I’ve been around entrepreneurs and business owners for most of my adult life. I’ve seen what happens when the money flows in abundance and when it all but dries up.
Through my own journey—founding a couple of startups, watching them thrive, then struggle, and finally deciding to step away and become a full-time writer—I’ve observed that people who consistently have money in the bank tend to share certain habits.
What follows isn’t a magic formula, but real-world insights based on both my experiences and the wisdom of financial experts.
Below, I’ve outlined the 10 habits that seem to separate those with healthy bank balances from the rest. Each habit is simple enough to apply in daily life.
And if you’re feeling a bit unsure about where to start, don’t sweat it—take it one step at a time, and before you know it, you’ll be building a stronger financial future.
1. They Pay Themselves First
One thing I noticed from my early startup days was that the most financially secure people never “saved the scraps.” Instead, they saved—or invested—right when the money arrived.
This concept is often referred to as “paying yourself first.” Rather than waiting until the end of the month to see if anything’s left over, set aside a portion of your income from the start.
Warren Buffett famously said, “Do not save what is left after spending; instead spend what is left after saving.”
It’s a great reminder that saving should be your first priority, not an afterthought. When I started doing this—automatically moving a set amount of money into savings the moment I got paid—it immediately changed my perspective on budgeting and forced me to live within my means.
2. They Keep Their Lifestyle in Check
When my first startup took off, I got a little carried away. I thought a nice bonus meant I could upgrade everything—the apartment, the car, the vacations. But then, an unexpected slump reminded me how quickly income can change.
People who always have money in the bank don’t necessarily drive flashy cars or live in fancy mansions. Instead, they often drive reliable vehicles, live in homes that serve their needs, and think twice about major purchases.
They value experiences and relationships over pure material accumulation. In other words, they control their lifestyle so it doesn’t end up controlling them.
3. They Track Their Spending
Tracking spending isn’t the most fun activity, but it’s a habit that keeps finances on point. One financial advisor I spoke with years ago drilled this into my head: “What gets measured gets managed.” If you don’t know where your money is going, you can’t effectively save or invest.
Whether it’s using an app, a spreadsheet, or an old-fashioned notebook, people with healthy bank accounts tend to have a bird’s-eye view of their finances. They know their monthly expenses, spot areas of waste, and continuously refine how they spend. This gives them the power to direct their money toward what truly matters—savings, investments, or maybe that next big opportunity.
4. They Don’t Carry Unnecessary Debt
One of the most stressful periods in my life was trying to keep my startup afloat while also juggling personal credit card debt. High-interest debt can quickly pile up and eat away at any potential savings.
Dave Ramsey, a well-known personal finance guru, once said, “You must gain control over your money, or the lack of it will forever control you.”
People who always have money in the bank understand that controlling debt is a key step to controlling your financial destiny.
They avoid taking on debt for things that depreciate quickly (like a fancy car or gadgets). When they do use credit, they make sure to pay off the balance quickly, minimizing interest fees.
5. They Invest Consistently
It’s a misconception that you need a ton of money to start investing. The truth is, small amounts invested regularly can grow surprisingly large over time.
I remember struggling to put $50 a month into index funds back in my early days. But watching those small contributions grow was like a small spark that motivated me to continue.
Warren Buffett’s advice here is legendary: “Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.”
While no investment is entirely without risk, the point is to invest in things you understand and manage the risk wisely.
Wealthy people know that putting money to work—rather than stashing it under a mattress—can be a powerful way to multiply it over time.
6. They Maintain an Emergency Fund
Unexpected expenses are inevitable—your car breaks down, a family member falls ill, or an appliance needs replacing.
The difference is, wealthy individuals (and anyone good with money) rarely scramble in panic mode. They tend to have an emergency fund covering three to six months’ worth of living expenses.
I learned this the hard way. Right after my startup started gaining traction, I poured almost all my extra cash back into the business.
When a key client contract fell through, I had no cushion to fall back on. The lesson? Building an emergency fund is like having a financial shock absorber. It prevents emergencies from turning into catastrophes.
7. They Continuously Educate Themselves
Earlier in my career, I assumed that once I had a basic grasp of business finances, I was set. But things move quickly in the financial world—new regulations, shifting markets, emerging technologies, and more.
People who sustain their bank balances over the long haul are curious and keep learning.
I met someone who consistently set aside time to read about personal finance, market trends, and wealth-building strategies. He told me, “Financial education is a lifelong journey.”
Regularly reading books, articles, or even following reputable financial blogs helps keep you on track. And it’s not just about stocks or bonds—it could be understanding new business models, real estate, or new saving tools.
8. They Diversify Their Income
Ever heard the expression “Don’t put all your eggs in one basket”? People who always have money usually don’t rely on a single source of income.
They have multiple streams—maybe a salary, some investments in stocks or bonds, a small side business, or rental income.
A mentor once explained to me the idea of “reducing risk by broadening horizons.” If one stream dries up or takes a dip, the others can keep you afloat.
When my first company hit a rough patch, my freelance writing gigs at the time (ironic that I eventually turned that into a full-time career) became a safety net. That experience impressed upon me the importance of financial diversification.
9. They Set Clear Goals and Review Them Regularly
When I started out, I had vague hopes like “I want to be financially secure.” But I didn’t define what “secure” looked like in actual numbers. Over time, I’ve realized that people with money in the bank don’t just dream—they plan.
They set measurable goals: a target amount for savings, how much they want to invest each month, the timeline for paying off certain debts, or the monthly cash flow they’re aiming for.
Then, they check in with themselves regularly—sometimes monthly, sometimes quarterly—to measure their progress. This keeps them accountable and allows them to adjust their strategy if needed.
10. They Cultivate a Resilient Mindset
If there’s one habit that underpins all the others, it’s resilience. Money management isn’t a straight line. There will be market downturns, personal crises, or unexpected shifts in your career. The people who bounce back the fastest are those who keep their mindset strong and flexible.
“Someone’s sitting in the shade today because someone planted a tree a long time ago,” Warren Buffett once remarked. It’s a lovely way of saying that the actions (and mindset) you take today can have a big payoff in the future. Resilience is what helps you keep planting those trees, even when the weather’s rough.
Throughout my own ups and downs, learning to stay calm, adapt, and stick to my long-term plans (rather than panic-selling or abandoning my saving habits) has been crucial in rebuilding my finances.
Pulling It All Together
In my early days as an entrepreneur, I learned many of these the hard way—often through mistakes, miscalculations, and the occasional “Why is my balance so low?!” moment. But it’s never too late to adopt a new habit. If this all feels overwhelming, pick just one or two habits and focus on those. Master them, see the results, and watch how that success motivates you to add more healthy financial practices to your life.
Remember: it’s about progress, not perfection. Small steps, consistently taken, can add up to a giant leap over time. My own path took a few detours, but with each stumble, I got a little better at saving, investing, and planning. If a former entrepreneur who once spent sleepless nights juggling credit card bills and payroll checks can learn these habits, trust me—you can, too.
So, try paying yourself first for a month, or start tracking your spending each week. Once those become routine, move on to the other habits. Little by little, you’ll notice the difference in your savings, your sense of security, and your readiness for the future.
And that’s what having a lot of money in the bank is really about—freedom, peace of mind, and the ability to seize opportunities when they come your way. Keep these habits alive, stay curious about new financial strategies, and remember that every big success story starts with a single step forward. Good luck on your own financial journey!
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