What is a frugal habit you would keep after becoming wealthy?

[bjl584]

Here are a few common answers:

Continuing to buy store brand items and use coupons
Continuing to do things for yourself (yardwork, cleaning, repairs and maintenance)
Home cooking as opposed to eating out more
Keeping things until they need to be replaced
Thrift store shopping
Driving a used/older car
Minimizing recurring fees and subscriptions
Keeping a basic wardrobe

[disneysteve]

Here are a few common answers:

Continuing to buy store brand items and use coupons
Continuing to do things for yourself (yardwork, cleaning, repairs and maintenance)
Home cooking as opposed to eating out more
Keeping things until they need to be replaced
Thrift store shopping
Driving a used/older car
Minimizing recurring fees and subscriptions
Keeping a basic wardrobe

I do all of those things.

[ua_guy]

I'd still turn off the lights when not in use, and conserve water where I can. Reuse and recycle things. Look for deals when I need something.

Not too much would change, I wouldn't think...

[disneysteve]

Not too much would change, I wouldn't think...

Exactly. Why change the very habits that got you where you are?

We certainly spend more freely than we used to in some ways but overall,our lives look very much the same as when we had much less money.

[riverwed070707]

I consider us financially comfortable more than wealthy, largely because we live well below our means and not because we have sky high income or portfolio, so I'm a bit unsure how that might shift if we truly reached a level most would consider wealthy. That said, as we've gotten comfortable, I've loosened the purse strings a bit on things like store brand and coupons and outsourcing things I don't want to do. All of the others still 100% apply. I LOVE thrift shopping and thankfully so does DD - its where all of our clothes come from. I can't see myself ever buying a new car or a big house or caring about fancy clothes because those aren't things I value or even want.

Some others:
We travel a lot, but I'm still incredibly frugal with how we spend our dollars. I play the points game, pick destinations based on low cost flight options, stay in hostels or guest houses over fancy resorts, take public transit, and eat like a local. I like the experiences we get traveling this way, so more money wouldn't encourage me to spend on luxury items, probably just to travel frugally more often.

I'm always shopping around for better prices on recurring expenses - home and auto insurance gets an annual audit, I buy in bulk for things like furnace filters and batteries, etc.

I read A LOT and all of my books come from Libby (free library digital books) or thrift stores (75 cents-$2). I don't see the point in buying new and always drop off physical books in a little library box when I'm done with it so I don't accumulate them.

I'm sure there's more, but that's what came to mind right away.

[Drake3287]

I also do most of them other than thrift store shopping and driving older cars. I truly believe that being frugal all my adult life has helped me in being wealthy during retirement. At the same time I'm not afraid to spend money on nicer things and have never lived without. I just don't "waste" my money. Like I've posted many times before, anyone with an "average" job can become a millionaire if they play the game right.

[riverwed070707]

Related, but different. Do you all agree that thrift shopping is harder/less ideal for men? Feels like women tend to buy clothes they only wear a handful of times so you can get great deals on gently used, quality items. I can't ever find anything good for DH at the thrift store, nor does he ever have anything to donate because he wears his clothes (even jeans and shoes) until they have holes. In our house at least, it makes more sense to buy new for him.

[ua_guy]

Related, but different. Do you all agree that thrift shopping is harder/less ideal for men? Feels like women tend to buy clothes they only wear a handful of times so you can get great deals on gently used, quality items. I can't ever find anything good for DH at the thrift store, nor does he ever have anything to donate because he wears his clothes (even jeans and shoes) until they have holes. In our house at least, it makes more sense to buy new for him.

I echo that. I also need tall sizes generally, so striking pay dirt at a thrift shop is rare. I tend to wear the same brand/style/colors for my everyday clothing over time, durable stuff, so it's just easier to buy it new and replace things as they wear out (or get damaged, stained). The other thing is, I hate shopping (browsing) and I can order everything I wear online.

[disneysteve]

Related, but different. Do you all agree that thrift shopping is harder/less ideal for men? Feels like women tend to buy clothes they only wear a handful of times so you can get great deals on gently used, quality items. I can't ever find anything good for DH at the thrift store, nor does he ever have anything to donate because he wears his clothes (even jeans and shoes) until they have holes. In our house at least, it makes more sense to buy new for him.

I think there's definitely truth to that, though I have also bought plenty of clothing over the years at thrift stores. When I started med school years ago, there was a dress code requiring button down shirt and tie for the guys. I probably owned 1 tie and 1 dress shirt at the time. I loaded up my wardrobe from thrift shops.

I'm the same as your husband, though. I rarely have clothes to donate because by the time I'm done with them, they aren't sellable.

[LivingAlmostLarge]

Sometimes I ask myself why i still do things to "save" money and I don't have an answer. we are comfortable and financially secure. I still can't help clip coupons. I still look for deals. I still chase CC rewards. I still cook, thrift, minimize streaming (my kids are like can we get netflix and disney now? after years of bumming off BIL). I don't know why. Habit.

I will say that I've changed in a lot of ways though. Small things. I will not chase a deal or sale by driving to another store. I'm also going to buy what I want even if it's not on sale or i need it. The wealth ladder this summer really changed my perspective. Reading the book, listening to the podcast, made me realize we have travel and home freedom. What am i doing worrying about the grocery store? I just stop in and buy what I need. I still buy generic or store brand but I'm not looking at the flyer and making a plan. I stopped considering which restaurant has a deal, but instead i ask what do we want to eat out at?

I also stopped not buying fish and buying chicken but eating lots of fish because I like it. I don't worry what the fish costs i've got grocery freedom. I also stopped thinking incrememtally like Magguli's 0.1% rule helped me ease up on decisions. I'm like the difference between this and that is not worth agonizing.

[pacerob]

I probably wouldn’t change keeping frugal habits like cooking at home, repairing things and avoiding unnecessary subscriptions, even with wealth, because it keeps life simple and grounded. What I’d likely change is footwear and clothing style, going more for stylish pieces. dm fashion offers clothing, footwear and accessories focused on everyday wear and trend-based outfits, so it can be useful when exploring more upgraded or stylish looks while still keeping a practical approach to spending.