In a world filled with average people – and average salaries – many aspire to join the seven figure club. And while becoming rich seems like a dream, wealthy people are now revealing they too are often frugal in their lifestyles to ensure their always at the top of the food chain.
Inflation reached another all time high of 10.1 per cent in August and the surging cost of living is pushing more households to the breaking point as the cost of food and fuel soared and sent inflation to double digits for the first time in 40 years.
Consumers across the country are facing the price hikes and told DailyMail.com that they have struggled to put food on the table after inflation reached its highest rate since the 1980s.
This means households are forced to cutback on basics such as butter, eggs and milk.
The typical household will spend an $5,915 more on everyday items this year than in 2021, with inflation soaring to a 40-year high and hiking prices at gas stations and grocery stores.
As consumers battle high inflation and spend additional hard-earned money on everything from pantry staples like eggs, bread and milk to coffee, ice cream and movie tickets, the rich are also looking for a way to cut down on costs.
Rich people have mastered money-saving hacks that help them get ahead and stay ahead and have shared their budget-friendly tips to Reddit where they give average people and inside look on what it means to be among the wealthy.
According to a survey, the average household income of users in the Financial Independence subreddit is $226,000 per year. Every week they share how they save money in a Frugal Friday post.
Consumers across the country are facing the price hikes and told DailyMail.com that they have struggled to put food on the table after inflation reached its highest rate since the 1980s
As inflation reaches an all time high the rich are revealing how they stay at the top of the food chain with frugal tips; and their first tip is cutting sponges in half
Another user, who goes by @CheeezyPotatoes, shared that their frugal tip has taught them that ‘body soap is better than body wash’
Saving on their water bill seems to be a trend amongst the rich as one user added they use their gym membership to shower
Thrifty tips for your home: Don’t cut corners, cut sponges
While it seems like rich people are always carelessly blowing their money on designer handbags or luxury vacations, these users revealed they use the most frugal tips to help them stay on top, revealing their number one power is their ability to save money.
In one post, a user who goes by @InSalehWeTrust, shared that they cut their sponges in half.
The post read: ‘I cut my sponges in half. I’m so used to it now that a full-size sponge feels like overkill.’
Cutting you sponges and scrubbers in half may not seem like the first option when looking to save money, but halved sponges are just as durable and productive as full-sized sponges and can save you from frequent trips to the grocery store.
One half of a sponge can last you about a week or so and then you have another half waiting for you under the sink.
And this thrifty tip doesn’t just work on sponges, you can also cut magic erasers, scrubbing pads and dryer sheets and double your inventory in just one slice.
Another user, who goes by @CheeezyPotatoes, shared that their frugal tip has taught them that ‘body soap is better than body wash.’
The user posted: ‘Bar soap is better than body wash. I made the switch in college to bar soap.
‘One bottle of body wash would last me about a month and cost $3-5. I can buy eight bars of soap for the same price, and it easily lasts me six-plus months.’
With bar soap, you can get more bang for your buck.
Some bar soaps cost as little as $1 and can last for several weeks, whereas body washes are more expensive and don’t last as long.
And buying bar soap doesn’t just make your wallet happy, it’s also more eco-friendly.
Bar soaps have a waterless formula, which can support environmental water preservation.
With bar soap, you’ll save money and save the planet.
Another user, who goes by @royhenderson771, shared a thrifty tip for their home and said: ‘I got an extra trash can and put it outside, so when it rains, I collect that natural water.
‘In my area, it doesn’t rain much. I then use this water as irrigation for my backyard. Saves on the water bill a little bit.’
And saving on their water bill seems to be a trend amongst the rich as one user added they use their gym membership to shower.
User @P_Cil said: ‘I belong to a Planet Fitness ($10 a month, plus yearly fee). I started bringing a gym bag and showering and shaving there to cut back on my water bill.’
And if you’re trying to keep some cash away from utility company, another user has the perfect tip for you.
User @panda_monium2 revealed: ‘Weather has been over 90 degrees all week, so I have been hang drying instead of using our dryer.
‘Cost-wise, it’s probably minimal, but it makes me feel good to give less money to the utility company, and being more eco-friendly is definitely a bonus!’
Rich Reddit members have revealed that saving money with the items in your pantry is the best way to stay ahead
One user shared how they make the most out of their ‘mushy’ fruit by freezing it, ensuring they don’t waste a single dime
No leftovers left behind: How to make the most out of the crumbs in your fridge
When you have leftovers in the fridge it can be easy to toss them out and opt for something new, however; these rich Reddit members have revealed that saving money with the items in your fridge is the best way to stay ahead.
One user shared how they make the most out of their ‘mushy’ fruit, ensuring they don’t waste a single dime.
User @PizzaFi posted: ‘My local produce market often sells discounted bags of fruits and veggies that are past their prime.
