The unique financial habits of self-made millionaires

Self-made millionaires have unique financial habits that propel them forward, taking them over well before they hit that seven-figure milestone. Here are a handful you can apply to your life today, regardless of what’s in your bank account right now.

Millionaires make lists

According to the Motley Fool, 85 percent of millionaires are list makers. Before going to the supermarket (or any store for that matter), they make lists so they can avoid unnecessary expenses. I love making lists, an important advantage is a more strategic store, which helps you save. Another bonus: lists are great for sticking to a healthy meal plan.

Your practical takeaway; being a list maker for all your groceries.

They love to drive and trade…especially in the used market

Millionaires are good at asking for a better price. Knowing the competitive market price for what they are buying is essential, as is understanding the seller’s motivations. If they buy a used vehicle (buying used is a significant money-saving step), they use research to support their offer and may even ask for further discounts depending on how quickly the seller wants to close the deal.

If the word “negotiate” makes your blood pressure rise, here’s an important question to ask any salesperson to spark a healthy discussion about price: “How did you arrive at this price?” Before you know it you’ll be talking about it your ideal price.

Your practical takeaways; ask for a better deal And consider buying secondhand.

They monitor their finances

If a higher-than-expected charge goes through their credit card or bank account, millionaires notice and take action. They look at their money several times a week to see if their systems and automations for paying and saving bills are working properly.

Most self-made millionaires approach their money through a financial wellness lens. They are like “good shepherds” who watch and care for their resources.

Your practical takeaway; keep track of your money so you can reduce unnecessary costs and make sure your savings stay on track.

Millionaires reap rewards

They can’t help their thrifty self – free rewards are exciting. Millionaires choose bank, credit card, and shopping rewards that offer the greatest value for their needs. For some, the rewards are focused on groceries, and for others, it’s travel. Certain banks offer rewards that instantly convert to cashback, savings, or even retirement savings. Some credit cards charge for these rewards. Millionaires work out what will yield the greatest return for costs. They also use their rewards regularly and don’t hoard them (rewards programs change from time to time, so the value of the points may change).

Your practical takeaway; collect rewards that matter most to you – and use them.

Fun and well-being are included in their budget

It’s good to spend money on what fills your cup and makes you better. Millionaires work pleasure and welfare expenses into their household budgets. They balance this investment in their well-being with consistent savings for retirement, giving them peace of mind knowing they can enjoy today and will eventually enjoy retirement.

Your practical takeaways; set aside up to 10 percent of your take-away family income for fun and wellness, and enjoy! And balance this with consistent retirement savings.

Applying these millionaire habits today will make you a better money manager and make savings almost immediately.

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