Inside the Lives of Millionaires Who Choose to Spend Less, Not More

Living with a million-dollar net worth doesn’t always look the way most people expect. Instead of flashy lifestyles and luxury cars, a growing number of high earners are choosing to live far below their means. They’re not following trends or splurging on the latest gadgets—instead, they’re cooking at home, wearing secondhand clothes, and prioritizing long-term goals over short-term indulgence.

This low-consumption approach isn’t about deprivation. For many, it’s a conscious decision to focus on financial freedom, early retirement, and meaningful living. Here’s a closer look at how these millionaires are making frugal living a strategy, not a sacrifice.

The Low-Spend Lifestyle Making Millionaires

It might be surprising, but many self-made millionaires say their wealth didn’t come from explosive income alone—it came from not spending it. While peers dine out, upgrade their wardrobes, and follow lifestyle trends, these individuals lean into habits that help them build and protect their net worth.

Some common habits include:

– Buying used or secondhand instead of new
– Cooking meals in bulk rather than eating out
– Driving older or used cars
– Avoiding impulse purchases
– Using loyalty rewards and travel points
– Renting or living modestly—even with the means to do more

These aren’t just one-time choices—they’re part of a long-term mindset.

Shang Saavedra

Instagram | savemycents | Shang Saavedra shows how living simply helps build wealth with purpose and lasting freedom.

Author and entrepreneur Shang Saavedra built her financial foundation on discipline and purpose. Living in a rented four-bedroom house near Los Angeles, she and her husband share a 16-year-old vehicle and shop at budget-friendly stores like Aldi, often preferring the frozen food section for better prices.

Her children, five and two, wear hand-me-downs and play with toys purchased from online resale platforms. While she chooses affordable everyday options, she doesn’t cut corners on things that align with her values, like education. Her kids attend private schools, and she owns property in New York.

Shang’s spending philosophy is rooted in long-term impact. “If there’s no clear reason behind your spending choices, it’s easy to feel burnt out,” she explained. “For us, aligning our lifestyle with financial freedom and family made every trade-off worthwhile.”

Even now, as a millionaire, she chooses experiences and purchases based on purpose. Yes, she enjoys the occasional luxury dinner, but the key is knowing why she wants something, not just buying it on a whim.

Annie Cole

Annie Cole, a personal finance expert and researcher, lives comfortably on under $4,000 a month—even though her assets cross the million-dollar mark. She hasn’t bought new clothes in over a year, and even that last purchase was with a gift card.

She shops at Goodwill a few times a year, drives less, and prepares meals at home. Her haircuts? DIY. When it comes to vacations, Annie uses air miles collected from her corporate travel days, planning low-cost trips filled with outdoor fun like hiking and swimming.

This simplified lifestyle has changed her outlook on work and retirement. “Now that I’m working part-time, I see retirement differently,” she said. “Back when I worked full-time, I couldn’t wait to quit. But now, I already have the freedom to live how I want.”

For Annie, the real reward isn’t just financial—it’s the flexibility to enjoy life without being tied to a demanding schedule.

Dr. Robert Chin and Jessica Pharar

In Las Vegas, dentist Robert Chin and his partner Jessica Pharar run a dental practice—and live a life that favors practicality. They commute together to reduce fuel costs, pack lunches daily, and carefully plan purchases to avoid waste.

Their shift toward less spending was triggered by rising costs and a desire for better control over their finances, even with a solid income. “We eat out maybe twice a month now. We shop in bulk and stick to what we need,” said Robert.

While he does buy new clothes, he opts for quality over quantity, choosing brands that offer long-term durability or lifetime warranties.

The couple owns a rental condo but currently rents their home to remain flexible for future real estate decisions. Their long-term plan? Hire another practitioner for their clinic so they can step back when needed. “It’s about setting ourselves up to have more control over our time,” Robert shared.

What Sets These Millionaires Apart?

Freepik | jcomp | Intentional spending, the conscious and purposeful use of every dollar, is a unifying principle for millionaires.

The choices made by Saavedra, Cole, Chin, and others aren’t driven by scarcity—they’re fueled by intention. Their habits reflect a commitment to living with purpose, resisting societal pressure, and focusing on what truly matters.

Some shared principles across these millionaires include:

1. Intentional Spending – Every dollar is tied to a reason—whether it’s investing, saving, or giving.
2. Frugality Without Sacrifice – They don’t feel like they’re missing out—they feel empowered by choice.
3. Long-Term Focus – Short-term luxuries are often traded for long-term peace of mind.
4. Low Overhead, High Impact – Keeping costs low means more flexibility and financial independence.

These millionaires are proving that wealth doesn’t have to change how you live—it can enhance it when paired with the right mindset.

Why the Millionaire Lifestyle Is Shifting

More people are starting to question the narrative that success is all about accumulation. With inflation, economic uncertainty, and increasing awareness of financial health, the appeal of a quieter, intentional life is growing.

The rise of the “underconsumption” lifestyle on social platforms isn’t just a trend—it’s a reflection of how many high earners are choosing to live. From no-buy challenges to secondhand shopping hauls, the online conversation is shifting away from excess and towards purpose.

These millionaires aren’t trying to prove anything—they’re simply living in a way that aligns with their goals. And for many, that’s the true definition of success.