HOW DO LUXURY CONNOISSEURS LIKE TO SAVE MONEY
There’s an idea out there that says those who enjoy luxury tend to spend lavishly on everything they come across. But of course, that’s not true. While some affluent people may never need to look at the price tag or really mind their general daily expenses, those who have money to spend usually didn’t get there because they wasted it all on any old thing.
For this reason, those with additional means aren’t necessarily going to waste cash if the purchase has no appropriate value. Some do, but most don’t. In addition, those who spend on luxury aren’t always wildly affluent, they could have just saved up for a special experience like eating in a beautiful and traditional establishment.
No matter your approach to luxury, it’s true that those who engage in it regularly will often try to save money elsewhere, by diligent and habitual financial planning. Let’s consider where those opportunities might lie:
Saving On Refurbished Tech
It’s strangely true that refurbished devices can offer nearly identical performance to their brand-new counterparts, often with substantial savings in a long term contract or buying a phone outright. Apple, Samsung, and other premium manufacturers maintain rigorous refurbishment standards which even smaller enterprises have to adhere to, and that means these products will often meet original specifications.
A refurbished MacBook Pro might save you $500 or more while delivering the same premium experience for example, but if you order from Amazon or another retailer, you may just be getting another product someone returned moments after receiving it.
These companies are legally obligated to sell that as a refurbed model. Just make sure that whatever you buy, these items will include warranties and proper certification. Also use brands with experience in specific tech models and brands, such as reconditioned iPhones that save you a huge amount of cash.
Purchasing Annual Subscriptions & Negotiating Longer Contracts
No matter what the subscription is, paying for a year outright or even a lifetime membership can be cheaper than any other option. Often, that makes it a now brainer. Smart luxury spenders tend to appreciate the value of commitment discounts. This even mean non-luxury subscriptions of course, such as for streaming services, gym memberships, and other recurring expenses often cost significantly less than monthly payments. A yearly Netflix subscription might save 15-20% compared to monthly billing, and you can apply this to almost all modern services. Some even wait for promotional periods such as over the Christmas period to renew, as this can sometimes provide free additional months of service.
This isn’t just about subscriptions of course, as many high-end apartment buildings offer helpful rent reductions for 18 or 24-month leases too. Insurance companies will regularly provide better rates for customers willing to pay annually rather than monthly, which is known by anyone who drives. These savings add up substantially over time for the exact same service, so it’s not as if you’ve selected a cheaper option.
Using Loyalty Points & Reward Schemes
It’s easy to think that reward programs are the domain of those looking to squeeze out a touch more spending power each year, but that’s not true. Anyone familiar with the use of credit cards and certain premium bank accounts will know that.
That’s why often, smart spenders will try to maximize these benefits by strategically using their cards for everyday purchases. The points accumulate quickly, and if you do it right you can convert them into luxury hotel stays, business-class flights, or upgrades on other services..
Far from this being a cheap thing for the wider market, many luxury brands have their own loyalty programs too. Department stores known for their luxury possessions will sometimes offer real and impressive perks to regular customers. The secret here is to focus on a few key programs rather than spreading purchases too thin. This way, you reach higher membership tiers faster, and they have more of an effect. Better yet, your willingness to spend on more expensive items will tend to grow points more readily.
Opting For Package Deals
Yes, those who like luxury will tend to like convenience too. Not always, but enough. Travel provides excellent examples of this approach. First-class airline tickets paired with luxury hotel stays often cost less than booking each component individually, and so luxury connoisseurs tend to plan in advance and rely on services that can bundle and reduce the prices of all of this.
Many fine dining restaurants offer tasting menus that provide better value than ordering à la carte, especially for special occasions, and it gives you a better understanding of what they offer in the premises. If you like package deals, don’t worry, you don’t have bad taste. You just like good value.
With this advice, we hope you can see that luxury living doesn’t have to mean being wasteful with your cash (or credit).
