Personal Finance Financial Planning

How to save like a millionaire (even if you’re not one yet)

Salem Nyati|Published

It’s easier than you think to build strong saving habits, even on a starter salary. The key is knowing what works and starting early, says writer.

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Becoming a millionaire might sound out of reach, but saving like one? That’s something you can start doing right now. Wealthy people don’t get rich by accident. While they may earn more than the average person, it’s 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’ve just started your first job.

Here are five saving habits people with serious bank accounts swear by – and how you can make them work for you.

1. Let your money make money

Millionaires don’t leave their money idle. 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 – many 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 microloans. That’s because debt doesn’t just drain your income, it stops you from saving for your future. Focus on paying down what you owe, and you’ll free up money to invest in your goals instead of paying interest to someone else.

3. Level up your money knowledge

You don’t need a finance degree to build wealth, but the more you learn, the better you’ll 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

A budget is your spending cheat code. It helps you stay in control, avoid debt, and find extra cash to save. Know what’s coming in, what’s going out, and what you can set aside. When your money has a job, it works harder for you.

5. Start small – but start now

You don’t 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.

Saving like a millionaire isn’t about having a seven-figure salary. It’s 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.

* Nyati is the consumer financial education specialist at Momentum Group Foundation.

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