Core Insights - The study by Ramsey Solutions indicates that frugal millionaires, often self-made, prioritize strategic investments over lavish spending, living below their means to preserve wealth [1] Spending Habits - Frugal millionaires maintain a monthly living cost of approximately $3,200, which is often lower than that of some middle-income households [2] - Housing costs for frugal millionaires average around $776 per month, constituting about 7% of their budget, as many have paid off their homes [4] Savings and Financial Discipline - Many frugal millionaires allocate 15% to 20% of their income to savings or reserve accounts, treating savings as a necessary expense, especially as they approach retirement [3] Utility and Connectivity Costs - Utility bills for frugal millionaires are kept to about $300 per month, with energy-efficient practices in place to reduce costs [5] - They often opt for basic mobile phone plans averaging $121 per month and may bundle services for better deals [6] Food Expenses - The average monthly cost for food is around $477, with most meals prepared at home and grocery shopping done at budget-friendly stores like Costco and Walmart [7]