Ignore Money Influencers — Try 12 Frugal Habits of the Self-Made Rich Instead

Cindy LamotheSat, March 21, 2026 at 3:00 PM UTC

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Contrary to what many people think, frugal living isn’t reserved for those without significant financial means. The affluent regularly look for ways to save money.

As it turns out, they could teach us a thing or two when it comes to frugal habits.

Try these frugal lifestyle changes and see if they don't save you more money than you could make copying rich people's investments.

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1. They Save More Than They Spend

It seems obvious, but simply staying within budget consistently is going to compound into a lifelong security. It's not how much you spend, it's the gulf between that number and how much you save and invest.

“One core habit that stands out is living below one’s means and investing the difference,” said David Brillant, tax, trust and estate lawyer at Brillant Law.

“Many self-made wealthy individuals swear by this rule. It’s not just about saving; it’s about smartly deploying those savings into investments that grow over time,” he said. “Whether it’s a diversified portfolio of stocks and bonds, real estate or in tax-advantaged retirement accounts, the focus is always on long-term growth over immediate gratification. This approach isn’t merely about being frugal; it’s about being strategic with your resources.”

2. They Pursue Knowledge

Another key habit, according to Brillant, is their continuous pursuit of knowledge.

“For instance, many of my clients are avid readers and learners, always seeking to understand more about market trends, tax laws and investment opportunities,” he said.

He said this unrelenting quest for knowledge enables them to make informed decisions, mitigate risks and optimize their financial growth. “It’s a reminder that investing in your education and understanding of financial matters is just as important as investing your money.”

3. They Pay Themselves First

One of the most effective frugal habits self-made millionaires adopt is “paying yourself first,” said Dana Ronald, tax expert and president of Tax Crisis Institute. “This means setting aside a portion of your income for savings and investments before paying any bills or expenses.”

“As a financial advisor, I always recommend my clients to follow this habit, as it helps them build wealth over time. I also encourage them to diversify their investments and avoid putting all their eggs in one basket,” he said.

He said that he has used his frugal habit himself and it helped him achieve financial stability and success early in his career. “It was crucial for me to save and invest regularly, even if it meant cutting back on certain luxuries.”

4. They Delay Gratification

“Delaying gratification is another important habit that has helped me and my clients build wealth,” said Ronald. “This means resisting the urge to splurge on unnecessary expenses and instead focus on long-term goals.”

For example, the affluent will often resist the urge to shop online or overspend on groceries.

5. They Don’t Spend Money Where They Don’t Need To

David Kemmerer, CEO of CoinLedger, said this is an invaluable frugal habit to adopt. “Many of the self-made rich people I have known have a general policy of not spending money where they don’t need to.”

“This means things like foregoing a gym membership in favor of outdoor exercise or even things like skipping the bookstore in favor of the library,” he said. “When you’re looking to build wealth, sometimes things like tackling home repairs or renovations yourself can also be good frugal habits to embrace — and build some skills at the same time.”

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6. They Leverage Their Networks

“Networking and building strong relationships have proven invaluable, not just for expanding business opportunities, but for wealth-building strategies,” said Brillant.

This kind of investment ends up saving them big down the line.

“The self-made rich often surround themselves with a network of knowledgeable advisors, mentors and peers from whom they can learn and with whom they can share insights,” he said. “Frugality among the self-made rich often boils down to being disciplined and strategic with financial decisions, continuously seeking knowledge and leveraging professional relationships.”

7. They Live Below Their Means

“One characteristic that is shared by those who have achieved their fortune by their own efforts is the capacity to live below their means,” said Ethan Keller, president of Dominion. “As their income increases, they choose to keep their lifestyle simple and save and invest the difference in order to avoid falling victim to the phenomenon of lifestyle inflation.”

He noted that the use of this thrifty technique allows them to considerably contribute to the accumulation of wealth over time.

“An increasing number of self-made wealthy people are adopting a minimalist lifestyle, with the goal of concentrating on the things that actually give value to their lives,” Keller said.

“They do not spend money on things that are not required, they clear up their living spaces and they place an emphasis on experiences rather than tangible stuff. They are able to save money, reduce stress and improve their general well-being by simplifying their life, which also helps them save money.”

8. They Always Negotiate for Better Deals

“Self-made rich people never leave money on the table,” said Janita Grift, frugal living expert. “They always ask for a discount or a deal on services and aren’t afraid to shop around.”

“I’ve personally saved hundreds of dollars just by negotiating my internet bill, cell phone bill and rent,” she said.

9. They Opt for Basic Clothing Over Designer Clothing

“Self-made rich people know that they can buy clothing from cheaper stores that look just as good as designer clothing,” said Grift. “I buy basic clothing from cheaper stores that look just as good and invest any extra savings, which has helped me save thousands of dollars and build wealth.”

10. They Choose Quality Over Quantity With Clothing

According to Grift, self-made wealthy people choose quality over quantity when it comes to clothing, shoes and accessories.

“I own three designer handbags, four pairs of neutral-colored shoes and two watches that I can wear with nearly every outfit I own,” she said. “Owning minimal items has saved me hundreds of dollars I’ve been able to invest and use to build wealth, instead.”

11. They Buy Secondhand Over Retail

Wealthy people get creative with finding designer items for a better price, said Grift. “While I mostly buy cheaper, generic clothing, I understand the importance of investing in a signature bag and watch to look polished and professional.”

“For example, I frequent consignment and thrift stores to find designer handbags and workout gear instead of buying it retail,” she noted. “I also buy kitchen items secondhand, like blenders, kettles and silverware, as I know that you’re paying a fraction of the cost for the exact same item you can buy brand new.”

12. They Surround Themselves With Other Supportive and Frugal People

“Who you are friends with influences your habits, including how much money you save,” said Grift.

“I keep and maintain friendships with people who respect my budgeting strategies and are frugal, as well. My friends are happy to do a movie night in and cook instead of always going out for dinner and cocktails,” she said.

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

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Source: “AOL Money”