
Living a Rich Life on a Budget
- Redefine luxury: Redefining what is luxurious helps with staying within your budget. Of course, you may think that a huge house with a pool is luxurious. However, many others may find it more luxurious to have a small, humble home where they have no mortgage.
- Rent items or buy secondhand: Another thing that can help you stay within your budget is renting or buying things secondhand. For instance, you can rent a boat for a day instead of buying a boat for hundreds of thousands of dollars. Or you can search for a used BMW instead of buying a brand new one.
- Embrace small luxuries: This is one of those “take time to smell the roses situation.” Your perception of what is luxurious makes all the difference. Treat yourself to something small and within your means and you’ll find the financial freedom will be the most luxurious thing you’ve ever experienced. Have a handful of go-to activities that you consider small luxuries that you can treat yourself to from time to time.
- Set boundaries for yourself: Although you should embrace small luxuries, also consider where you should set your boundaries. For instance, it may be within your means to rent a cabin once or twice a year, but not every single weekend.
- But also plan for the occasional splurge: The occasional overspend or splurge happens. When you are on a fixed income, you need to plan ahead for this. Have some emergency money stashed away that you wouldn’t necessarily need if a real emergency came up. In fact, start yourself a splurge fund once you have a fully funded emergency fund. This way you can save for that bucket list of experiences you would like to have.
- Read inspiring books: Many people also find inspiration and happiness by reading inspirational books or stories. It can lead to an overall better feeling about your own life and make you feel like you live in luxury.
- Surround yourself with the right people: Another thing that can help you live a rich life on a budget is surrounding yourself with the right people. Many successful people often mark this as the first step to obtaining your long-term goals.
How to Actually Live Like a Rich Person
- Live like you’re broke: Many rich people actually live as though they are broke. This is because, in all likelihood, they’ve worked hard for the money they have and don’t want to spend it all. It is also possible, in some cases, that their frugality is what led them to be so wealthy.
- Invest in yourself: Another thing rich people never fail to do is invest in themselves. Whether they are investing in their own personal business endeavors, or they are investing time into themselves at the gym, or going to seminars to continue their education. They know the value of putting time, effort, and money into maintaining themselves.
Living a rich life doesn’t necessarily mean you have a vault full of money, a sparkling pool, and a Ferrari. Sometimes truly living a rich life means finding value in the little things in life, like treating yourself to a spa day or a night out. This is doubly true if you’re able to do so and be financially free.
Readers, what do you think it takes to truly live a rich life? Let us know your thoughts in the comments.
Want to sound off even further? Start a thread in the Saving Advice forums.
Read More
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- Meghan Markle’s Net Worth After Marrying Royalty

Amanda Blankenship is a full-time stay-at-home mom. Her family recently welcomed their second child, a baby boy, into the world. She loves writing about various topics, including politics and personal finance. In her spare time, Amanda loves to play with her kids, make food from scratch, crochet, and read.
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