Saving & Spending Habits of Rich People That You Should Totally Adopt

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Compare prices, always

People hardly ever make big purchases without comparing prices, but when it comes to less expensive things like groceries or clothes, it's easy to save time and buy everything in one store. However, a frugal person knows that comparing prices can save you a lot of money.

Apps like Grocery Pal will help users to find weekly sales and discounts at local supermarkets. The Scan Life and Now Discount are also useful for saving lots of money without much effort.

For comparing electronics, furniture, and other items, my favorite tool is Google Shopping.

Treat savings like a bill

We all like to spend money. Financially stable people think carefully about their money and always save at least 10% of their salary. Make it automatic and don't even think about it.

Don't pay for unnecessary services

Wealthy people are always aware of their habits and how much they cost. Paying for a gym membership when you go just a few days a month? Not worth it.

Think about how many services you pay for and don't use. For example: Do you really need a Cable TV and a streaming service? Can you get by with regular old Spotify with the occasional commercial interruption?

Sometimes we don't mind paying for things because the amount seems insignificant. Small leaks can sink a great ship.

Turn it off when you aren't using it

There's a huge chance that the electricity bill of a frugal person is much lower than yours. They know that even appliances that are not being used will consume electricity, especially if they have stand-by options. They also won't leave the light on in a room that is not being occupied.

Focus on the value, not the cost

Being good with your money doesn't mean only looking at the price tag. Sometimes people think they are getting a great deal buying things very cheap, but that's not always the case. Low-quality products will need to be replaced sooner and by the end, you will spend more money when you have to buy it again.

Name isn't everything

We all have our favorite products, but some cheaper items can offer you the same quality. Many supermarkets have their own brands, and they are often manufactured by the big brand companies. Don't be fooled by the name -- trust the quality of the item.

Be prepared

Who hasn't had to pick up a last-minute holiday gift or buy sunscreen at the airport shop? Buying things last minute is a great way to overpay. A smart money minded person will anticipate their needs and shop ahead of time.

Have a plan for leftovers

According to an International Food Policy Research Institute report, Americans waste 50% of their food. That means that $165 billion literally goes in the trash bin every year.

It's common forget what is in our fridge, I get it. A frugal person is aware how to stock things and plan their menu. Reducing food costs and waste is a win-win.