Savings Month is here, and it’s the perfect opportunity to take a fresh look at how you manage your money. You don’t need to be rich to save like a millionaire. In fact, most millionaires didn’t get rich overnight. They followed simple, smart habits every single day.
Whether you’re earning a little or a lot, you can build financial security by learning what millionaires do differently. These aren’t secrets. They’re practical, proven strategies that anyone can follow.
ALSO READ: Savings Month: Build Your Financial Future Brick by Brick for Long-Term Wealth
1. Spend Less Than You Earn
One of the most important habits millionaires share is living below their means. In simple terms, they don’t spend everything they earn.
Even when their income increases, they avoid unnecessary upgrades like luxury cars, high-end gadgets, or expensive clothes. They choose to save and invest instead.
Start by:
- Tracking your spending for 30 days
- Cutting back on things like fast food or unused subscriptions
- Shopping with a list to avoid impulse buys
Small changes can free up money for savings, no matter how tight your budget is.
2. Pay Yourself First
Before you pay bills or go shopping, put money into your savings. This is known as “paying yourself first.”
Set up a debit order that automatically moves a portion of your salary into a savings or investment account. It could be R200 or R500 a month; what matters most is doing it consistently.
Need help getting started? Platforms like EasyEquities let you invest small amounts in shares and ETFs without high fees.
3. Use a Budget You Can Stick To
Millionaires don’t guess where their money goes. They use a budget to plan their spending and stay in control.
You don’t need fancy software. You can use:
- A budgeting app like 22seven
- A notebook or spreadsheet
List all your income, your expenses, and how much you want to save. Review it weekly to stay on track.
Budgeting isn’t about saying “no” all the time; it’s about giving every rand a purpose.
4. Build an Emergency Fund
Unexpected expenses can ruin your financial plans. That’s why it’s important to have an emergency fund, money set aside just for emergencies like car repairs, medical bills, or a job loss.
Aim to save at least three months’ worth of living expenses. If that’s too much to start, begin with R1,000 and build from there.
Use a:
- Money market account
- 32-day notice account
- Separate savings pocket in your bank account
A Sanlam report found that only a quarter of South Africans have emergency savings. Make this your first step.
5. Avoid Debt for Things That Lose Value
Not all debt is bad. But using credit for things like clothes, gadgets, or fast food keeps you stuck in the cycle of spending and repayments.
Millionaires avoid taking loans for things that don’t grow in value. Instead, they save up and pay in cash whenever possible.
If you do use credit, make sure:
- You can pay off the balance quickly.
- You’re not relying on credit cards to survive the month.
- You only borrow for smart reasons, like a home or education.
6. Keep Learning About Money
Wealthy people are always learning, especially about money. The more you understand, the better your choices become.
Some great ways to build your financial knowledge:
- Read The Psychology of Money by Morgan Housel.
- Follow trusted experts like Maya Fisher-French or Nicolette Mashile.
- Listen to South African money podcasts like The Fat Wallet Show.
Learning is free, and it pays off in rands and cents.
7. Set a Clear Goal for Your Savings
Money without a goal is easy to spend. Millionaires save with purpose, whether it’s to buy a house, invest, or retire early.
Set clear, realistic goals using the SMART method:
- Specific (e.g., “Save R20,000 for a deposit”)
- Measurable
- Achievable
- Realistic
- Time-bound (set a deadline)
Write your goals down or use a vision board to keep them top of mind. Every time you save, you’ll feel more motivated.
8. Be Patient and Stay Consistent
Wealth doesn’t grow overnight. Millionaires understand that small savings, done consistently, can lead to big results over time.
Let’s say you save R500 a month and invest it with a 10% return. After 30 years, that could grow to more than R1 million (source).
It’s not about how much you save; it’s about how long you keep going. Be patient, stay focused, and trust the process.
READ MORE: Boost Your Financial Health and Rewards with Vitality Money: A Complete Guide
Use Savings Month to Start Fresh
Savings Month is your chance to reset your money habits and take back control. The habits used by millionaires, like budgeting, saving first, and avoiding bad debt, are simple, practical, and powerful.
Start small. Stay consistent. And make every rand count.
Need more inspiration? Read this easy guide to saving like a millionaire to see how others are doing it.