Frugal Luxury living doesn’t mean you must compromise the small things you enjoy to save a few dollars.
Times have changed, and we find ourselves forgetting what is most important.
Living comfortably is equally important as saving for emergencies and retirement.
In Canada, the average cost of living for 2022 was:
- The monthly cost for a single person, excluding rent, is $1,245.
- The monthly cost, excluding rent, is $880 for a single student.
- The monthly cost for a two-person family, excluding rent, is over $2,500.
- The monthly cost for a family of four, excluding rent, is over $5,000.
- For students, private housing can cost about $625 a month, while dorm rooms on campus cost about $800.
Nationwide Visas/cost of living
Your monthly budget will also be affected, depending on which city you live in, as they vary from one place to another.
Sometimes the minimum wage doesn’t cut it, and we live from hand to mouth.
We’re here to say that by doing so, we don’t have to look cheap or feel we must let go of the good life.
The last thing people want is to miss out on life’s little things, such as ice cream with friends, or shopping for their favourite outfits.
If you hate carrying lunch from home while everyone else goes out to the office, stay with us as we give tips to help readers keep or get new luxuries without falling into debt.
10 Tips for Frugal Luxury Living
The biggest question is, what is frugal living?
Frugal living is about making the most of what we have without incurring unnecessary debt.
Just because some people have to live frugally doesn’t mean looking homeless.
These tips redefine frugal living as we help maintain and acquire new luxuries.
- Go For Used Items
Thrift shopping can up your appearance game.
Thrifting can yield designer clothes, luxury vehicles, and many high-quality products at reduced prices.
Thrift shopping, or second-hand buying, has become increasingly popular as people look for ways to go greener and save money.
There are many benefits to thrift shopping.
For example:
- It is about finding unique items, including one-of-a-kind pieces and vintage pieces, that can add character to any wardrobe or home.
- Thrift items are cost-saving as they are significantly cheaper than new ones.
- Buying used items helps contribute to a greener environment by reducing the amount of waste that ends up in landfills.
- They support charitable causes, as philanthropic organizations own most thrift stores.
Remember, pawn shops are significant sellers of brand-name electronics, jewellery, and furniture.
Monthly Subscriptions
- Eliminate Monthly Subscriptions
Before going shopping, always ensure you have sufficient funds by creating a budget.
Eliminating monthly subscriptions can help create a bigger budget for all shopping needs.
Most subscriptions are on auto-pay, which means they’re deducted from accounts automatically.
Time and again, review subscriptions to ensure you don’t pay for what is no longer needed.
Subscriptions can also come in the form of streaming services such as Spotify, so be aware of this.
DIY Frugal Luxury Living
- Be More Creative With DIYs
Who said spending millions is necessary to get a favourite pair of shoes?
The other day on YouTube, a girl turned a pair of ordinary sneakers into a high-end, sparkly pair.
Researching for inspiration on several online platforms can help to discover how to upgrade ordinary things to look like expensive, luxurious products. Embrace those DIY skills!
Quality Matters
- Go For High-Quality Products
In addition to thrift shopping, buy some expensive items. Going for high-quality products can work out cheaper in the long run, as you don’t have to replace them as often as with more affordable products.
Keep yourself well-informed about price cuts and special discounts to help you get expensive brands at lower prices.
The More, The Merrier
- Let Friends Join the Party
Considering the current high cost of living, there’s a very high chance others are looking to cut back financially and on spending.
Check with friends and consider cutting out some familiar traditions, as we’re pretty sure everybody loves saving.
A friend could also be willing to barter some services for other things. We always advise bartering with a familiar person as the best bet for trust.
Some online sites can create connections with reliable bartering partners worldwide.
To avoid being scammed, always check user reviews and activity.
Frugal Luxury Living Travelling
- Go for Off-season Travels
As tempting as it is to travel during the holiday season, consider a getaway in the off-season and travel on a budget.
Doing so won’t only help save money but will also ensure fewer people crowd the holiday venue.
Home Ownership Is Not A Necessity
- Just Rent, No Need to Own
Gone are the days when renting was only used to refer to property.
These days, finding online rental companies for jewellery, handbags, and wigs is popular.
Fashionistas can rent designer items from websites for several days at a specific price.
Save Using Rewards Points
- Sign Up for Loyalty Programs
If one is worried that couponing gives the image of a real cheapskate, consider signing up for in-store loyalty programs.
Most major shopping centres have given customers loyalty cards to scan and use coupons digitally.
Related: The Best Rewards Programs In Canada
Knowing Prices Allows For Frugal Luxury Living
- Buy at the Right Time
Do some research to find out when the best time to buy the desired product is. For example, summer clothes are cheaper in winter, and vice versa.
Fitness equipment and gear are also more affordable at the start of winter.
Be resourceful and spend wisely.
Do More, Spend Less
- Go for Low-Cost Experiences
Create cheap, memorable experiences for yourself or loved ones without breaking the bank.
Going to the park for a picnic is as great as having a seafood dinner at a restaurant.
Consider visiting popular tourist attractions and museums as well.
These are sometimes free or very low-cost.
Be The Next Online Influencer And Cash In
- Social Media
Social media is free to use, and sometimes we can make money by reviewing the products we use daily.
Being an influencer is a new and popular way to make money by being ourselves.
Contrary to popular belief, we don’t need to give up all of our favourite stuff to lead a frugal life.
All we need to do is work around a budget and have a priority list.
Remember to avoid unnecessary debt, as it accumulates with interest charges.
Waiting a while before making a purchase could also change the perception of getting that item.
Live Frugally!
Contrary to popular belief, we don’t need to give up all our favourite stuff to lead a frugal life.
All we need to do is work around a budget and have a priority list.
Remember to avoid unnecessary debt, as it accumulates with interest charges.
Waiting a while before making a purchase could also change the perception of getting that item.