Finding it hard to make ends meet? Here are 3 rules that rich people tend to follow

Many people are currently experiencing that their salary feels smaller than before. The bills take up more space, and there is less room for spontaneous fun or bigger dreams.

It may seem like wealthy people play by a different set of rules, but it often comes down to a few daily habits.

Financial advisors point out that people with solid finances don’t necessarily earn endlessly. Instead, they make clear choices about what they will not spend money on. These choices are based on long-term thinking, set routines and a willingness to say no to temptation in the here and now.

In a review of everyday finances, Chip.de describes how wealthy people protect their wealth by avoiding certain types of purchases.

Here are three rules you can adopt if you want more of your money to stay in your bank account each month.

1. Stop chasing the latest trends

Fashion, gadgets, kitchenware and electronics are quickly replaced by something new. Many people know the feeling of buying a product that seems indispensable for a few weeks and then just sits in a drawer. This is exactly the type of purchase wealthy people are trying to avoid.

Author Jaime Tardy, author of the book “The Eventual Millionaire”, describes how many millionaires prefer to invest in experiences and things that last a long time rather than products that lose value after a few months.

The question is typically “What’s in it for me in five years?” not “Does it look smart right now?”

The same point is echoed in the advice that, according to Chip.de, resonates with financially strong families. They buy less stuff, but they buy consciously and choose durable quality over short-term trends.

A simple exercise is to postpone all major purchases for at least 24 hours. If the urge is still there the next day, check if the product really solves a problem in your everyday life or if it’s more a desire for something new.

2. Get rid of bills and expensive loans

Interest, fees and reminders can eat a big hole in your budget. When a bill is left too long, it gets bigger and creates turmoil in next month’s finances.

People with strong finances consciously work to avoid these extra expenses. They pay bills as early as possible and say no to credit agreements that make everyday purchases more expensive over time.

Many people set up regular payments in online banking so that bills are automatically deducted as soon as their salary is in the account.

Financial advisors point out that discipline around budgeting and bills is one of the most underrated paths to more freedom.

When interest and fees take up less space, more money is left for savings and things you actually want.

3. Take action on impulse purchases

A single click in an app can turn an immediate desire into a purchase that will strain your finances for months. A few small impulse purchases a week may not sound like much, but in a year they can add up to thousands of dollars.

– If you buy things you don’t need, you’ll soon have to sell things you do need, says world-famous American investor Warren Buffett.

Many wealthy people take that phrase seriously. They know that every time money is spent on something that only brings short-term pleasure, less is left for bigger goals like travel, housing or financial security.

You can start by asking yourself three questions every time you’re about to click ‘buy’:

1. Do I really need this?
2. Will it make my life better for longer?
3. Will I still be happy with the purchase in six months’ time?

If the answer falters, financially conscious people will not buy the item in question.