‘Last week, I got a huge bag of bananas for $3. I mushed up the squishiest ones to use in banana bread, and the rest I sliced up and froze for use in smoothies.
‘This particular market runs Friday-Sunday, so if I go on Sunday afternoon, I can usually get some great deals, as long as I’m willing to do a little work chopping and freezing afterwards.’
Another favorite amongst the rich is app Too Good To Go, which connects consumers with restaurants and grocery stores that have a surplus of unsold food.
User @ringring3 shared: ‘I started using the app Too Good To Go more often. It lets the restaurant sell food it would normally throw away at the end of shifts.
‘Great for trying new places. You can get some great deals, and it seems to help everyone. I recently got a baker’s dozen of higher quality bagels from a local shop for $3.’
For consumers who are trying to make the most out their leftovers, user @jka8888 has the perfect tip to help create something from what you already have.
The post read: ‘We are three weeks in on eating through all the leftovers and extras in our fridge, freezer, and pantry.
‘Other than a couple of fresh bits and pieces, we basically spent nothing on food this month.
Looks like we’ve hit the end of the road for full meals, but next week, we’re aiming to build our meals entirely around something we already have.’
Users shared how they recycle their favorite meal at home to save themselves from the outrageous cost of going out
Many users agreed they skip takeout to save money, user @Plain_Chacalaca said: ‘I haven’t ordered takeout in over two years’
Pull out the cook books! How to save money by replicating your favorite restaurant meals
Food prices have gone up and expected to keep doing so, so the rich are focusing on how to save by cooking at home and even giving their favorite tips to save when eating out.
Another user shared how they recycle their favorite meal at home to save themselves from the outrageous cost of going out.
User @wormeee said: ‘Fried rice is one of my favorite meals. The flavor-to-cost ratio is off the charts.
‘The key to excellent fried rice is to refrigerate the white rice after cooking; I refrigerate it overnight at the minimum. This helps the rice firm up and keeps it from getting mushy.
‘I’ll typically make a large batch of white rice and use it through the week. Fresh rice for sushi, fridge-aged rice for frying.
‘My typical recipe is simple: rice, eggs, onion, and carrot with soy sauce. Yummy every time.’
And it seems like replicating your go to items you purchase when your out is a trend among the rich as another user revealed how they replicate their favorite beverage.
User @SEA_tide posted: ‘I enjoy the occasional frozen beverage such as a Slurpee or Icee. Unfortunately, the prices have increased such that a Slurpee is now $2.99 plus tax in my area.
‘I’ve been buying the pre-sweetened Kool-Aid and Country Time lemonade mixes on sale for $0.99-1.49 and using a bit of that with water and crushed ice in a blender so I can get 20-plus drinks per mix.’
While grabbing a meal with friends can seem like the perfect opportunity to catch up, it often comes with a price tag high enough to make you want to skip lunch altogether.
Luckily user @loveskittles shared exactly how to make the most out of a meal at home.
The post read: ‘My friends and I love going out to breakfast. However, it is costly, and the markup on some things is wild. We enacted ”Frugal Breakfast,” where we take turns cooking each other breakfast at our various homes. It’s amazing.
‘Also, it’s a bonus with our young children because they can just play while their parents gab.
‘There’s definitely not much for young kids to do at a regular diner except actually eat. Highly recommend.’
And while everyone loves to grab a cup of coffee after heading out the door, the rich revealed buying coffee out everyday is a surefire way to flush out your money.
One user revealed they found a fix to this problem and posted: ”My wife and I are mainly tea drinkers but will occasionally buy a fancy coffee drink to mix things up. In the last year, our local coffee shop has gotten just too expensive.
‘We were at about $7 per drink with tip, which felt outrageous. So, I bought a little moka pot for $30 and started making drinks at home.
‘I can use whatever kind of milk I want (almond, oat, coconut, or dairy) and sweeten it the perfect amount. I daresay the drinks are better, and the moka pot has already paid for itself.’
Another user shared these tips come from the number one rule they follow.
‘I haven’t ordered takeout in over two years,’ said user @Plain_Chacalaca.
The rich have shared their favorite frugal tips on how to keep the grocery bill down
One user shared that they stick to a strict grocery shopping schedule to ensure they don’t waste a single penny
How to cut down your grocery store receipt and save on staple items
From the moment you pull into the driveway if a grocery store to pick up just a few staples, to the moment you drive away with a trunk filled with items you didn’t need, grocery stores know exactly how to enact a war on your wallet.
Luckily, the rich have shared their favorite frugal tips on how to keep the grocery bill down.
One user shared that they stick to a strict grocery shopping schedule to ensure they don’t waste a single penny.
User @jgatcomb revealed: ‘We only grocery shop once every two weeks. This has the result of better planning and less waste because you are forced to eat what you purchased without the safety net of just picking up something new in a few days.
‘There is an Aldi on my spouse’s route home from work, so on the rare occasion we need milk or bread out of cycle, we can get it, but that doesn’t seem to happen very often.’
