Frugal Habits of the Super Rich: Secrets That Actually Work

Billionaires Pinch Pennies?

Let’s be honest—when you picture billionaires, are you picturing private jets, gold-plated sinks, and caviar for breakfast? You’re not alone! But here’s a little mind-bender: some of the richest people on the planet are way thriftier than most of us. And not because they have to be… but because these frugal habits of the super rich are a huge part of what made (and keeps) them rich.

It’s something I’ve always found hilarious and, honestly, kind of comforting. Like, if Warren Buffett buys breakfast at McDonald’s based on how the market’s doing… maybe it’s actually cool to be careful? Have you ever found yourself obsessing over a $2 coupon or getting a weird high from finding a shirt at half price? Same energy, just on a much bigger bank account.

So, what’s their deal? Why do wealthy people avoid the flashy lifestyle, and what specific things do they do to keep their fortunes growing? Let’s dig in. I promise even if you’re allergic to boring financial “advice,” there’s inspiration you’ll actually want to try out.

Why Even Bother Being Frugal?

Rich But Not Showy…Why?

I’ll admit, when I first read that some ultra-wealthy people skip first class and buy dog food at Target, I laughed out loud. But it kept popping up: Michelle Obama buying dog toys at Target, Michael Bloomberg riding the subway (not in a limousine), and tech titans like David Cheriton driving the same old car for literal decadesas detailed in kiplinger’s roundup. And it made me wonder—maybe the real power move is not showing off at all?

So what is behind those choices? Turns out, these folks know that what you don’t spend is sometimes even more important than what you do. In fact, adopting frugal habits to save money is a common thread among people who’ve built empires from the ground up. You can learn more about the psychological reasons in Why are wealthy people so frugal?—it’s a surprisingly fun read if you’ve ever wondered why some millionaires act like they’re still on a ramen budget.

Not Just About Money—It’s a Mindset

Why play it safe financially? Two words: freedom and flexibility. You get to choose how you live, instead of letting flashy purchases call the shots. That’s true whether you’re a billionaire or barely scraping by each month. Living below your means isn’t just a budget trick. It gives you that breathing space, so you’re never boxed in by your spending.

Budgeting Like a Billionaire (No, Really)

Pay Yourself First… Seriously

I used to think “pay yourself first” was just a cliché. But the more I read about habits of millionaires—including everyday people who’ve saved like crazy—I realized it’s the backbone of their wealth. Imagine slicing off a chunk of every paycheck immediately and socking it away—way before Netflix or takeout get their hands on it. This moves savings up the priority list, not “whatever’s left.”

Some super-rich folks make it automatic. They set up recurring transfers, so a portion of their money gets zapped to savings or investments without them having to think about it. Maybe 10%, maybe more—a lot of them up it as their income grows. That’s how you work toward the famous frugal habits to save money that aren’t just for people penny-pinching at the end of the month.

Budgets Aren’t Handcuffs—They’re Permission Slips

It’s wild how many wealthy people LOVE budgets (who knew spreadsheet energy was so contagious?). Except their budgets aren’t restrictive—they’re like a permission slip for whatever they really care about. You write your must-haves up front, and just… don’t sweat the small stuff. Warren Buffett? He’s got his money mapped out so creepily well that literally nothing is ever a surprise. And surprise expenses? They’re usually the thing that wrecks good intentions for the rest of us.

Have you tried a reverse budget, where you set your goals first and let the rest fall into place? It’s less about tracking every dollar, more about defining your priorities. Not a bad approach, if you ask me.

Simple, Weird Spending Tricks (That Work!)

Modest Homes, Reliable Cars

File this under “Things I Knew But Forgot”: the vast majority of the super rich don’t live in blinged-out mansions. Think Warren Buffett’s now-famous Omaha home (bought for around $31,000 in the 1950s, worth millions now… but he never bothered to upgrade). Or billionaires like Keanu Reeves and Michelle Obama, who prefer ordinary digs and regular shopping tripsdocumented by buddyloans. These are people who can afford palaces, but often find happiness in something way more low-key. And proven, research actually shows that buying more house than you need is a sneaky happiness trap.

Cars? Here’s a giggle: Jeff Bezos drove a Honda Accord when he cracked billionaire status. Jimmy Wales (cofounder of Wikipedia) was so famous in Silicon Valley for his loyalty to Hyundai, people thought he should be their official spokesperson. And Warren Buffett still rocks a used car. It’s not about never having nice things—it’s about being practical, and focusing cash on freedom, not stuff.

