Work Hard…But Don’t Play Hard: 35 Things Rich People Refuse To Spend Their Cash On

By Phillipa G

This article was originally published on bettermanly

In this economy, people are always finding new ways to build and maintain wealth. Every day, there are new podcasts, books, and articles about the habits of wealthy people. This is a way to show some insight into what these people do to become successful and how they manage their money to keep their wealth growing.

In this article, we go through the things that wealthy people don’t spend money on. Even if they have the means to buy anything, they won’t – especially if it is not an effective use of the money. These habits free up funds to put to better use, whether that is a new business, investments on the stock market, or helping with daily expenses.

Hopefully, these tips and tricks will help put you in the same mindset as the super-wealthy.

Brand new cars

You can usually make a good judgment about someone’s wealth by looking at the car they drive. Walking through an affluent suburb, you will see loads of luxury cars parked on the streets. However, these people will very rarely buy a brand-new car.

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A good money-saving tip is to buy a car that is one or two years old. This means that you will still get a new, upgraded car with the latest technology but at a heavily reduced price tag. Cars are depreciating assets, so it is a huge waste to buy a new car.

Spontaneous marriages

Marriages can be extremely expensive. Not only does a ceremony cost about the same as a house deposit these days, but the cost of divorce without some form of a prenuptial agreement and the cost of divorce lawyers can be sky-high.

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Wealthy people will very rarely risk their wealth by getting married without a prenuptial agreement or by spending their money on the other party. Instead, they will invest in the establishment of a prenuptial agreement and take their time before getting married.

Extended warranties

Although these are attractive in-store when you buy a new, big-ticket item, a way to preserve your money is to do a bit of research into the manufacturer’s guaranteed warranty before agreeing to purchase the extra warranty that they offer in-store.

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Wealthy people are known for being smart with their money and will typically shop around for the best deal before spending big, and extended warranties are one thing that wealthy people will typically skip. Manufacturer warranties are usually sufficient or better than the extended versions offered in-store.


Even for the wealthiest of people, medical bills can quickly stack up. Additionally, you can’t work and earn more money when you are ill, so wealthy people will typically invest in keeping themselves healthy rather than spending on health bills when something goes wrong.

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Podcasts and blogs centered around wealth and health are hugely popular, and in almost every ‘life of a CEO’ piece, there is a huge section on keeping themselves physically and mentally healthy. This sets them up for success and minimizes the bills from doctors.

Low-interest savings

It is no secret that if you want to grow and maintain your wealth, you have to make your money do the work for you. Therefore, putting your cash in a low interest will not be as efficient as an account that will earn higher interest on top of what you put in savings.

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Even though having copious amounts of money in a low-interest account will generate a good level of extra income, it is evident that earning more interest on your savings is a better way to grow your wealth. People with high incomes and those wanting to increase their savings won’t bother with low-interest accounts.

Inflated interest

When taking out a loan or credit card, the important thing to check is the interest rate. Often, you can end up spending more on interest than the principle of the loan over the course of the loan period. A way to avoid high interest is to have a high credit score.

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A high credit score will make loan lenders think you are more reliable, thus guaranteeing lower interest rates on any loan. Wealthy people will build up a credit score and negotiate lower interest rates to be more financially savvy. Build up your credit score and pay off your debt as soon as possible.

Video games

The video game industry is a huge money-making machine, but their main attraction is how addictive their games are, roping in more people for longer periods of time. They also regularly bring out new additions to their games to keep people buying their products.

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The super-wealthy don’t have time to sit around playing loads of video games, so it would be a waste of money to spend all that money on a variety of video games when they could have their favorite few to play when they get some downtime.


There is a huge preconception that wealthy people get their money through large inheritances. However, this isn’t always the case. Of course, family and friend connections help immensely with getting jobs and leadership positions, but their wealth doesn’t always come from inheritance.

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Instead, their money will be invested and managed via a will or trust account and only released to their family when they pass away or when they think their children have reached a maturity level to be able to be smart with the money.

Impulse shopping

Anyone looking to save money should reign in their impulse shopping tendencies because it almost always isn’t a smart way of using money. Most wealthy people will only purchase something after they have thought about it and know that they need it.

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There are loads of resources on saving money and making the most of your money, and every one of them will tell you not to impulse buy. This will only make you burn money on things you don’t need rather than putting that money towards things that you do need or towards investments.


Paying for extra TV channels can be a large waste of money when you are working too many hours even to use them. Most of the wealthiest people don’t have time to sit and watch loads of TV every night, so it would be silly to be paying for it.

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Additionally, the cost of streaming services now is so much lower than the cost of TV channels, so if you do want some extra shows than the free-to-air channels provide, then these are better options. They also offer a huge range of shows and movies that you don’t need to go elsewhere.

