17 Habits of People Who Are Great at Saving Money

Because when it comes to building your nest egg, these little moves can add up big.

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Good savers start now

Good savers start nowiStock/franckreporter
Good savers start early, say Janet Stanzak and Kristin Garrett, certified financial planners who started their firm Financial Empowerment as a way to help people kick bad money habits and develop better ones. Many good money savers were taught as children to sock away for a rainy day but even those who weren't have learned to jump on an opportunity. "As soon as they see they have an option, like a retirement savings plan through work, they take it," Garrett says. "Good savers don't procrastinate financial decisions."

Good savers have a retirement account

Good savers have a retirement accountiStock/Squaredpixels
It's not new advice but there's a reason every financial adviser repeats it: Because this is your future we're talking about. A good rule of thumb is to put 10 percent of your paycheck each month straight into a retirement account, Garrett says.

Good savers know the difference between wants and needs

Good savers know the difference between wants and needsiStock/Petar Chernaev
One of the biggest lies we're sold today, Stanzak says, is that wants are actually needs. "I've had so many clients try and tell me that travel, new clothing, and eating out are real needs," she says. "They're really not." Instead, good savers actually write down a list of their basic needs, their wants, and their big wishes. These frugal living tricks will help you squeeze more out of everyday things.

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Good savers don't use bill autopay

Good savers don't use bill autopayiStock/lolostock
Autopay makes banking easier: In fact, it makes it too easy for money to flow in and out without your really registering what's happening, Garrett says. Whether it's writing out a physical check or filling out the form online, intentionally paying your bills makes your brain note the expenditure. Even better, she adds, good savers write all those down in their budget. Which leads us to...

Good savers have a budget

Good savers have a budgetiStock/Dutko
Yes, a real, honest-to-goodness written chart or spreadsheet that they update and balance regularly is a trademark of good money savers. "The first clue you have that someone has a problem with money is when they can't provide their monthly cash flow," Stanzak says. You can't save if you don't even know how much money you have to begin with.

Good savers use cash or checks

Good savers use cash or checksiStock/PeopleImages
This isn't a hard-and-fast rule, Stanzak says, but good savers often tend to use physical types of money. "Research shows you spend 20 percent more when using a credit card because it makes purchasing feel less 'painful,'" she explains. Handing someone a wad of cash or writing out a check provides enough of a mental speed bump to slow down many impulse buys. Here are 13 sneaky things your credit card company might know about you.

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Good savers prioritize saving

Good savers prioritize savingiStock/Rostislav_Sedlacek
It sounds simple but one of the best habits good savers have is simply making saving a priority in their lives, says Andrea Woroch, a consumer-finance expert. "Before spending on anything else, they pay themselves first by putting savings into a retirement account or other self directed savings account," she says.

Good savers keep track of the little things

Good savers keep track of the little thingsiStock/RyanJLane
What's a latte here or a $0.99 app there? Little things can add up to big expenses quickly, Garrett says, often before you even realize what's happening. Good savers will write down in their check ledger or budget all their expenses, even the tiniest ones.

Good savers look for deals

Good savers look for dealsiStock/SelectStock
Being frugal is a big part of saving money. And good savers are not too proud to use coupons, hunt down the best deal, or research all possible options before buying. "Good savers think through each purchase and research alternatives like used options, compare competitor prices, look for coupons, and read reviews in detail to make the best buying decision," Woroch says. Here are 33 tricks to get deals on just about anything.

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Good savers adjust for life changes

Good savers adjust for life changes iStock/OJO_Images
"You'd be amazed at how many people get divorced but keep living their married lifestyle," Stanzak says. Big life changes, like job layoffs, divorces, and illness, inevitably affect our budgets. Good savers amend their spending to reflect their new earning or income status regardless of how painful it is to acknowledge.

Good savers take free money

Good savers take free moneyiStock/pixdeluxe
Does your employer give you a discount on your insurance for getting a check-up every year? Does your company have employee stock options or offer to match your retirement savings? Do you have flight miles or hotel points accrued that you're not using? Many people leave this so-called "free money" on the table, Woroch says. It may take a little extra effort to fill out the paperwork, but it's worth the time.

Good savers have three to six months of expenses saved

Good savers have three to six months of expenses savediStock/ByeByeTokyo
Here's your scary stat for the day: Nearly 80 percent of Americans live paycheck to paycheck, which means most of us are just one bad car accident or layoff from financial ruin. It may sound obvious but good savers save. How much savings you need depends on entirely on your lifestyle, but Garrett and Stanzak recommend having enough money to cover at least three to six months of basic expenses like mortgage, insurance, utilities, and food.

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Good savers are honest with themselves

Good savers are honest with themselvesiStock/Yuri_Arcurs
None of us are getting any younger, that's for sure. Yet so many people live in denial of this fact, Stanzak says. The truth is that each of us has risk factors that could affect financial security. Good savers are honest about their particular risks—advancing age, tenuous job security, chronic health problems, family issues, etc.—and plan their savings to account for them.

Good savers do not feel entitled

Good savers do not feel entitlediStock/knape
"Too many people have this attitude of entitlement," Stanzak says. "They get caught up in 'I work hard, so I should have this because I earned it.'" But if you can't afford a nice car or a day at the spa, you shouldn't buy it, no matter how hard you work or strongly you feel you deserve it.

Good savers use online savings accounts and credit unions

Good savers use online savings accounts and credit unionsiStock/GuadiLab
Online savings accounts generally offer a better interest rate than traditional brick-and-mortar banks, Woroch says. "Good savers also shop around to ensure they don’t get charged bank fees and may use a credit union instead."

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Good savers make saving easy and automatic

Good savers make saving easy and automaticiStock/Rostislav_Sedlacek
Remember how automatic bill pay allowed you to forget the pain of paying your bills? Well it works the other way too. Automating your savings account, either through an automatic transfer on a certain day each month or through using one of the new savings apps like Digit, can take the sting out of saving, Stanzak says.

Good savers start small

Good savers start smalliStock/RyanJLane
It can be easy to read lists like this and feel completely overwhelmed and throw in the towel. But saving doesn't have to be a huge change, Woroch says. "If you’re new to saving, start small. It’s easier to adapt to a small change than a complete life overhaul," she explains. "So begin by automating a small amount each week and when you become accustomed to saving that amount and living off what you have left, increase it by a little. You’ll continue creating a better savings habit each time."

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