As a 40-year-old self-made millionaire, I often reflect on the habits and choices that helped me build my financial foundation. My journey started humbly, raised by a single mom who managed to make ends meet with remarkable resilience. She taught me the value of frugality, a lesson that has stayed with me even as I’ve achieved financial success.
At 37, I reached a net worth of over a million dollars, a milestone that was the result of careful planning, disciplined saving, and mindful investing. Despite my financial achievements, I hold onto several frugal habits that not only saved me money in the past but continue to serve me well in the present. These habits are a reflection of my values and my commitment to maintaining financial security. Here are the five frugal habits I’ll never quit:
1. Being a Regular at My Local Library
Libraries have always been a treasure trove of resources for me. Growing up, I spent countless afternoons immersed in books, escaping into worlds beyond my imagination. Today, as a father and entrepreneur, the library remains a cornerstone of my frugal lifestyle.
Why I’ll Never Quit This Habit:
Libraries aren’t just for books; they offer a wealth of free resources that cater to all ages. From borrowing the latest bestsellers to accessing audiobooks, podcast equipment, and even 3D printers, my family has tapped into these services without spending a dime. Our local library in Omaha also hosts enriching community events such as baking classes, art workshops, and self-defense training sessions.
Not only do these resources save money, but they also provide meaningful experiences. Whether it’s spending a quiet afternoon reading with my kids or attending a community activity, the library helps us connect, learn, and grow as a family.
2. Brewing My Own Coffee
The allure of a daily coffee shop visit is hard to resist, but I’ve always found brewing my coffee at home more satisfying — financially and personally.
Why I’ll Never Quit This Habit:
A $16 bag of coffee grounds lasts me two months, which is significantly cheaper than buying coffee every day. Brewing my coffee at home also gives me control over the flavor and strength, ensuring that my morning cup is always just the way I like it.
Of course, I’m not entirely against indulging in a café visit. My wife and I occasionally budget for a coffee date, but my home setup is a consistent, reliable way to save both money and time.
This habit exemplifies the idea of balance: enjoying small luxuries occasionally while maintaining cost-effective routines that keep our financial goals on track.
3. DIY Repairs Whenever Possible
One of the most empowering habits I’ve developed over the years is the ability to fix things myself. From minor household repairs to maintaining older furniture, the DIY approach has saved me countless dollars.
Why I’ll Never Quit This Habit:
DIY repairs aren’t just about saving money — they’re about valuing and extending the life of the items you already own. For example, a dresser my wife and I bought 13 years ago has seen its fair share of wear and tear. Instead of replacing it every time the drawer guide rails detached, I took the time to fix it with a few screws and a drill.
These small efforts cost only a few dollars and significantly prolong the life of our belongings. Beyond the financial savings, there’s also a sense of satisfaction in solving problems and taking care of what we already have.
4. Being Cautious with Credit Cards
Credit cards can be a double-edged sword. Used wisely, they offer convenience and rewards. Mismanaged, they can lead to crippling debt. For me, caution has always been key.
Why I’ll Never Quit This Habit:
I view credit cards as a tool, not a crutch. I never charge expenses to a credit card unless I have the funds readily available in my bank account to pay off the balance in full each month. This approach helps me avoid interest charges while maintaining a good credit score.
Additionally, I make the most of credit card rewards. Whether it’s redeeming points for free flights, car rentals, or gift cards, I ensure every dollar spent through my credit card works in my favor. For instance, I recently used gift card rewards to replace our decade-old TV with a modern 4K model — at no additional cost.
This habit reflects a broader philosophy of living within my means and making deliberate, intentional financial choices.
5. Only Buying Used Cars
When it comes to cars, I’ve always been practical. My wife and I have never been drawn to luxury vehicles or the latest models. Instead, we prioritize functionality and longevity.
Why I’ll Never Quit This Habit:
Both of our current vehicles — a 2005 Saturn Vue and a 2013 SUV — have over 100,000 miles on them. Regular maintenance ensures they remain reliable, and we only consider replacing a car when repair costs outweigh the benefits of keeping it.
For instance, when one car’s transmission needed replacing, I researched online and found a used SUV with 80,000 miles that fit our budget. Three years later, it’s still running strong. This approach allows us to save thousands of dollars while still meeting our transportation needs.
Buying used cars aligns with my broader financial goals: minimizing unnecessary expenses and prioritizing investments that generate long-term value.
Why These Habits Matter
Reflecting on my upbringing, I’m reminded of a powerful quote by Dr. Randy Pausch: “Engineering isn’t about perfect solutions; it’s about doing the best you can with limited resources.” This mindset has shaped my approach to money and life.
Growing up with limited resources taught me to be creative and resourceful. These habits, rooted in frugality, are not about deprivation but about maximizing the value of what I have. They enable me to focus on what truly matters: creating memorable experiences, providing for my family, and building a secure future for my kids.
I’ve never been interested in keeping up with the latest trends or owning the flashiest gadgets. Instead, I prioritize experiences and opportunities that enrich our lives. Whether it’s learning a new skill, visiting family, or investing in my children’s education, these are the things that bring lasting fulfillment.
Final Thoughts
Frugality isn’t just a financial strategy; it’s a lifestyle choice that reflects my values and priorities. These five habits — using the library, brewing my own coffee, doing DIY repairs, being cautious with credit cards, and buying used cars — have been instrumental in my journey to financial independence.
Even as a millionaire, I see no reason to abandon these habits. They’ve taught me discipline, resourcefulness, and gratitude for what I have. Most importantly, they allow me to channel my resources toward the things that matter most: my family, my goals, and the legacy I hope to leave behind.
No matter where you are in your financial journey, adopting simple, frugal habits can help you take control of your money and build a brighter future. After all, wealth isn’t just about how much you earn — it’s about how wisely you manage and prioritize what you have.
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