Expensive restaurants

Expensive restaurants are targeted toward the wealthy as a customer base. After all, wealthy people are the only ones who can actually afford to dine at expensive restaurants. However, the wealthy don’t dine at restaurants like these all the time.

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Wealthy people know how to manage their money effectively, and we know that always eating at a restaurant is not an effective use of your money – because eating at home is much cheaper than fine dining. So although they will go occasionally, they aren’t at restaurants every night.

Home appliances

Although technology is continually changing and upgrading, wealthy people can recognize that things like home appliances don’t need upgrading just because a new addition has been released, as it is a waste of money. As they say, don’t fix what isn’t broken!

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The same goes for name brands of home appliances, which are always much more expensive for the same product. Wealthy people will be more calculated with their money and won’t spend more on a fridge when they can get a perfectly good one at a lower price.

Big houses

Even though it would be nice to have a home with a huge amount of bathrooms and bedrooms, it is also a waste of money for one person or a small family. Wealthy people will, of course, have nice homes that are larger than average – but won’t always go to the extreme.

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Having a spare bedroom or two is a nice splurge for people who can afford it, but no one needs more space than they would ever be able to fill. Instead, they will have a reasonably sized home for the size of their family and fill it with nice things.


Minimalism is a very popular trend among wealthy people, and you need to scroll through all of the videos online of very expensive homes to see that they have very few knick-knacks to fill a space or just for the sake of it.

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This serves two purposes: it is a mental space as well as a financial decision. Obviously, not purchasing a load of small items just for fun will save money. It is also a fact that having a clean space can help declutter your mind as well, which lots of successful people will live by.


All parents, regardless of their income, want to set their kids up for success. So even if they can afford it, wealthy parents won’t spoil their kids with never-ending toys and entertainment because it runs the risk of spoiling them too much.

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Drawing a line between giving gifts and spoiling will give their children more of an understanding of the value of money and the reality of the world. It’s good to teach them that not everything will be given to them with a silver spoon.

Luxury brands

Everyone likes to have a little luxury in their life, and treating yourself is always encouraged to make yourself feel good. However, the super-wealthy folks know where to draw the line between treating yourself to something nice and overdoing it. 

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The mega-rich won’t splurge that much on designer brands in their day-to-day lives, as we all know that quality doesn’t always match the price tag, and even top quality never costs that much. Instead, they will treat themselves to wishlist items but be more reasonable with everyday purchases to use their money more wisely. 

Credit cards

Having a credit card can boost your credit score when used responsibly, but having a huge borrowing amount or having a number of cards without keeping track can land you in a lot of debt, which won’t make you wealthy at all. 

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The wealthiest among us have a credit card but use it wisely and only spend what they know they can pay off. This will boost their credit score and help in the long run, as they will be more eligible for lower interest rates and other financial products to build their wealth. 

Expensive grooming

Getting a haircut or a facial can be a great form of self-care, but there is no need to go for the most expensive option for personal grooming. There are many cheaper salons that do just as good a job compared to luxury places. 

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Wealthy people will often have that sophisticated look that does take professional care and ability, but that doesn’t mean they spend loads on it. Do your research and find a good salon in your area that will do a good job and at a good price. 

Real estate

The real estate market at the moment is hugely inflated, and wealthy people are well aware of this. This is why they are more calculated with their investments in property and will only buy where the market seems slightly prosperous. 

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It would not be a wise investment to buy when the market is inflated, as there is a higher risk of a crash, and you are paying more for less. Instead, look for property in areas that aren’t as popular, so you’re not sucked into an inflated price. 


Because of the way the property market is, many more people are renting – out of necessity or choice. Buying property is much more expensive now than it ever has been, so even wealthy people are choosing to rent instead of buy. 

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This gives them more flexibility as they are not locked into a mortgage and frees up some finances to invest in higher return items. Buying is not giving the profits it used to, so renting and investing elsewhere is becoming an efficient use of money if you’re happy without the stability of a mortgage. 

Business class

A business class and economy class seat get you to the same destination, so why waste the extra thousands on a seat on the same plane? Obviously, business class is a much more comfortable journey, but it isn’t worth it if it is a short trip. 

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Wealthy people won’t often fork out the extra money for short trips but instead will get frequent flyer cards or credit cards that give reward points and upgrade their seats that way, saving themselves the money but still being able to get to the same destination. 

Self-help courses

This is not to say that education isn’t important, but only that ‘self-help’ and self-improvement courses and life coaches are often a waste of money. Honestly, wealthy people don’t get to where they are in life by spending money on such things. 

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There are plenty of free resources to use if you really think you need to level up your habits or lifestyle to make you more successful, so there is no need to waste your cash on expensive courses that won’t actually help that much. 

Plastic surgery

Of course, this is not applicable to every wealthy person because there are plenty of them that have indulged in plastic surgery. But the majority of the wealthy people who aren’t famous won’t spend thousands of dollars on getting cosmetic procedures. 

