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How to Save Money Like a Millionaire

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How lavishly do millionaires really live? While their lifestyles seem decadent from the outside, they may not be as luxurious as you think. In fact, if you ask many self-made millionaires about the secrets to their success, you’ll often find it comes down to maintaining a rigid financial mindset: Disciplined saving habits, thrifty spending and years of hard work go into hitting that seven-figure benchmark.

So, is it possible to achieve that prestigious millionaire status if you haven’t inherited wealth or don’t have a high-paying job? Seeing that some of the richest people in the world are self-made — think Starbucks CEO Howard Schultz or ZARA founder Amancio Ortega, two billionaires who came from nothing — the answer is “yes.”

Of course, simply being told that it’s possible to attain financial affluence within your lifetime doesn’t make the task seem any easier. That’s why it’s best to start small, keeping in mind that there are easy changes you can make to your spending and saving habits so that they mirror those of the most successful and wealthy individuals.

To help you along your journey to financial prosperity, we’ve highlighted 15 spending and savings tips from millionaires below.

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The path to wealth requires a lot of patience and willpower, but getting there isn’t impossible. Remember that the small steps make up most of the battle. Rather than selling all your goods and downsizing your house, it’s more prudent to assess your situation and make small changes that will have a sizable impact over a long period of time. You’ll soon reap the benefits and thank yourself in years to come.

Sources: CNBC 1, 2, 3, 4 | The New York Times | Kiplinger | Reader’s Digest | Inc. | Lifehacker | The Penny Hoarder | Time | Mint | Forbes

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