16 Habits Common Among Frugal Millionaires and High Earners
Many wealthy individuals prioritize frugality over flash. They avoid wasteful spending, unnecessary upgrades, and emotional purchases.
They are not frugal because they have to be, but instead because those habits helped them build wealth in the first place.
This gallery highlights 16 frugal habits that are common among millionaires and high earners. These are habits they still follow long after achieving financial success.
👉 Click or scroll to see which money-saving behaviors help preserve real wealth.
Table of Contents
Wealthy People Drive Modest Cars
Warren Buffett still owns a Cadillac worth less than many new trucks. And he’s not alone. According to Experian Automotive, 61% of wealthy people actually drive Hondas, Toyotas, or Fords, not luxury brands.
Rich people know a car’s job is to get you from point A to B, not show off in the parking lot.
Millionaires Live Below Their Means
Mark Cuban, a billionaire, still brags about buying toothpaste in bulk and skipping luxuries he doesn’t value. Most millionaires budget, save, and spend far less than they earn.
Living below your means isn’t about sacrifice, it’s a strategy to grow wealth and gain control over your life.
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Rich People Keep Wardrobes Simple
Tech billionaires like Mark Zuckerberg and Jeff Bezos are known for wearing basic clothes every day. Even Steve Jobs kept it simple.
Meanwhile, Empower reports that Americans are spending an average of $573 a month on clothes and shoes, that’s nearly $6,900 a year. Millionaires focus on function, not fashion.
Wealthy Families Keep the Same Home
Warren Buffett still lives in the modest Omaha home he bought for $31,500 in 1958. Many wealthy families stay in the same house for decades. Constantly upgrading your home is one of the fastest ways to burn through cash.
Millionaires invest in assets that grow, not floorplans that impress.
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Millionaires Buy Used or Refurbished
IKEA founder Ingvar Kamprad drove a used Volvo, bought secondhand furniture, and even flew economy, despite being worth billions. Buying used isn’t about being cheap.
It’s about avoiding unnecessary depreciation and keeping money in places where it actually grows.
Wealthy People Cut Unused Subscriptions
Streaming services, app upgrades, random memberships, most people forget they’re even paying for half of them. Millionaires don’t. They review their bank and card statements regularly and cancel anything they don’t use.
It’s not about a $10 charge, it’s about keeping their money working instead of leaking out quietly.
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Many Millionaires Don’t Show Off
LendingTree found nearly 40% of Americans have overspent to impress others, especially on clothes and accessories. That behavior drains savings and delays freedom.
Rich people don’t need to prove anything with what they wear or drive. Quiet wealth lasts. Flashy spending fades.
Rich People Delay Gratification
Wealthy people don’t buy on impulse. They wait, compare prices, and often walk away if a purchase doesn’t feel worth it. That self-control builds discipline, and over time, it builds wealth.
The ability to say “not now” is one of the most valuable habits rich people develop early and keep forever.
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Millionaires Travel Smart, Not Lavish
Plenty of millionaires fly coach, stay in budget hotels, and book trips using credit card points. Even when they could afford luxury travel, they prefer value.
What matters to them isn’t a five-star photo, it’s spending wisely so they can travel more often, and on their own terms.
Wealthy People Set Clear Financial Goals
Rich people don’t just save, they save for something. They set goals for investing, giving, buying assets, or buying back their time. That clarity helps them avoid waste and stay focused.
Without a goal, money gets spent. With one, it gets multiplied.
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Rich Families Cook at Home
Home-cooked meals are a staple in many wealthy households. Even billionaire entrepreneurs like Sara Blakely share regular family dinners with simple ingredients.
Cooking at home keeps food costs low, improves health, and builds a habit of intentional living. It’s not glamorous, but it works.
Millionaires Avoid Brand Loyalty
If the product is good and the price is better, rich people switch. They don’t stick to brands just because of habit or prestige. They compare value across everything: insurance, groceries, cleaning supplies, and more.
That flexibility helps them keep expenses low while getting the most from every dollar.
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Wealthy People Stay Financially Educated
Warren Buffett reads for hours every day. Most wealthy people make time to stay sharp with money: reading financial news, reviewing their investments, and understanding taxes.
They treat personal finance like a skillset, not a set-it-and-forget-it chore. Staying informed keeps their edge.
Millionaires Avoid Emotional Spending
They don’t shop when bored, anxious, or stressed. Wealthy people recognize emotional triggers and avoid using spending as a distraction. Instead of retail therapy, they solve problems with actual solutions, not new stuff.
That habit protects both their wallet and their peace of mind.
We also made this related Video: 20 Things Frugal Millionaires Refuse To Buy (Despite Having Money)
Wealthy People Know What’s “Enough”
Rich people don’t chase more for the sake of more. They define what enough looks like, and stop there. That clarity keeps lifestyle inflation in check and protects their time and mental energy.
Knowing when you have “enough” is what lets you enjoy wealth instead of constantly chasing it.
Rich People Prioritize Function Over Flash
Expensive doesn’t mean better. Wealthy people care about function, how well something works, how long it lasts, how much value it brings.
That mindset shows up in what they buy, how they invest, and how they live. They choose what works, not what wows.
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Build Wealth Through Habits That Actually Work
Most people focus on income. Rich people focus on habits. They live with intention, spend with purpose, and define their own version of enough.
These habits don’t just protect wealth, they build it slowly, quietly, and permanently.
The real flex isn’t what you buy, it’s what you can afford to walk away from.
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