How to save money while still living the party lifestyle you want

It’s safe to say budgeting sounds boring; just the thought of having to give up luxuries like gigs, thrice-daily coffees and extravagant meals has us bristling. But is there a way to have a party lifestyle and still save money? Well, apparently so.

Caitlin Fitzsimmons, Money Editor over at the Sydney Morning Herald recently lay down the gauntlet on this most pressing of topics. Here’s a few of her tips on living that champagne lifestyle on a Passion Pop budget.

Earn more money

“Getting ahead financially requires living within your means. If you’re not willing to compromise your party lifestyle or do ‘boring stuff’ such as budgeting, then you need to increase your means.” It’s a harsh reality to face but a true one at that.

Looking out for a career with “good earning potential” is recommended. Learn to invest your skills and professional relationships early, be diligent, hardworking, willing to learn and always put your best work forward. Basically, be industrious.

If you have to choose between experience and pay, “go for experience as that pays off more in the medium to long run.

Automate your savings

Namely, make it so that you never even get the chance to spend that chunk of change you’ve just been gifted. Organise part of your salary to be automatically deposited into a high-interest savings account, or if for some reason you can’t, make a promise to yourself you’ll transfer it as soon as it’s deposited.

Taking a significant portion out of your paycheque and safeguarding it for an emergency fund is always a good decision, despite how good it feels to spend it all.

Saving 20% of your pay is recommended, and if you’re living at home you can easily put aside half. Also, it’s high time your wrapped your head around the idea of shares – it could be one of the smartest things you do this decade.

Make things more interesting for yourself

Budgets aren’t sexy, we’ll admit that. But there are ways to make sticking to one not seem like the saddest, most grown-up, boring thing ever.

Try turning budgeting into a game; like “extreme budgeting” where you don’t spend a cent beyond the bare necessities. Or opt to use an app like Acorns, which rounds up your purchases to, taking the virtual spare change and putting it into investments.

Define your “party lifestyle”

What’s a party lifestyle to you? Is it going out for dinner and drinks once or twice a week? Is it having a bender every weekend? Either way, there are ways to live the lifestyle you want and save money at the same time: you just have to be smart about it. For budding travellers, start thinking end goal. If you’re looking to make a little money on the side, learn about the benefits of a side hustle.

If it’s alcohol, partying and fancy meals, it’s all about balance. A cheap as chips meal one night, a 5pm cocktail the next; just try not to self-sabotage. “There are lots of ways to have fun and they don’t all cost money.” Case in point: slip ‘n’ slides.

We can assist you to determine what will work best for you and start planning for the lifestyle you want. Give us a call at (08) 8231 4709 or send us an email at info@centrawealth.com.au

Article reproduced from TheCusp
by Rebecca Russo

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Zac Zacharia (Managing Director) has been assisting clients to create wealth and secure their futures for over 14 years.

He is also an accomplished presenter and educator

Co-authoring the popular investment book, Property vs Shares.