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It is a huge investment that offers no returns, especially when you consider that surgeries often need touch-ups and loads of maintenance. They can also be quite risky, so unless there is something that they’re really insecure about, very few will spend their money on plastic surgery. 


Real fur has been declining in popularity for a while, mainly because it is becoming widely considered as unethical to be wearing the skin of an animal that has been hunted to become a fashion item. It is also incredibly expensive on top of that. 

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Major fashion houses have started using faux fur that looks and feels just like the real thing, influencing wealthy people to start wearing more sustainable materials. If you can get something that looks just as good and is less harmful at a fraction of the cost, why wouldn’t you?


Just like luxury brands mentioned above, gold is one of those luxuries that wealthy people won’t overspend on. It’s the same as designer labels. People will treat themselves when they deserve it or have seen something that they will truly love and cherish. 

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However, you can only wear so much jewelry at once, so wealthy people will only invest in a few good items and save their money for something they will get more use out of. Alternatively, they’ll put their money towards a better investment. 


Overdraft fees can be charged when you try to spend more money than there is on your debit card. It depends on your bank and whether you have any arranged overdraft, but often you will get charged fees for this.

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This is one drawback of not having a credit card, but it is also a financial incentive to be smarter with your money. Wealthy people are typically savvier with their money and won’t spend more than they actually have so that they won’t waste money on overdraft fees.


Retirement is a phase of life that many people look forward to, but a large number of wealthy people don’t actually plan to retire, so they won’t usually be financially planning for this period of their lives. However, this is a very personal decision.

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A recent study done by Barclays Wealth found that 54% of millionaires plan to work as long as they can, and 60% of those with a net worth over 15 million plan to work no matter what age they are.

Bad quality items

It is known that buying cheaper items that break more quickly is more expensive in the long run than buying a more expensive item that will last much longer. Although it is easy to do when you have the money to buy the more expensive item, it is the better financial decision.

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Wealthy people can easily afford the more pricey item, and they know that it is cheaper over time, so they will always go for the better quality item that is known to last longer rather than spending less on a worse quality item.

Late fees

Companies use these fees to earn more than they are actually owed and to charge people for prolonging the time it takes for them to pay back the debt – kind of like interest on a credit card or a loan.

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However, you don’t get anything extra for the money you pay on late fees, so you are just throwing money away when you get hit with these fees. Wealthy people will be more diligent with their debt to ensure they are not wasting money on late fees.

Material items

Although the saying ‘money can’t buy happiness’ sounds like a rich person coined it, psychology studies show that it is partly true. Having enough money not to stress about it will increase your happiness; however, buying material things doesn’t help your mood.

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Instead, spending on experiences and memory through travel and fun events is going to boost your mood more than retail therapy, and the mood boost lasts longer. That’s why wealthy people will spend more on holidays and experiences with friends and family than on material items.


It almost goes without saying that gambling can be a huge waste of money. Although you can make some huge wins, the likelihood of it is that you will lose most of the money you put into it, so it is not a good investment. 

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This is why wealthy people won’t spend money on gambling, as it rarely offers any returns. Some may enjoy a game of poker or a bet at the races every now and then for fun, but it is certainly not something to be spending on if you’re trying to build and maintain wealth.

Expensive education

Diplomas and university degrees are very expensive and are not essential to becoming successful. Although education is valuable and can be necessary for entering certain fields, there are many millionaires without a college degree. You should take this into consideration.

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A piece of paper also doesn’t determine how talented or intelligent you are in the real world, so it is not the be-all-and-end-all to becoming wealthy. Entrepreneurs and innovators are more successful through building a brand rather than earning a degree.

Luxury items

This has been mentioned a few times on this list, but wealthy people rarely blow all their cash on luxury items when it is usually unnecessary and a poor investment. Often, you are only paying for the brand name, not the quality.

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Even though luxury items are good quality, it is often straightforward to find a similar product at the same quality level, just without the brand tag, for much cheaper. Even though it is nice sometimes to have a branded item, wealthy people will not do this regularly.


Tech companies bring out a new version of their products every year, and even though they are sold as a huge upgrade, the reality is that it isn’t necessary to upgrade every single year. Wealthy people will save money instead of spending it on something they already have.


Laptops, tablets, and phones are made to last longer than one year, so unless your tech is getting slow or you really need the new function for something, it is a bit of a waste to upgrade just for the sake of it.

Lottery tickets

This is in the same vein as gambling, as lottery tickets have such a low chance of winning, so spending money regularly on these tickets is a waste. Instead, you would be better off putting the money for the ticket into a savings account.

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Wealthy people will weigh up the pros and cons of investing before going ahead with anything, and all the statistics show that the lottery has a lot more cons than pros in terms of actually winning money. As such, it is not something that wealthy people will often buy.