If a luxury lifestyle is something you want to pursue, but currently lack the necessary funds, you need to do some serious planning and re-evaluation about your current lifestyle. The truth of the matter is, if you love those little (and big) luxuries in life, you are going to need the right level of income to support them. There are two ways to achieve this – work for it, or marry it. While the second can be achieved by chance of design, the first is usually the best method to follow. If you are prepared to work hard, and clever, there is every chance you will reach your goal of living the high life.

Yet even as you are working towards it, there are other things that you can do to help you reach your goal more quickly. We’ve highlighted some of those key ways here.

How Do You Define ‘Luxury’?

One person’s luxury is not necessarily another’s, so start by defining where your luxury lies. For example, one person may feel that the absolute pinnacle of luxury is to be able to do supermarket shopping without any form of budgeting whatsoever. Another person may feel that luxury is about booking multiple holidays throughout the year and staying in the best hotels. Someone else may see luxury in the purchase of women’s and men’s jewelry without worrying about the fact that it is still two weeks till payday.

You will probably have an image of your luxury in your head. Hold onto that image, particularly when the going gets tough. Having goals and aspirations is crucial to success – even more so when others do not share them, and are slightly mocking. Keep faith in your drive to work toward your own luxurious goal.

Look After the Pennies

If you meet some of the richest people, you’ll find that the majority of them are quite tight and stingy. There’s a reason for this – they will never waste money. They have the mindset that every expense is a potential investment, and you need to cultivate that mindset too – because if you are frittering away money on frivolous items, you’ll soon be left with nothing left and nothing to show for it. Wealthy people invest in assets that give you an income, such as property.

Over time you want to create a portfolio containing multiple sources of different income which will cover all your overheads, leaving you with a larger disposable income. Once you get to this stage you can feel less guilty about spending your money (though you will probably have had such a mind shift that you find you can no longer do that).

Pay Off All Consumer Debt and Credit Cards

If you have built up a load of debts, particularly on credit cards that have notoriously high interest rates, then get these paid off as soon as is financially possible. Next time you open your credit card bill (if you dare to) take a long hard look at the amount of interest you’re paying, and how little the actual outstanding balance is falling. Your credit card company is allowing you to fly close to the bone in this way as it is in their interest to keep you shackled to them as long as possible.

If you do have a credit card, pay off the full balance every month. Many card companies have a range of benefits that you can make the most of. What you don’t want, is for you to be exploited by the credit card companies. Become financially astute and disciplined. A luxury lifestyle is not about enjoying the finer things in life. A luxury lifestyle is about understanding money.