Another user shared they avoid the grocery store altogether to avoid the temptation that comes with grocery shopping.
User @Mrshaydee shared: ‘Ordering groceries for pickup vs. shopping in store saves me a few hundred a month on impulse purchases. Also, I leave my husband at home when I go to Costco. He has no self-discipline at Costco!’
One user, who goes by @Edmeyers01, revealed he has been using DoorDash to help pay for the rising cost of a loved pantry staple – bread.
The post read: ‘I’ve been taking DoorDash trips in the direction I’m heading for longer drives to get my wife’s fancy sourdough bread.
‘Now, I can write off my mileage, and I can usually make enough to pay for the bread and entire trip.’
And with bread up .15 cents due to inflation, the beloved bakery item seems to be a hot topic for many of the rich as another user shared how to get deals on the pantry staple.
User @SEA_tide shared: ‘If you have a bakery outlet near you and normally eat bread, see what their daily sales are and consider going on those days to save money.
‘For example, in the Pacific Northwest, the Franz Bakery outlets mark all breads with upcoming dates (within six days for most products) for $1.25 on Saturdays, which includes a lot more expensive breads.
‘Most of the breads freeze well, too. $1.25 is an especially good deal when a loaf of bread is $2-7 in stores, especially if one likes the organic breads.’
Staying rich means you need to find extra ways to save money when you shop, and these users have found out how to do just that with their frugal tips
User @alexitam14 shared they use second-hand shopping to their advantage to help them cut down on their spending (stock image)
Get thrifty! How to use secondhand shopping to your advantage
Staying rich means you need to find extra ways to save money when you shop, and these users have found out how to do just that with their frugal tips.
User @alexitam14 shared they use second-hand shopping to their advantage to help them cut down on their spending.
‘I’m big on yard sales, thrifting, and flipping the things I already have, and I use that money specifically to buy clothes and shoes. I hunt for high-quality, gently-used brands priced for a steal.
‘For my birthday next month, I have a big bag of clothes and purses, and plan to turn it all in at my favorite thrift store for store credit. I can use that for a shopping spree in the store as a gift to myself!’
And if you’re one who’d rather do the shopping from the comfort of your home, user @catjuggler has the perfect tip for online shopping.
‘Online shopping tip: Install a chrome extension for reverse image searching and use it before you buy anything.
‘Sometimes, things are sold on multiple online retailers at different prices. I just switched from buying a sofa on Wayfair to Target.’
Another user even shared a money-saving hack for you and your lovebird.
‘It’s our one-year anniversary today. I want to make people aware of a diamond alternative called moissanite.
‘It’s lab-grown and looks just as good, if not better than the real thing. Our engagement ring stone is about 1.5 carat size, which can cost $10k-25k depending on clarity.
‘Our moissanite ring cost about $550 and was custom made to our liking,’ said user @YW55.
And if you’re looking to spruce up your home without breaking the bank, the rich have a tip for you too.
User @bahala_na- said: ‘This really depends on your area, but here, people live in small spaces and often get rid of stuff for cheap or free. Just taking a walk, sometimes you can find really good stuff in great condition.
‘You leave something you don’t need anymore on the sidewalk, and it disappears to someone else’s home in 30 minutes.
‘I grew up in this city, and almost our entire apartment was furnished in found items or neighbor discards.’
They even added they found a brand new ‘fridge’ while on their community treasure hunt.
From entering online lotteries to responding to Facebook ads, the rich revealed they keep the internet at their fingertips with creative ways to increase their income flow (stock image)
Another user shared they often DoorDash and complete Facebook ads to help them make extra money
Get creative with your income and use technology to your advantage
From entering online lotteries to responding to Facebook ads, the rich revealed they keep the internet at their fingertips with creative ways to increase their income flow.
One user shared: ‘I answer Craigslist ads to participate in surveys. Sometimes, they are Zoom focus groups, which can last an hour or two (these are usually $100-200). Sometimes, they’re $5 Amazon gift card surveys.
‘I use the money to buy essentials like soap, kitchen supplies, toothpaste, etc.’
Another user added they search for Facebook and Craigslist ads to help them save.
@EliteYager posted: ‘Looking first on Craigslist or Facebook Marketplace for any tools I need. As a first-time homeowner, I’ve saved well over $1,000 already on tools and probably thousands more doing work myself.’
Other users revealed that staying rich means negotiating and saving money in any way you can.
User @DoctorFI_ER shared: ‘I called my internet provider to tell them I was thinking of switching unless they could give me a better rate.
‘They just gave me 35% off per month. Not a huge amount, but it’s nice to trim the budget a little.’
While another user shared no matter how small the hack may be, it helps.
‘I’ve started slowing my acceleration and timing my coasting better, and I’ve improved my MPG by almost a full three MPG,’ said user @braiinfried.
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