8 frugal habits that will help you make millions

Frugal Habits of Three Billionaires

Want to be a millionaire? According to Inc., it's not that crazy of a goal anymore. One in 20 American adults are considered millionaires. This is 5% of the population, and it proves that you and I can become millionaires, too! Although having a bank account with a million dollars rarely happens overnight, it's achievable if you follow the eight frugal habits listed below.

1. Live below your means. While status items like a silver Tesla or Balenciaga handbag are fabulous, you don't need these items to live. In order to extend your wealth, you have to live below your means. If you don't really need a giant house with four bedrooms, don't buy it!

2. Never pay full price. The ultra-rich never pay full price for anything. Look at famous actresses. They don't buy the the expensive gowns they wear to the Oscars; designers give them the dresses for free. John Rampton, the author of the Inc. story, says "households that average an income of $100,000 or more use more coupons than households that earn under $35,000 annually."

3. Cut out unnecessary expenses. Small unnecessary expenses add up over time. Pay attention to your bank account, and be sure that your bank isn't charging you unnecessary fees.

4. Rent or sell your current possessions. If you have a closet full of clothes you no longer wear, bring them to the local consignment store.

5. Leave the cash and plastic at home. "If you leave the house without your credit card and a large amount of cash, you won't be tempted to purchase items that you don't really need," Rampton explains. He also says that " if you don't have the cash to make a purchase or pay off your credit card, then you probably can't afford the purchase in the first place."

6. Don't waste money on get-rich-quick schemes. Nobody gets rich quickly. The probability of you winning the lotto is slim to none, so don't waste your money on gambling.

7. Go green. Save money by carpooling to work instead of driving yourself. Collect cans and bring them into a recycling center to get cash. Turn down your heater, and use blankets or a space heater instead of heating your entire house.

RELATED: How to save money on a weekend getaway

How to save money on a weekend getaway
See Gallery
8 frugal habits that will help you make millions

Avoid peak weekends
Prices for everything will be higher (especially lodging) and places will be more crowded. You could end up paying more for a getaway that you enjoy less, thanks to long lines and wait times.

Photo credit: Shutterstock

Choose a location where outdoor activities are common
A rural location is ideal for things like bike riding, hiking and exploring--all of which are free!

Photo credit: Getty

Don’t fall for the shorter time, spend more each day trap
Don't budget the same amount for a weekend trip as you would for a full vacation--staying somewhere for a longer vacation will probably cost you more overall.

Photo credit: Getty

Take advantage of local deals online
Be sure to visit sites like Groupon and LivingSocial, which specialize in subsidizing area-specific deal, for fun things to do in the area on the weekend you're visiting.

Photo credit: Shutterstock

Bring pets if you have them
The cost of a pet sitter or kennel for the weekend can be costly. Save by bringing your animals along.

Photo credit: Shutterstock

Buy admission tickets in bundles
Many websites and companies will bundle tickets together for several attractions in the area, so the overall price is almost always cheaper than buying tickets individually.

Photo credit: Getty

Stay somewhere close to the main attractions
It will cut down on transportation costs and save you time, while ensuring you get the most out of your short time away.

Photo credit: Getty

Avoid chain hotels 

8. Get a side gig. A side job will bring in additional income. It will also cause you to spend less, because you will spend more time working instead of spending your money on leisure activities. Every little bit helps!

Get the full story at Inc.

Learn more secrets of the rich by reading The Millionaire Next Door.

What ways do you practice a frugal lifestyle?

For more money-saving hacks, check out these tips for dining out below:

Tips for saving money when dining out
See Gallery
8 frugal habits that will help you make millions

Find deals online

If you're unsure of where you want to go, browse sites for online deals. You'll find new places to dine at for a discounted price: win-win! If you do have a particular place in mind, always check their website before you make a reservation. You never know what coupons or special online deals you'll find!

Opt for lunch instead of dinner

Most restaurants have a different menu for lunch hours, which usually include smaller portions and cheaper prices. Also, you're less likely to be tempted to go for that cocktail or glass of wine in the middle of the day, which will save you bucks on your bill. If you don't have a preference of which meal you want to dine out for, lunch is usually your better bet. 

Make an appetizer your entrée

Most restaurants list entrées at steeper prices than appetizers, and often times the portion sizes aren't that much bigger. In fact, appetizers can be just as satisfying. You can also order one or two side dishes and enjoy those as your main meal.

Snack beforehand

Nosh on something light from your kitchen that won't completely spoil your appetite. This way, you'll be less tempted to order larger portions or appetizers which can make your bill much more expensive. 

Take home leftovers

If you don't finish your meal, take home what you didn't eat and eat it the next day for lunch or dinner. You can also order an entrée with the intention to eat half and bring the rest back home--it will cost you more initially, but dividing the cost in half between two meals will save you money in the end.

Split an entrée

If there's something on the menu you really want but the price is way too high, ask if portion sizes are big enough to be shared. You'll end up cutting the price in half.

Find a BYOB restaurant 

If you're planning on drinking alcohol while dining out, places that allow you to bring your own are an easy way to save. You won't get overcharged for drinks that the restaurant serves, and you can spend as much money as you want beforehand when purchasing it. 

Skip alcohol altogether 

A glass (or two) will cost you, especially since restaurants can charge however much they want per drink. Opting to not order alcohol in addition to your food is a big money saver.

Check social media

Many restaurants will offer deals for interacting with them on social media. Something as simple as "liking" their page, "mentioning" them on Instagram or Twitter, or even sharing a post of theirs can result in big discounts.

Ask for separate checks

If you're out to eat with a big group of people, you can end up overpaying when you split the check evenly. Ordering separate checks ensures that everyone pays for exactly what they ordered, instead of having to pick up the bill for someone else's expensive entrée. 


More from My Domaine:

Chic IKEA organization hacks that will change your life
Zara's home spring collection is here -- shop it now
Whitney Port reveals her eclectic room makeover

Read Full Story