If you want to create a luxury home on a budget and maintain this lifestyle over time, you need to change your approach altogether. Here are 10 principles you should permanently engrave in your mind to help you save a lot of money:
1. Plan ahead - Everything starts with planning. Just by having a clear overview of what you already have, need to buy, what can be DIYed or thrifted, and how to allocate your budget, you can save a lot of money by making conscious decisions about where to invest your money and where not to.
2. Don't get easily influenced - Don't let social media sway you or distract you from what you truly want and like. It's okay to seek inspiration and ideas online, but ultimately, you should know what you desire for your own home. What may work for others may not be feasible for you. Once you begin to question whether a particular idea applies to your personal taste, home, space, and/or use, it will become clearer to you if you should invest your money in that idea or not. This approach will save you a lot of money in the long run.
3. Don't think expensive is better - Like the rest of us, if your goal is also to create a luxury home on a budget, this thinking will never get you there and it is simply not true. Expensive products are not always better than their more affordable counterparts. In fact, some brands sell products at a high markup, taking advantage of consumers who are willing to pay more without a proper understanding of materials and market prices. That's why it's crucial to research and understand materials, giving you the power to evaluate a product based on its quality and materials used before looking at the price. Take the time to read the "product information and materials used" section on a product page before making a purchase.
4. Don't just get the cheapest item - Similar to the point above, this thinking will not help you save money or build a luxury home in the long run. Don't compromise on quality! While it's important to be cost-effective, it's equally important to spend money on high-quality items. This is especially true for items that you will be using regularly and that need to last a long time. Investing in good quality products that are built to last can save you money in the long run, as you won't have to replace them as frequently. So, make sure to find the right balance between affordability and quality, and don't skimp on items that are important to you and your lifestyle.
5. Always stay within your colour scheme - No matter how big or small the item, always make sure to buy things that fit your colour scheme. Whether it is plates, bowls, cutlery, or a vase, sticking to a cohesive colour scheme will make your home look more put-together and mature.
6. Start with a minimalistic approach - When it comes to home decor, less is usually more. Starting with a simple, minimalistic approach will give you a better idea of what you truly need and what you can do without. This approach can also save you money in the long run, as you won't be buying unnecessary items. And if you like maximalism, you can always build up to that style gradually instead of spending a lot of money upfront.
7. Get into the habit of researching materials - Knowing what materials to look for and which to avoid will not only save you a lot of money but also provide you with maximum comfort. For example, if you're looking for a rug, wool is a great material that is durable and long-lasting. On the other hand, synthetic materials like polyester are not as durable and won't last as long. Another example is cutlery, which is something that goes through a lot of wear and tear with using it multiple times a day. 18/10 stainless steel is extremely durable, rust and corrosion-resistant, and long-lasting, while anything else will quickly depreciate in quality and is also prone to rust and corrosion. The parents of my partner have been using their 18/10 cutlery set for over 30 years now and it is still in great condition.
8. Never buy a full-price item - This is one of the best and easiest advice to follow. There is always going to be a sale or a promotion! There is absolutely no need to buy something at full price. If there is no sale on the item you like, companies usually provide you with a 10% discount code if you subscribe to their newsletter, so take advantage of that! Saving 10% on big-ticket items can make a big difference, so save money wherever you can. And if you know a sale is coming up soon, such as Black Friday, don't hesitate to wait for the right time to make your purchase. Pro-tip: Stores like TK Maxx are your best friend when it comes to shopping for high-quality home items at a low price.
9. Know where to invest & where not to - Some items are worth investing in, while others are not. For example, a good quality mattress is worth investing in, as you spend a third of your life sleeping. On the other hand, decorative items like vases, picture frames, decorative cushion covers, candles etc. are not as important and can be bought at a lower price point.
10. Stay away from trends - Going back to the principle of not being influenced easily - don’t follow home trends you see on the internet instantly. Trends come and go, and it's not worth investing in something that will be out of style in a few months. Stick to classic, timeless pieces that will always be in style and can be used for years to come. Having said that, I also believe you should follow your gut and trust your taste. If you see a trend that you fall in love with and know for sure is something you will enjoy for years to come, go for it.
