One surefire way to end up with a lot of money someday is to save it bit by bit over a period of many years. You don’t save money by overspending in the here and now.
It’s one thing to make millions, but quite another to keep them–or to grow them. The good news is that the pre-recession keeping-up-with-the-Joneses/Kardashians lifestyle that many Americans chased is over. You have to plan and save to get ahead. You have to work to decrease your debt. Being frugal is trending now, from thrifting as a fashionista skill staple to actually shopping at farmers’ markets as a way of saving money and eating healthy.
It doesn’t matter whether you’ve already earned your first million or that’s a goal you have yet to achieve. If you start practicing a frugal lifestyle now, you’ll stay there longer or get there faster and maybe even enjoy it more. Here are some of the best tips on frugality from current millionaires.
1. Shailene Woodley on thrifting
“In my personal life, I only buy used clothes, so thrift stores, trade-in stores, vintage stores, friends’ closets. Sometimes it’s hard to find a good pair of used shoes and jeans, but 97 percent of my wardrobe is used.” Thrifting doesn’t just save you a ton of money; it’s also kind to the environment. You’re not supporting the manufacturing (and subsequent carbon footprint) of a brand new product or the location and transportation costs (both financial and environment-impacting) to get it to your front door.