Living luxuriously for less

For many, the definition of luxury is excess, the more you have, the richer you feel. However if opening your wardrobe or garage door makes you feel overwhelmed by the amount of stuff it might be time to adopt the less is more approach to life.

Decluttering and simplifying will result in more free time and less stress and of course, more money in the bank.   Surely this is a great definition of luxury. A key to living luxuriously for less is to focus on quality over quantity.  We do have an obsession with wanting new things and wanting them often. The trouble with that is we keep purchasing new things and barely appreciate them before we go on to the next. It’s very easy to get on a roller coaster of constantly buying, trying to fill a void and never being satisfied.

Save more and get more

Focusing on the luxury of quality over quantity means you'll spend more on each item and have fewer possessions. The upside is that these more expensive items will last longer, even if the initial outlay to buy them is high. However you do need to examine your personal financial situation carefully first and what you can afford might not be the same as someone else can and you have to be brutally honest. You do not want to go into debt unless it’s absolutely necessary. Give some thought to what makes sense to spend money on. Usually its things that you will use a lot and have for a long time, think about cost per use. Often a cheap pair of shoes might be great but next year you might be buying another pair as they have fallen apart which doesn’t make sense. It might make sense thought to buy cheap shoes for your kids if next year they won’t fit as their feet have grown.

Avoid temptation

Retailers are clever at getting you to purchase with all sorts of offers. The best defense is simply stay away from the shops and online stores unless you really need to buy something. Find other forms of entertainment. Also beware of the deal sites like Grabone and Treatme.

Conscious shopping

Although sales can save you money when buying quality items, they are only good if you really need the items at the time of the sale. If you do in fact need something then do some research first and then look for out for the sales so you get the best value for the dollars you spend.

Check what you already have

It may seem obvious, but before you buy, you should know what you already own. Too many people buy things that they've forgotten that they already. So before you begin aimlessly roaming the shopping mall, shop your own closets and cupboards first. You may be surprised that you already own everything you need. The money you save could be better invested in something that is more valuable to you.

Redefine what luxury means to you

Refine your meaning of luxury. It doesn't have to have anything to do with expense or quantity rather it can be making things that are important to you a priority. The idea of living luxuriously for less will be different for everyone. It could mean putting on some beautiful music and preparing a simple meal, or maybe it's listening to an audio book while you clean the kitchen. Time itself is a blessing to cherish and one of the most important things to have. Revisit your core values and remind yourself of what's important and whether the things you buy fill basic needs or satisfy someone else's idea of luxury. If you don't know what is important to you, you will find yourself constantly chasing what is bright, shinny and new.

Lisa Dudson is a bestselling author and Registered Financial Advisor with over 15 years industry experience. Lisa offers financial advice through www.acumen.co.nz and co-owns the New Zealand's leading property investment agencies www.ifindproperty.co.nz & www.propertyladder.co.nz