Warren Buffett, the infamous 91 year old Oracle of Omaha, is worth roughly $100 billion and could clearly spend frivolously. Buffett is known for his spendthrift ways and he eats at McDonald's frequently and his emphasis on financial security. He is also a big fan of saving money.
Here are some of Buffett's famous quotes about saving money.
The habit of saving is the biggest mistake. In a speech to college students, Buffett said that the biggest mistake is not learning the habit of saving. He also noted that most of the behavior is habitual and that they say that the chains of habit are too light to be felt until they are too heavy to be broken. It is a good advice you have probably heard a thousand times, but that doesn't make it less effective. You can set up automatic transfers from your paycheck immediately after you get paid into your savings and retirement accounts at regular intervals. This way you are never touching that money yourself, it just goes right into savings. Some of the best-paying savings accounts here are some of the best-paying savings accounts that people use the beginning of the year to check their finances and do things like this.
I like buying quality merchandise when it is marked down, whether or not we are talking about socks or stocks. In his 2008 Berkshire Hathaway shareholder letter, Buffett said that price is what you pay, value is what you get. Buffett suggests that you can save by buying discounted items to avoid losing money because of the price that doesn't match its value. Buffett said that when it comes to stocks or socks, I like buying quality merchandise when it is marked down.
Don't save what is left after spending, but spend what is left after saving. You can allow yourself to spend money when you save first and foremost and once you have socked away as much as possible. Buffett is all about spending in cash for his part. I have an American Express card, which I got in 1964, he told Yahoo Finance. I pay cash 98% of the time.