Quick Comparison: Flash Vs. Simple

Shopping Smarter, Not Harder

I love a good shopping story… especially when it comes with a twist. Did you know more than one rich celeb swears by lists for everything? Groceries, household stuff, even big purchases. Stick to the list, and you dodge most of the “Oops, I might as well…” impulse buys. No shame: I once went to the store for bread and milk, came back $80 poorer and with three candles, a magazine, and the most useless kitchen gadget ever invented.

The pros also swear by bulk buying—for anything they know they’ll use (think pantry staples, not weird specialty condiments that linger for years). And buying gently used? That’s a classic move. I can’t count how many entrepreneurs and self-made millionaires will say “If it works, why buy new?” Not fancy… just smart.

Oddball Habits That Save Big

From giving yourself DIY haircuts (David Cheriton style) to repurposing hotel vanity kits for travel, the super rich embrace little “life hacks” most of us overlook. Michelle Obama shops for clothes at Target, wears $35 dresses on national TV, and never apologizes for it. Sure, she could buy couture. But why, if a good bargain sparks the same joy?

Want a few wink-level ideas? Check out these unusual frugal tips—you’ll love ’em if you like doing more with less. Or just outsmarting companies trying to sell you stuff you don’t need.

Debt Dodging and Sneaky Savings

The 1% Rule: Bit by Bit

I know, I know… “What is the 1% rule to get rich?” Maybe you’ve heard it on a podcast or in a TikTok, and shrugged it off as too simple. Here’s the real scoop: you just challenge yourself to save or invest 1% more each time you get the chance. A raise? Slide 1% extra toward savings. Already contributing to your 401(k)? Next time, bump up the percentage by one tiny notch. It doesn’t feel like much, but it compounds in a sneaky, wonderful way.

This is how lots of millionaires (especially those who grew their fortunes steadily, not overnight) became as wealthy as they are. Small choices, multiplied over years. The habits of millionaires are rarely about one big break—usually, it’s boring consistency. And that’s powerful stuff.

Crushing Debt—and Why It’s Top Priority

The super rich know how to leverage debt strategically—but for most of us, skipping high-interest liabilities is way safer. Credit cards? Use for perks, not for carrying balances. Mortgages and car loans with decent rates? Maybe. But lifestyle debt (designer workout gear, overpriced furniture, subscriptions you forgot to cancel)… yikes. The rich avoid it like the plague, because that interest is silent, powerful, and not in a good way.

You know that sinking feeling when you pay interest on something you already don’t care about? Yeah, rich folks hate that too. That’s why so many swear by the same frugal habits to save money—they just say “No, thanks.”

Frugal Living = Everyday Wins

DIY, Bulk, and Borrowing Brilliance

Here’s my favorite: the little daily things add up SO much. Cooking at home (cliché, but true). Borrowing books from the library. Only subscribing to one streaming service at a time (cancel the rest, come back when you miss something). Reusing bags and boxes. Fixing what you already own, instead of racing to replace stuff the second it glitches.

Once I started tracking the “silly” savings, I noticed I was keeping $30–$50 more per week in my account—without feeling like I was missing out on much. If you want more ideas, frugal habits to save money is packed with easy swaps and tweaks.

Travel: Flashy or Frugal?

This one always cracks me up. Some super-wealthy folks do the whole “private jet” thing… but most actually don’t. Flying coach, using points, booking hotels via deals, or even staying in less-glam spots—it’s so common among wealthy people it would blow your mind. Chuck Feeney (who gave his fortune away), flew coach, ate simply, and traveled with a paper bag for luggage—not because he had to, but because frugality was a core value as revealed in cheapism’s roundup.

It’s all about the bigger picture: would you rather collect experiences and freedom… or receipts for overpriced coffee at airport lounges?

Time to Get a Little (or a Lot) Frugal?

Look, I get it—changing habits is hard. I still “crack” and buy unnecessary stuff on bad days. But after learning so much from frugal habits of the super rich, I’ve come to love the weird badge of honor of finding that big value in small savings. The richest people aren’t always the flashiest. In fact, often the opposite.

Here’s your nudge: start somewhere tiny. Make a list before next week’s shopping trip. Automate a piece of your savings. Try out a DIY fix or borrow something you’d usually buy. See if you notice a difference after a month… or even a week. These moves—no matter how small—add up, often faster than you think.

If all else fails, remember: if Warren Buffett can drive a used car and be proud of it, we can probably all be a little bolder about skipping the extra expense too. Besides, I’d bet my last coupon that your future self will be grateful you gave it a try.

So, what about you? Any quirky, “embarrassing,” or just plain fun frugal tips you swear by? Let’s swap stories—because friendly competition (and a few laughs) make the savings even sweeter.