We can all admit that we are attracted to a champagne lifestyle that is a little out of our means. We see Instagram influencers spending a lot or going on luxurious vacations, and we want them for ourselves.
Except you are extremely wealthy, which is most of us not, you have to figure out a way to live a champagne lifestyle on a lemonade budget. This article will show you the downsides of pursuing a champagne lifestyle and how to achieve it on a tight budget.
What is champagne living?
The term “champagne lifestyle” is something you’ve likely heard before. But what does it mean? The term generally refers to a lifestyle filled with expensive and luxurious things. People who want to live a luxurious lifestyle often don’t have enough money and end up living beyond their means.
The champagne lifestyle is a problem.
What is wrong with choosing a champagne lifestyle rather than a minimalist one? We live in a society where we are constantly told to pamper ourselves. This lifestyle has its problems.
This creates a lifestyle of paycheck to paycheck.
More Americans than half report living paycheck-to-paycheck. Many people cannot make ends meet because they don’t have enough income to live comfortably. However, this is not always true.
Research has shown that even high-income households are struggling to make ends meet. Eight per cent of households with incomes higher than $200,000 struggle to pay for basic expenses. This percentage rises to 16% in households with incomes between $100,000 and $200,000 and 23% in households earning $75,000-$100,000.
How is it possible for households with high incomes to struggle to make ends meet? It’s often because you spend. You’ll be stuck in the struggle from paycheck to paycheck if you spend all you earn. A high income makes it possible to live a champagne lifestyle without having to worry about how much you can afford.
It could lead to consumer debt.
It is no secret that America’s debt problem is very serious. A recent study found that the average American household has $90,000. This includes personal loans, credit cards, student loans, auto loans, mortgages and loans.
Anyone who has ever had to struggle with spending can understand the negative impact that it can have on their debt. Americans accumulate thousands of dollars in credit card debt. It may be used to cover financial emergencies. However, most often, it is to help them afford a better lifestyle.
There is still room to save.
You’ll be able to save some money if you use your entire income to fund a champagne lifestyle. This means that you are sacrificing your long-term goals for your short-term needs.
It encourages impulse buying.
A champagne lifestyle can lead to poor financial habits returning to haunt you. If you are a “treat yourself” person, you will be prone to buying anything and everything you want whenever you want. You do a lot of impulse shopping.
An impulse spending habit could be a problem if you want to improve your financial situation and save money for other goals. You can avoid the situation where you must unlearn bad habits by building good ones from the beginning.
How to live a champagne lifestyle with a lemonade budget
There are many ways to enjoy the champagne lifestyle you desire but on a limited budget.
Decide which champagne lifestyle expenditures are the most worthwhile.
While it’s fine to indulge in yourself every once in a while, you shouldn’t do that all the time. You can reduce your spending and still treat yourself. But it would help if you decided which splurges are the most important. What are the best?
Some people enjoy pampering themselves with spa visits and other treatments. For these people, it might be worth spending the extra money to get salon visits and spa treatments. Others may prefer to do it themselves to spend more on more valuable items.
It is up to you to decide what’s worth it. It might not be worth it to you.
Set a budget
You need to create a budget. If you don’t set spending goals and track your spending, it can be easy for you to spend too much. It is easy to ignore the problem.
A budget is a great way to live a champagne lifestyle while on a lemonade budget. You will need to decide how much money you will spend on each item in your budget. Then track your spending to ensure you adhere to it.
Avoid payment plans
It’s now easier than ever to spend your money on something without having it leave your bank account. Afterpay allows you to buy something online and then break it up into monthly instalments. These services can also be used for low-priced products.
Afterpay and similar buy-now-pay-later services can be tempting as you only pay a small amount each month. The problem is when you start to make monthly payments and find yourself paying for a dozen items at once.
Look for discounts
Look for discounts before you buy anything. You may be a member or customer of certain companies and receive discounts. AAA memberships, for example, offer discounts on other products or services.
A simple way to save money is to shop when items are on sale. Don’t shop at your favourite stores all the time. Instead, only shop when there is a sale.
Use coupon sites
You can also save money by using coupon websites and apps. There are many coupon websites, such as Honey, Swagbucks and Groupon.
It’s easy to use coupons by stopping before you make any online purchases. Honey, a browser extension that searches the internet for coupons for you, can do this automatically. You can also find coupon codes on other sites that you can use to add to your shopping cart. You’ll often be able to find a way of saving.
Find the best champagne dupes.
Most of us have been influenced by Instagram influencers promoting the latest trending item. Many companies make a cheaper version of the same high-priced items.
It seems like more influencers realize the needs of their followers. More influencers are now promoting cheaper alternatives to the most popular products. This means that you don’t need to travel far to find the best dupes.
There is a distinction between a dupe or a fake.
If you are a fan of the products your favourite luxury blogger displays, many websites, apps, and secondhand shops will allow you to buy them, sometimes from another person’s closet. While some sites sell secondhand goods at all price levels, others like Fashionphile and TheRealReal specialize in luxury goods resale.
Quality over quantity
Sometimes, we can get caught up in the belief that more is better. However, anyone with a wardrobe full of unworn clothing will know this is not true. These people are likelier to have a few high-quality pieces in their closets.
Instead of spending more on something, spend more on high-quality products. They will be more enjoyable and last longer so you won’t have to replace them every few months.
Home recreation of your favourite champagne lifestyle experiences
Some people think champagne means luxury experiences. You can have some of your most memorable experiences at home, but for a fraction of the cost.
You will love to go to spas and create your spa day. Once you have purchased them, you will always be able to recreate your spa day.
Plan a night out at fancy restaurants. For your friends, you can make your favourite restaurant dishes. Please invite your friends to dress up and bring their favourite cocktails.
Cashback apps can be a great way to earn extra cash for items you own. You can earn points by shopping online and in-store at sites like Rakuten, Ibotta, and Fetch. You can then trade your points for cash or gift certificates to your favourite shops.