The saving habits of millionaires are simple enough for anyone to copy.
We all look at millionaires and wish that we had their money. And then we look at our bank accounts and laugh at the small amount that will never grow past a million. However, the good news is you can save like a millionaire, even if you are not one (yet).
Salem Nyati, consumer financial education specialist at Momentum Group Foundation, says it is easier than you think to build strong saving habits, even on a starter salary. “The key is knowing what works and starting early.”
She says becoming a millionaire might sound out of reach. “But saving like one? That is something you can start doing right now. Wealthy people do not get rich by accident. While they may earn more than the average person, it is how they manage and grow their money that makes the real difference.
“The good news? Many of their saving habits are simple enough for anyone to copy, even if you just started your first job.”
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Nyati found these five saving habits people with serious bank accounts swear by and explains how you can make them work for you:
1. Let your money make money
Millionaires do not leave their money idle, she points out. “They put it to work in savings vehicles that earn compound interest, like tax-free savings accounts (TFSAs), where the returns grow over time without being taxed. Even if you start with small amounts, consistency is what unlocks the growth. Check with your bank as many banks offer simple ways to open a TFSA and get started.”
2. Ditch expensive debt
People with serious wealth avoid high-interest debt, like store cards, credit cards or micro loans because debt does not just drain your income, it stops you from saving for your future. Focus on paying down what you owe and you will free up money to invest in your goals instead of paying interest to someone else, Nyati says.
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3. Level up your money knowledge
You do not need a finance degree to build wealth but the more you learn, the better you will do. “Start with the basics: how interest works, what a budget looks like, how to invest safely and build from there. The wealthiest people are always learning.”
4. Give your money a plan
Nyati says a budget is your spending cheat code. “It helps you stay in control, avoid debt and find extra cash to save. Know what is coming in, what is going out and what you can set aside. When your money has a job, it works harder for you.”
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5. Start small – but start now
You do not need to put away thousands, or even hundreds, each month to get started. What matters most is building the habit early. “The sooner you begin, the more your savings can grow and the easier it gets to stay consistent.”
Nyati says saving like a millionaire is not about having a seven-figure salary but about having a game plan, a little patience and the discipline to stick with it.
“Start now and give your future self one less thing to stress about.”
