Millionaire couple shares five frugal habits they swear by

Em (@heyfrienditsem on Instagram) and her husband have a net worth of over $2 million, but the self-made millionaire couple apparently doesn’t believe in living life in the king-size. Instead, they focus on being financially prudent, aware, and mindful of their spending. In a video posted on Em's Instagram profile, the millionaire shared frugal habits she and her husband follow to maintain their wealth instead of spending it all on short-lived luxury.

The couple lives way below their means because they prioritize freedom over materialistic gains. "Just because we can afford something doesn't mean we need to buy it," Em explained. Next, the financial coach/advisor stated that their goal is to achieve long-term financial security, and therefore, they maintain a high savings rate (50% to 80%) regardless of their income. The aforementioned 'freedom' stems from financial independence — something which this couple is trying to maintain for the rest of their lives. As the National Center for Health Statistics shows, 24.3% elderly "noninstitutionalized" Americans over age 60 are in "fair or poor health." This brings great perspective to why Em and her husband are careful about their expenditure. While they are all in for new experiences, travel, and time with loved ones, they "cut back significantly on things that don't matter as much to us, like cars, clothes, and status symbols," Em said. In fact, even though they can afford to buy brand new cars, they prefer used vehicles to save money, she said in another video. 

The millionaire couple religiously follows their monthly "value spaced" budget review sessions, where they discuss how they have spent their money that month and plan for the month ahead. "We stick with a simple investing strategy, which is investing consistently every month into low-cost index funds," she added. Em explained that they have been following these habits for nearly a decade now to build and maintain the millionaire life they have today. Just like Em and her husband, being frugal is no longer considered "tacky" or embarrassing, especially for Americans who believe it's a smart way to be mindful of how we spend our hard-earned money while investing for the future. A survey by Talker Research for Chime found that nearly half of Americans (45%) are more openly discussing their finances, and 61% of them say being frugal is far from being cheap. In fact, 46% of respondents said it's a smart way to deal with money. The same survey also revealed that 43% of American respondents associated frugality with a disciplined approach to being financially prudent. Having said that, different people have different perspectives about financial progress; for Gen Z, it means the freedom to buy whatever they want from a grocery store, but for Millennials, it means growing their wealth. This explains why people with similar incomes end up with very different financial outcomes.

Meanwhile, reacting to Em's video, @alexandre_leblanc_ commented, "Also track everything, but I love the idea of the monthly meetings! I would love to have the spreadsheet template." @juanortiz9178 wrote, "Smart, good people are the ones who don't need much, they just each other and freedom." Similarly, @lami_bilat suggested, "Just watch your back. A lot of crazy people are out there. If I had your wealth, I wouldn't share it."

You can follow Em (@heyfrienditsem) on Instagram for more financial tips.

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