12 Money Saving Secrets All Millionaires Follow

It might seem like the rich do nothing but splurge their money on life’s luxuries, and a lot of them do! But truly wealthy people know that a penny saved is a penny earned. So, why not follow their lead instead? Believe it or not, these 12 practical money-saving tricks rich people do can change the way your savings account looks.
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TIMESTAMPS:
Dealing with bills instantly 0:26
Making shopping lists 1:08
Having “no spending” days 1:42
Paying with cash 2:23
Saving change 3:08
Fixing what’s still fixable 3:36
Spending money on things that make you better 4:13
Investing in services that save time 4:53
Putting money into your hobbies 5:33
Splurging money on new experiences 6:08
Following the 24-Hour Rule 6:53
The 50/30/20 Method 7:38
Preview photo credit:
WILD, Reese Witherspoon, 2014/ph: Anne Marie Fox/TM: By Fox Searchlight/Everett Collection/EAST NEWS,
CONFESSIONS OF A SHOPAHOLIC, Isla Fisher, 2009: By Touchstone Pictures/Everett Collection/EAST NEWS,
Animation is created by Bright Side.
Music by Epidemic Sound
SUMMARY:
- Make it a rule to pay all your fixed expenses on the very first day through automated systems. This way, you'll always have a clear view of your financial situation.
- Plan your shopping list in advance, and schedule your big purchases during sales to get a good bargain!
- If lists don’t put an end to your impulsive shopping, it's time to try the ultimate technique: “no spending” days. Your task here is very simple: forbid yourself from spending money on any unnecessary things for one day.
- “Going cashless” seems really convenient, but this way of handling your finances isn't that effective once you see just how easy it is to swipe that piece of plastic!
- Any loose change that you drop in your bag and forget about can buy you a great cup of coffee or a snack that you normally pay for with the rest of your money.
- Whenever something breaks, our natural instinct is to replace it with a new one. But most of the time, it can be quickly and easily repaired! A lot of millionaires agree with this too and strongly believe in committing to a purchase until its last breath.
- Who said that saving money has to be miserable? You can tackle this problem from a completely different perspective, like splurging on things that make you better instead of buying yet another pair of shoes.
- While we're on the topic of effectively splurging money, according to Business Insider, the rich don't hesitate to spend money on services that save their time either.
- Don't stop yourself from buying a guitar if you're passionate about learning how to play it or spending money on a good camera if you wanna get into photography.
- Most millionaires have pretty colorful lives, and it's all thanks to their ability to invest money not only in cool ideas but also in new experiences.
- Let's say you're out shopping, and you see the coolest decorative art ever. Of course, you feel the strong urge to buy it right here and right now. But instead of doing that, you go home and let 24 hours pass.
- If you wanna finally start saving up some money, here's how you should divide your income: 50% goes to all your living essentials (rent, utilities, groceries, and so on), 30% is for personal things (like entertainment, shopping, hobbies, and other things that make you happy), and 20% must go straight to your savings account.
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