The media likes to paint a certain picture of what it means to be rich — huge mansions, expensive cars, luxurious items, and more. If you buy into that image, being rich may feel like an impossible dream.
But the truth is that most rich people live very normal lives. The only thing that sets them apart from those who are trying hard to be rich is that they live by a set of rules that help them manage their money. Here are 12 money saving tips that rich people follow.
1. They wait for a day to decide their purchase.
2. They keep away from debt by using cash.
3. They follow the “50/30/20” rule and stick to it.
4. Invest in things that can help you earn.
Rich people know that just because they need to save money, doesn’t mean they don’t have to buy anything. The only difference is that they splurge on things that guarantee a long term investment like a good laptop, or a reliable car.
5. The rich don’t shy away from spending their money on services that could save them time and mental distress.
6. They choose life experiences over luxury shopping sprees.
7. Bills always come first.
Rich people follow the rule of paying their expenses right away to know how much they can spend on less valuable things.
8. They have a shopping list for yearly sales.
A huge sale would make everyone purchase a lot of things — even those that they don’t need. The rich would plan their shopping list and schedule their big buys.
9. Millionaires “work hard and play harder,” as long as it makes them happy and fits their budget.
The rich don’t spend on things that don’t really add meaning to their lives. They wouldn’t mind splurging on their expensive passion because it makes them happy, as long as their savings allow it.
10. They learn to control their urge to splurge.
11. They see the value of money, no matter how big or small the amount is.
Don’t underestimate your loose change. Save them every chance you get, and you could buy yourself some coffee or snack in no time.
12. The rich commits to their purchases.
Instead of throwing a damaged item right away, they would try and fix it first before finally putting it in the trash.
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