How To Normalize Luxury Without Going Broke

Every where I turn lately there seems to be a discussion about normalizing luxury in our lives, especially among women and even greater among women of color. While I fully support this, I did want to dive into how to normalize luxury without going completely broke in the process.

Enjoying luxuries in life is the reward for the hard work that goes into our day to day hustle. It can feel not only necessary, but at times also well deserved. Normalizing luxury means different things for different people – buying an expensive car, building a dream home, purchasing a designer handbag, going on an extravagant vacation, splurging on skincare or spa treatments, enjoying an incredible meal … it comes in many forms. But how do you “treat yo self” without breaking yourself in the process? Let’s discuss.

How To Normalize Luxury … Without Going Broke

• Plan your spending/splurge in advance

  • Unless you have an unlimited supply of money, you are likely working within a set budget for yourself and/or family. And while there are definitely times when a spur of the moment splurge can happen, planning in advance allows you to properly plan your spending and evaluate what you can afford vs. what you really want so you try to justify that you can afford it. (Can you tell I’ve been down this road a few times?)

• Ask yourself, honestly, can I afford this?

  • Meaning, do I need to buy this on a credit card and make payments or can I afford this now? Relying on credit/debt to afford your lifestyle is not luxurious. It is irresponsible and extremely costly. I totally understand credit card points and rewards, and if you can pay off your card monthly or after each purchase, that’s a different ball game. I’m talking about the “I really really want this but I don’t have the money in my checking account so I’m just going to use my credit card and pay it off.” I’ll tell you what happens, every time … you need to make a payment, something else comes up (because … LIFE) and then you either get behind on payments or you make the payment but are short on cash for the month. Then you probably end up using the credit card again to get by. (Can you tell I’ve been there before?!) Ah! It’s such a vicious cycle! And during all of this, you’re likely accruing interest!

• Ask yourself, why do I want this?

  • If it’s because you’re a badass, you work hard, saved your money and you not only deserve it but you really want it … fine. If it’s because you’re trying to keep up appearances and look like you have more money than you actually do … pause. Keeping up appearances is dangerous. It looks amazing on the outside, but is financially crippling on the inside. I’ve had to stop myself from buying a number of things over the years. It’s so easy to get caught up in the moment. Especially when you can watch someone’s Instagram stories and literally swipe up right then and there.

• Check your investments

  • Investing in yourself, treating yourself and celebrating success is so important. But what is even more important is setting up your financial future. So check your investments. If all of your investments are meals, handbags, etc., maybe start thinking long term and see how you can invest your money better to start creating more passive income for yourself. Your money will go a lot further if it generates income for you. A couple things we invest in:
    • Real estate – every time a tenant pays their rent, we get paid.
    • Stock Market

Moral of the story: Normalize luxury in your life … YES! Go broke trying to do so … NO ma’am! These are 4 easy action items that can really help shift your mindset when it comes to spending money. I am all for enjoying little luxuries in life, but something I’ve learned over the years is that it is far more enjoyable when I can actually afford it. What are your thoughts on the normalize luxury movement?

Thank you so much for reading today’s post. I look forward to continuing these wealth conversations each week. Love you guys!

P.S. my top is from a fabulous black-owned boutique! It is linked here.

XO – Steph