Develop a frugal habit of saving money

You might belong to a developed country where a 6-figure inheritance and a heavily paying job can push you towards the top 1% of earners but there are few little things like your money habits which often make the difference between a prosperous life and that of constant financial stress.

There are financial analysts and advisers who not only advise their clients about the benefits of good money habits but they also practice what they preach.

Just by taking a close look at how you spend your money, you could be able to create a considerable amount of savings in a month. Only if you take inventory of the recurring subscriptions and services, you can move on the path of better fortune.

So, what are those habits that you can develop in order to save money?

Here’s what the financial planners have to say.

Learn about how to develop a frugal lifestyle and save money.

Reverse your thought process

You may be aware of the fact that after taxes are taken out and your bills are all paid, your monthly income might look a bit anemic which can make the next idea of saving for retirement a far-fetched dream.

But if you have to build wealth, you need a definite change in mindset. Most people usually spend some money, pay off their bills and then save the amount that is left.

Think backwards.

First save for your financial goals, then pay your bills and then consider spending money which is leftover. One more trap is putting off your good money habits till later when life gets easier.

Watch out carefully where you wish to go

Just as sportsmen imagine themselves making shot time and again, you also have to keep checking your goal to improve your motivation. You need to have a clear understanding of what your money wants you to do as this can increase your chances of reaching out to your goal. Financial analysts usually suggest having a 5-year plan where you design particular money goals which you would like to achieve in the next 5 years. Whenever we have a goal in mind, it helps us in saving more money.

Lead a life like a ‘secretly’ rich person

For many, the word ‘millionaire’ conjures up views of shiny and sprawling mansions but the fact is that majority of the millionaires never live like that. Rather they tend to live below their means and they save much more than they spend. In short, they never flaunt their wealth and money. Much of the wealth in America is most often the result of diligent savings, hard work and because of the fact that they live below their means.

This is the right time to tackle retirement

Even in your twenties or thirties, retirement should be definitely be in your mind. You may think that saving for retirement is not a priority now but that is a wrong notion.

In between paying for your wedding and saving for your first home, make sure anything that is left over is put towards other necessities like retirement planning. Contribute money towards your employer-sponsored 401(k) accounts as well.

Therefore, no matter how much you belong to a developed country, incorporating few country habits will definitely help you save enough money for your future.

Money Journey

Money Journey


  1. I am a huge fan of Stealth Wealth!!! I definitely am all about living below my means so that I can live the life I want in the future. Plus who needs all those fancy things when I can use that money to make memories in the future!!!

  2. I strongly believe the key to financial success is to spend less, save and invest more. This is the best and the most difficult habit to cultivate, but once it locks in you are on you way to financial success in no time.

    • Spend – save – invest are indeed key to properly manage finances. It’s not easy, but definitely worth it!
      Thanks for stopping by! 🙂

  3. The “anemic” take-home pay after tax is sooo true. That’s exactly how I feel when I look at my paycheck. But I have to remind myself it happens for a reason, and that I need to plan with what I have.

    Many people gain more confidence showing off the wealth that they have or do not have. I used to feel insecure about not being well-rich. But I no longer feel that way because I have other things I care about. =)

    • I think there are many, many people who are doing very well financially, but prefer not to show their wealth. Based on this, I no longer feel more or less confident about my own. In the end, everyone should be comfortable about their own situation, comparing yourself to others isn’t helping.

  4. The idea of having “stealth wealth” is something I think every family should strive for.

    Its just as you suggest, lead a secretly frugal life, save money but don’t let anyone know it.

  5. I’ve seen people earning $35,000 a year living comfortably and I’ve seen people earning six figures struggling to make ends meet. If you don’t develop the habit of saving money and living on less than you earn you’ll never be able to build wealth.

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