIY mentality even further by using your skills to host themed potlucks with friends, transform your backyard into a movie night haven with a DIY projector or create a spa-like bathroom experience with scented candles and homemade bath bombs.
Use Credit Card Rewards To Travel in Luxury
Have you ever boarded a plane, spotted the first or business class cabins, and thought to yourself, I wish I could sit there? It is not as unrealistic as you might think.
With many travel credit cards offering extremely generous signup bonuses, you could have enough points or miles before you know it.
In addition to earning signup bonuses for new cards, it’s important to maximize your earnings on purchases. For example, a card like the Chase Sapphire Preferred will help you earn 5x points on travel through Chase Ultimate Rewards. The American Express Gold card earns 4x points at restaurants and U.S. supermarkets.
By taking advantage of these opportunities, you could use points to travel in luxury, helping you save thousands of dollars.
Exactly how much could you save? Flying Delta One business class from the continental United States to Hawaii would cost 86,000 miles round trip. Paying cash for this flight would cost nearly $3,000.
Or you could fly Lufthansa first class from the United States to Europe for 87,000 points each way. This flight would cost you more than $8,000 in cash.
Travel With Friends During the Off-Season
Continuing with travel, look to book your trips at less desirable times. For example, flights to Europe will be the most expensive in the summer months. Instead, consider traveling in the spring (April-May) or Fall (September-October). Flights will have more availability at a much lower cost.
Traveling with friends or family is the way to go if you want to book larger, more luxurious accommodations. The cost per night for each family can be significant less when staying in a larger Airbnb compared to a smaller home meant for one family.
Living a luxurious lifestyle is something most people strive the achieve. However, even for someone in the upper middle class, it can still be cost prohibitive. By utilizing these tips, you can still enjoy luxury in your life without breaking your budget.
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This article originally appeared on GOBankingRates.com: Luxury Living on a Budget: 6 Tips for the Upper Middle Class
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