20 Surprising Things Millionaires Won’t Spend Their Money On
Have you ever thought about what makes millionaires good at managing their money? You might be surprised to find out that many of them are very careful with their spending.
Even though they have a lot of money, they are often cautious about how they use it.
One thing many millionaires do is save their money. They know that every dollar they save can be used to make more money. It’s about making good choices with their money, which helps them increase their wealth over time.
In this article, we’re going to take a look at 20 things that frugal millionaires typically avoid buying. Most of these items are bought by high-income people who are not millionaires. Often times they also have high debt.
Some of these might surprise you, and others might even inspire you to rethink your own spending habits. We also included a video at the end.
Designer Clothes
Don’t think that all rich people wear expensive designer clothes from head to toe. Many millionaires who save money don’t want to spend a lot on brand names. They prefer buying good quality clothes that last long and look nice without costing too much.
They like classic styles that never go out of fashion, so they don’t need to change their clothes often. It’s about looking good and being smart with money.
Luxurious Vacations
Fancy resorts or villas? Not necessarily for frugal millionaires. They often look for unique, affordable travel experiences instead. They focus on the adventure and culture of a place rather than luxury accommodations.
This approach not only saves money but can lead to more authentic and memorable trips. They might opt for a cozy bed and breakfast or a vacation rental instead of a five-star hotel.
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Eating Out Often
It’s nice when someone else cooks for you, but people who save money know that eating out often costs a lot. They like cooking at home because it’s usually cheaper and better for you.
They don’t eat out every day, but they do enjoy a restaurant meal on special days. Cooking at home helps them save money and eat healthier.
Latest Electronics
The newest gadget might be very appealing, but smart millionaires often don’t buy it right away. They might wait until the price goes down or look for used items that have been fixed.
They understand that technology changes fast, so today’s popular gadget might not be so important in a few months. By waiting, they can often get good tech for much less money.
Daily Coffee Shop Visits
Drinking a latte every day can cost a lot. If you spend $5 each day, that’s over $1,800 per year! Rich people who save money often make their coffee at home instead of buying it.
They buy a good coffee maker and their favorite coffee beans. This helps them save money over time. Plus, they can make their coffee just the way they like it.
Trendy Home Decor
Home decor trends come and go quickly, but frugal millionaires don’t play that game. They often choose classic, timeless pieces for their homes instead of chasing every new trend.
This approach means they don’t need to redecorate every few years, saving both money and time. They focus on quality items that will look good for years to come.
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Pricey Watches
A watch that costs as much as a car? Most frugal millionaires would say, “No thanks!” They understand that a simple, affordable watch tells time just as well as a luxury one.
These savvy spenders know that a watch’s main job is to show the time, not to show off. They’d rather put that money towards something that grows in value, like investments.
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Expensive Cable Packages
Nowadays, there are many cheap streaming options. So, paying for expensive cable doesn’t make sense to many people who save money. They might choose one or two streaming services that have their favorite shows and movies.
This way, they save money and can watch what they want, when they want.
Expensive Cleaning Products
Frugal millionaires often skip the pricey cleaning products and opt for simple, effective solutions. They might make their own cleaners using everyday items like vinegar, baking soda, and lemon juice.
These homemade cleaners work just as well as store-bought ones but cost much less. Plus, they’re often better for the environment.
Brand-Name Groceries
When buying groceries, frugal millionaires don’t care about fancy labels. They know store brands or generic products often taste as good as name brands but are much cheaper.
They are happy to try different brands and compare quality. This good shopping habit can save them a lot of money over time, without losing taste or quality. It’s about getting the most for their money.
First-Class Flights
You might think millionaires always fly first class, but many frugal ones choose economy instead. They understand that all seats land at the same time, so why pay extra for a few hours of luxury?
They’d rather spend that money on experiences at their destination. Plus, they know how to make the economy comfortable, bringing their own snacks, noise-canceling headphones, or even just a good book.
Multiple Credit Cards
While having a wallet full of credit cards might seem like a status symbol, frugal millionaires often keep it simple with just one or two cards. They know that having too many cards can lead to overspending and complicate their finances.
By limiting their cards, they can easily track their spending and avoid racking up debt. They choose cards with the best rewards for their spending habits and pay them off in full each month.
Luxury Homes
You might think all millionaires live in mansions, but many frugal ones choose more modest homes. They opt for houses that meet their needs without unnecessary extras. They know a huge house often comes with equally huge bills for heating, cooling, and maintenance.
Instead, they might choose a smaller home in a great location or one with smart, energy-efficient features. They prioritize comfort and practicality over sheer size or luxury.
Costly Beauty Treatments
Frugal millionaires usually skip costly spa days and expensive beauty treatments. They like simple and effective beauty routines they can do at home. This doesn’t mean they don’t care about their appearance; they just find cheaper ways to do it.
They might buy good skincare products to use at home or learn to do their own nail care. The result is that they look good without spending a lot of money.
High-End Furniture
When it comes to furnishing their homes, frugal millionaires don’t always head to the fanciest showrooms. They often see the value in quality second-hand furniture or even DIY projects.
They might refinish an antique dresser or reupholster a classic chair. This approach allows them to create a beautiful, unique home without spending a fortune. Plus, they get the satisfaction of owning pieces with character and history.
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Following Fashion Trends
Chasing the latest fashion trends can be like trying to hit a moving
They invest in well-made, timeless pieces that can be mixed and matched for years. This approach not only saves money but also time spent shopping and deciding what to wear.
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Overpriced Pet Supplies
Frugal millionaires love their pets, but they don’t buy expensive pet things. They know pets are happy without fancy accessories or special food.
They buy good things that keep their pets healthy and comfortable. They might make toys or treats themselves or go to cheaper pet stores. This way, their pets are happy and they save money.
Expensive Hobbies
Frugal millionaires know that fun doesn’t have to come with a big price tag. They often choose hobbies that are fulfilling without draining their wallet.
This might mean opting for hiking instead of golf, or joining a community sports team rather than an exclusive country club. They find joy in activities that enrich their lives without requiring constant spending.
Extravagant Gifts
When giving gifts, frugal millionaires think about what matters most: the thought behind it, not how much it costs. They prefer gifts that are special and personal, not just expensive.
This can mean making something yourself, giving someone a special experience, or picking a book that shows you care. They know the best gifts are often not something you can buy in a store.
Fancy Cars
You might think millionaires all drive around in luxury cars, but that’s often not the case. Many frugal millionaires steer clear of expensive vehicles. Why? Because cars lose value fast. A new car can drop 20-30% in value in just the first year!
Instead, these smart spenders often go for reliable, mid-range cars that won’t break the bank. They know a car is about getting from A to B, not showing off.
The Frugal Way
Let’s think about what we’ve learned from these frugal millionaires. Their habits teach us that managing money well isn’t just about saving every penny. It’s about making smart choices that fit with what’s important to us and what we want to achieve in the long run.
You don’t have to change everything right away. Start with small steps. For example, make your coffee at home a few days a week or wait a bit longer before getting a new phone. These small changes can lead to big savings over time.
In the end, being truly wealthy isn’t just about buying everything you want. It’s about having the freedom to live the life you want. These frugal millionaires seem to know this very well. Are you ready to think like them?
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AI was used for light editing, formatting, and readability. But a human (me!) wrote and edited this.
