Ramsey Solutions: 85% of Millionaires Do This One Thing To Save Money
Written by
Chris Adam
Edited by
Daria Uhlig
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You may have more in common with millionaires than you think — especially if you use a common approach to saving money.
“The National Study of Millionaires” from Ramsey Solutions found that 85% of millionaires use a grocery list in some way. In fact, 28% of those surveyed said they make a list and always stick to it, while 57% make a list and somewhat stick to it.
Here’s encouraging news — Most of the 10,000 millionaires Ramsey Solutions surveyed didn’t achieve their status thanks to six-figure incomes, lottery winnings or inheritances. “Most of them did it through consistent investing, avoiding debt like the plague and smart spending,” according to Ramsey Solutions.
Be a Smart Spender
So how does a grocery list help millionaires shop and spend smarter? The answer is simple — It helps them avoid overspending and impulse buying.
According to Psychology Today, “Shopping lists tend to reduce purchases because they remind the shopper of their goals and make unplanned purchases more obvious.” Over time, the money not spent adds up to good savings — dollars you can invest to create even more money.
Encourage Good Habits
A grocery list also helps when it comes to how you feel. Creating a shopping plan based on what you already have and what you need can make you feel empowered to wisely spend your money. In addition, once you leave the store having accomplished the goal of purchasing items on your list and saving money by not overspending, you’ll feel better about achieving other goals with your money.
Here’s a bonus: If you have a bad memory, a grocery list can be a very beneficial tool. Simply writing down what you need to get makes it more likely that you’ll remember those items. And that can help you save lots of time compared to roaming around the store without a plan.
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