There’s no eloquent way to put it: living on a budget sucks. You spend your time thinking about every dollar you have in your bank account. You are forced to eat pasta and ramen noodles for dinner (and lunch) every day. And going to the bar feels like you’ve shelled out for a six-course dinner.
But, in the end, we all have to save money at one time or another. But being responsible with your budget can help you feel the light at the end of the tunnel.
Let’s take a look at a few ways to live frugally while still pampering yourself from time to time.
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Buy in the “next” area, not in “now”
Right before COVID-19 hit, my husband and I started looking for a house. It quickly became clear that we weren’t shopping in the city where I grew up. Therefore, we expanded the scope of activities and found the perfect home with a minimal budget. The only downside was that it was in an up-and-coming area without much nightlife and a serious lack of… well, anything.
As it turned out, this is not a minus at all. Our house has risen in value by 40% since the pandemic hit, and we moved into it just as the small town center started to grow and many restaurants, bakeries and bars have opened over the past few years.
Buying a home in a less popular location may mean you have one of the best homes in your area. And, if you choose a promising area, like my husband and I, you can have a lot to do and potential home capital to boot.
Fashion rental
Many people deal with negative situations through shopping. Without judgment, I did the same.
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For those who often break their budget to buy new clothes, there’s an alternative that’s better for you, the environment, and your wallet: clothing rental services.
Whether you need clothes for the office or just for a nice occasion, companies like Nuuly and Rent the Runway can help. For a relatively affordable monthly price ($88 for Nuuly; $94 for Rent the Runway), you could get new clothes every month. This can make you feel like you’re shopping all the time and your wallet doesn’t feel the burden.
Skip the gym
Gyms like Planet Fitness are designed to make you feel good. With low prices, it feels like you’re spending next to nothing to get access to a pretty decent gym. But two key factors are not taken into account:
- The gym is betting that you sign up and never show up. This is their business model. Tons of people sign up for a low price and half of them (including me) never go to the gym and forget to cancel.
- You pay over $10 per month thanks to other yearly fees. While the monthly price is low, a gym like Planet Fitness charges an annual fee of $39 and a $10 entry fee on top of the monthly plan. While it doesn’t seem like much, you’ll be paying over a hundred dollars a year to keep a membership you probably don’t use.
So instead of a gym membership, treat yourself to trendy workout gear and take advantage of the free options at your disposal. Work out outdoors or purchase affordable home equipment and turn any extra space into a home gym.
Read more: 6 tips to help you quit your gym membership
Journey to unknown places
Just because you live on a budget doesn’t mean you can’t travel. You will need to work a little and find places off the beaten path, but isn’t that the whole point of traveling?
If you are looking for inexpensive places to visit, we have some suggestions here. We also have several ways to book flights cheaper.
Read more: Travel cheap: 7 ways to see the world cheaper
Get a discount on all your entertainment
You no longer have to pay full price for anything. With discount apps and loyalty clubs, you can find an affordable option for most products. For your everyday shopping, cashback apps like Capital One Shopping can tell you if you have the lowest price, plus they almost always have some kind of coupon.
For fun, Groupon can help you find discount coupons for movies, theme parks, restaurants, breweries, and more.
Read more: 11 Best Websites to Find Coupons and Deals Online
Visit museums
Museum visits are a surprisingly accessible and thought-provoking form of entertainment. As a personal example, there have always been so-called “first Fridays” in my hometown. On the first Friday of each month, admission to all art museums was free. Considering that there were about a dozen small galleries there, one could spend the whole night looking at the work of various artists.
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Even larger museums across the country are free. Here a handful to consider:
- Smithsonian Institution in Washington
- National Museum of Mexican Art in Chicago.
- Cleveland Museum of Art.
- Alamo in San Antonio.
- Museum of the Fashion Institute of Technology in New York.
Do you have a Bank of America debit or credit card? Through the Bank of America Museums on Us program, cardholders have free admission to over 225 museums and cultural centers across the US on the first Saturday and Sunday of each month.
Buy a used luxury car
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If you don’t like cars, you can skip this section. But if you want to own a good car (which, contrary to most financial experts, is perfectly normal), you can do it even on a tight budget.
Car depreciation can hurt original buyers, but can actually benefit used car buyers. Luxury cars depreciate amazingly quickly, but if you buy used, you can save tens of thousands on the purchase price while still maintaining a reliable ride. Some of the most affordable options:
- Cadillac CTS. You can get a relatively new model for just under $30,000.
- BMW 3 Series. For $15,000 to $30,000, you can buy an older BMW.
- Audi A3. Five years ago or so all my friends wanted an Audi for some reason. This new $35,000+ car can be found for $10,000-$15,000 if you go for the older model.
- Mercedes-Benz C-Class – Mercedes can be found on sites like Carvana for $10,000-$17,000 compared to a $40,000 starting price for a new one.
Read more: How to drive better than you thought
Track your net worth
Tracking your net worth can boost your confidence, even if you have a long way to go before reaching the status of Mark Zuckerberg, Jeff Bezos, or Elon Musk. When you track your net worth and (hopefully) watch the number grow, you will realize that your wealth is growing, no matter how slowly.
You can find several apps that can easily help you track the growth of your savings in our article Apps to Help You Increase Your Net Worth.
Summary
Living on a budget can be difficult, but there are ways to feel rich (or less poor) even if you’re not. Sure, you won’t be buying a mansion anytime soon, but you don’t have to eat a bowl of ramen noodles and canned beans every night.
If you take some steps like keeping track of your net worth, using discount apps, and looking for free entertainment, you can have fun while keeping your budget.