3 Frugal Habits of Millionaires That Are Worth Emulating
Big mansions, expensive cars, luxurious vacations, and lavish dinners — these are the images we conjured whenever the word “millionaire” is mentioned. For some millionaires out there though, these may not always be the case. Just take Warren Buffett, for example. The business magnate still lives in his modest house in Omaha, Nebraska that he bought for $31,500 in 1985.
When it comes to saving, we surely can learn a lot from the frugal millionaires.
Cultivate a frugal mindset.
We’re not saying that you be cheap but, at least, carefully watch where your dollar goes and avoid spending more than necessary.
Every time you have to pay for something, ask yourself this question: “Is there any way I can save money here?” Surely, an extra effort and/or sacrifice can save you some dollars, and this habit can certainly help you avoid the temptation of spending unnecessarily.
It’s alright to need stuff once in a while. Just don’t overdo it or overpay for it. Don’t let the brand of your phone, shoes, clothes and car define who you are.
Why buy a really expensive car when a modestly priced one can take you to where you want to go? As they put it — the car changed, but the destination didn’t. So, be smart about your everyday purchases. You might be surprised to know that some millionaires wait for sales, clip coupons, and save half their meal for the next day.
Avoid debt as much as possible.
Debt is bad no matter how you look at it. At times of course, such as when buying a house or going to college, it is necessary. Debt makes it easier for us to avail of things we can’t afford. However, you should be really wary of taking debts for stuff that will cause you to live beyond your means. Remember, debt always comes with interest.