Living on a budget is not the most attractive option in life. However,


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not many of us have the lavish lifestyle that comes with that fat paycheck anyway. Objectively speaking, most people would prefer to lead a modest way of life and save up for that “rainy day” than spend non-stop only to have to answer for it down the line.

Successful budgeting is all about establishing goals and making smart choices. Here are a few tips for living the champagne lifestyle on lemonade wages.

What Are Your Goals?

It’s critical to create – and stick to – a financial plan. Be specific about your goals. It could be anything from purchasing a house to paying off debt. Identify targets and make a detailed list starting with the most important all the way down to the second-tier ones. Include both short term and long term goals (retirement funds, precautionary funds, etc.) before getting started. These will keep you motivated for the long haul.

Keep It Real

Ever heard the phrase “don’t bite off more than you can chew”? Yes, there might be a lot that you wish to accomplish financially, but it’s important to maintain a realistic purchase plan. Making plans you know you aren’t likely to reach will only lead to a fallout on your journey towards active budgeting – not something you want when you’re going after the champagne lifestyle.

Assess Your Income

You probably get paid on a montly basis. Evaluate your income and then quantify your goals accordingly – one at a time. For example, if you wish to get back to school within the coming six months (assuming it’s realistic and doable), figure out how much you need to save monthly to cover the back-to-school costs. Once you have what it takes, begin setting that amount aside for that time period.

Budget Review

Life comes at you fast. Any given second is never quite the same as the previous. So you can’t expect to live on the same budget plan all your life. You might find a better job. Your priorities could change. You might decide to drop your PhD studies or you could lose money and take on debt. This is where you revisit your budgetary planning and see where and how you need to adjust to allow yourslf the same level of comforst as before.


Your budget will need a revision every time you accomplish a goal. In addition to that, there may be unexpected expenses getting in the way. If you do end up assuming a loan—whether it’s a payday loan, cash loan, or any number of cheap loans, do the background research and choose smartly. Make the necessary revisions to provide yourself a better chance of reaching your goals.

Now that you know the drill, put these practical strategies to work and observe the difference.

Remember: a comfortable lifestyle depends more on smart planning than how much you actually make!