How to Live Like the Royal Family on the Cheap

If you’re one of the many people who watch the royal family with admiration and a little envy, you may wonder just where they get their money. Although Princes William and Harry have held salaried positions in the military, they didn’t do this for the salary. Thanks to a complicated mix of taxes, inheritance and investment, the royal family will continue to have a sizable income for many years. But you don’t need £1 million in your bank account to live like the royal family. It just takes a little creativity.

How Much Money Does the Royal Family Get?

The royal family’s wealth hasn’t been overstated. They live very comfortably. Queen Elizabeth II reportedly got a raise in 2017 to £76.1 million. Considering her living expenses are taken care of, this is certainly enough to buy all the hats she could possibly want. Prince William and Prince Harry are both well taken care of, too, with media outlets reporting that the brothers live off the investment income on the £10 million inheritance left by their mother, Princess Diana. This amounts to about £340,000 per annum, according to the press. Although this is certainly impressive income, it’s far from the queen’s wages.

Monitor Your Budget

Despite an enormous bank account, the queen is notoriously frugal. She reportedly breakfasts on cornflakes, which she keeps in plastic containers to maintain their freshness. High-wattage bulbs are banned in Buckingham Palace, and if sheets wear out, she simply has them mended rather than replacing them. Although you don’t have to go to these extremes, this “waste not, want not” mentality can help you save money for things that you really want.

Stretch Your Wardrobe

Few people are as photographed and scrutinised as are the women of the royal family. However, both the queen and Duchess Kate have been photographed on multiple occasions in outfits they’ve worn before. This is in addition to the hats and clothing that the family passes down from generation to generation. The queen even has a tiara collection that she lends to royal brides in the family for their weddings.

Do It Yourself

You may think that the royal family has a glam squad on tap around the clock, but that simply is not true. In fact, on her wedding day, Kate opted to do her own makeup. She did, however, have makeup application lessons in the weeks leading up to her wedding day, but it was a wise move. Instead of having a professionally-polished look for one day, the duchess now has the expertise necessary to look glamorous 365 days a year.

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About the Author

Stephanie Faris has written about finance for entrepreneurs and marketing firms since 2013. She spent nearly a year as a ghostwriter for a credit card processing service and has ghostwritten about finance for numerous marketing firms and entrepreneurs. Her work has appeared on The Motley Fool, MoneyGeek, Ecommerce Insiders, GoBankingRates, and ThriveBy30.

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