Welcome to the ABCs of Savings! Each day we’ll be discussing another money saving topic, each beginning with a different letter of the alphabet. Be sure to subscribe via RSS or email so you don’t miss any steps along the way. You can read the full alphabet of posts here (updated as they are posted).

L: Luxuries

Luxuries is one of those words that means something different to each family. For some, it may be going out to eat, for others a yacht. But each family has something they consider a luxury. And oftentimes luxuries are those items that chip away at our attempts to save money. There are a couple of ways that we save on luxuries.

Don’t Give Them Up

I’ve found it easiest not to give up luxuries. Instead, I like to find ways to afford them at a cheaper price. For example, we don’t pay for cable TV right now. Instead, we watch TV shows on Hulu or rent DVDs free when there are Redbox codes available. If there was a TV series we loved, we could probably get a Netflix subscription and rent entire seasons of it for a fraction of the cost of cable.

Of course, cable isn’t a luxury for everyone. It’s just the example that I chose to make this point. You might be able to save a bit of money by coming up with creative alternatives to the luxuries you enjoy.

Save Elsewhere

Some luxuries can’t be duplicated. Let’s face it, a day on a pontoon boat may be nice, but it’s not a Disney cruise. If the Disney cruise is your family’s luxury of choice, then why not pay for it by saving elsewhere. Are there little things that can be cut out of the everyday budget and not be missed? If so, why not cut them and stash the savings in a Disney cruise fund (or a fund for whatever your luxury is).

Do you have other ideas about how to make luxuries more affordable?