• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

7 Surprisingly Frugal Habits of Wealthy People

May 18, 2016 3 Comments

Share this:

  • Tweet
  • Email

The more money you have, the more you tend to spend. Yet, many of the wealthy individuals I have observed are surprisingly frugal. Being frugal is probably one of the reasons they have accumulated significant wealth over time.

It’s even surprising that these wealthy people practice such frugal habits that ordinary people don’t. They drive used cars, they have homes which are just right for their family sizes. You often see them bargain shopping and not living an extravagant life. Rather the rich accumulate money and wealth for a cause. It’s the delayed gratification that made them accumulate wealth in the first place.

7 Surprisingly Frugal Habits of Wealthy People

1. They use coupons

You might think this is a habit of those who have low incomes, but over 50% of coupons are used by households that have an annual income greater than $125,000. This is because the wealthiest people in the world take the time to ensure their money goes further, and ‘coupon-ing’ is an excellent way to do this. If you’re buying amenities that you know you’ll always need, coupons are the best way to bulk buy items too (if you have the storage space).

2. They up-cycle items to extend their life

Sometimes, items such as clothing and furniture can become a little worn and you’d naturally think about throwing them away. Why not think about how they can be up-cycled and reused in different ways? Celebrities such as Taylor Swift, Kourtney Kardashian and Kate Middleton are fans of up-cycling.

It’s because they understand that with just a few handy sewing tips you can turn those jeans with holes in fashionable ripped jeans or shorts. The possibilities are endless, especially if you take the time to up-cycle items rather than spend money on replacing them.

3. They ask themselves if the item is worth their hard-earned money before spending

This might sound obvious, but the retail industry knows how to persuade customers to spend their hard-earned cash on all kinds of marketing and promotions. The wealthiest people in the world live within their means, and always choose the highest quality goods for their money.

4. They have an eBay account

Do you have lots of clothing/appliances/electronics in your house that is unused? The wealthy love to donate to charity, whether it’s through donating items or money. Set up an account on eBay and have a clear out of items you have not used or worn in the past six months.

eBay has the option to donate all of your proceeds to charity, and it’s a quick and easy way to free up space at home. If you don’t want to set up auctions for all of your items, why not take them to your local charity shop? Not only will you be adopting a habit of the wealthy, you’ll be doing a good deed for an incredible cause of your choice.

5. They avoid buying on credit

This habit is more preventative, as it will rule out the possibility of ever falling into debt. This might be something that’s an easier habit for the wealthy, but they always avoid spending money on credit, whether it be store cards, credit cards or loans. This is because it’s much easier to spend more than your means, and it’s therefore much easier to get in debt. If you’re already buying on credit, try and hold back from now on to live frugally.

6. They have discipline

The wealthiest people in the world have an abundance of discipline – that’s how they became so wealthy. Sometimes when it comes to money, the hardest part about being frugal is being disciplined and denying yourself something to save the money instead for meeting future needs.

Discipline can also be applied to your line of work – if you work hard, train, and get better at what you do, then the monetary rewards are almost guaranteed. Make a habit of asking yourself whether you really need that designer watch, suit, or shoes.

Make a habit of working your ways towards a fatter paycheck. Be it by negotiating your salary increment with your boss or negotiating for a better pay when you switch your job.

7. They don’t carry lots of cash

This next habit goes well with the one above, as you might find that carrying lots of cash in your wallet leads to more spending. If you don’t have the discipline to stop spending, you might find that limiting the cash in your wallet will help you live a frugal lifestyle.

About the Author: Janet Miller is a serial entrepreneur, reformed workaholic,and co-founder of Jen Reviews. She writes about habits and entrepreneurship and has been featured on Fast Company, The Muse, The Huffington Post and MindBodyGreen.

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« Sensible Planning Will Minimize Financial Risks
10 Ways to Manage Personal Finances Like Small Business »

Comments

  1. Xyz from Financial Path. says

    May 19, 2016 at 11:34 AM

    I get “7. They don’t carry lots of cash”. I too try to always use credit cards to better track my spending and for the rewards. As long as you always pay in full each month, I think that’s the best way to go.

    Reply
    • SB says

      May 19, 2016 at 7:56 PM

      I do the same. In case, I forget to pay my bill, so I do have auto pay set up on all my credit card accounts. As you mentioned paying with credit card helps in tracking all the expenses.

      Reply
  2. PatientWealthBuilder says

    May 20, 2016 at 12:07 AM

    Discipline yes this is such a key! http://www.patientwealth.com/motivation-to-stay-disciplined/
    There are so many things in life that rest on being disciplined including staying out of debt and getting financial freedom. Hey – I have an eBay account too! But I’m not yet “wealthy.” My wife and I do find it very rewarding to give to charity and we get the side benefit of keeping a less cluttered house while knowing we helped someone. It’s also a tax deduction.

    I don’t understand not buying on credit and also not carrying cash. We are on a cash-budget and hid our credit card. So we either use cash or use the card that takes money right out of our bank account. It’s a good way to instill discipline.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media