6 Traits of Successful Savers

Anyone can save money, but not everyone can save money successfully. But there are traits of successful savers that we can all learn! To save money successfully means to avoid touching your savings, to be consistent with contributing to your savings, and to never stop growing your savings. All of that sounds great, but how does one actually save money successfully when life is full of unexpected expenses?

The CGS Team has done some research to help answer that question! We’re sharing 6 traits of people who have successfully saved money over a long period of time. While some of these traits may not apply to everyone, you can change your savings habits! Keep reading for the key traits of successful savers!

Traits of successful savers…

Trait #1: They Started Young

This is the trait we were referring to when we said not all of the traits may apply to a person. A study done by HSBC found that most successful savers had been saving money since they were little. They were taught by their parents at a young age the importance of saving. 

A Charles Schwab survey showed that only one in five parents actually talked to their teen children about spending wisely, and only half of parents actually teach their children how to save. You can’t change your past, but you can change your future. Start learning all you can about saving and personal finance in general. The more you know, the more you can do!

Trait #2: They Automate Their Savings

A very common and popular trait among successful savers is the fact that they automate their savings. What does this mean? Automating savings means that you have scheduled transfers of money going into your savings account on a consistent basis. This can be done through a portion of your paycheck being directly deposited into your savings account.

Another option is having a specific amount of money transferred out of your checking account and into a savings account. Most banks require this option if certain balance requirements are not met. The point is, a successful saver includes savings as a part of their budget, and knows it will be taken out automatically.

Trait #3: They Take Responsibility for Their Finances

Successful savers take responsibility for their spending and general financial decisions. This includes paying bills on time, staying out of debt (or getting out of debt), and having reserves put away for emergencies. Successful savers take full responsibility for their financial situation, and don’t blame others for how their finances turn out. They are aware of what money they have at all times. They have a budget in place, so they are aware of what money goes out on a consistent basis.

Trait #4: They Start Small, But Increase Steadily

Successful savers did not become successful overnight! They started small, stayed consistent and steadily increased the amount of money that went into savings. For most people, the hardest part about saving consistently is it seems like they don’t make enough money to cover their expenses. Only a budget will show you if this is true. Even if it’s as little as $25 each month, the act of saving consistently will help you build the habits you need to be successful when you do make more money.

Trait #5: They Control Their Spending

You can’t save money if you spend it all. Successful savers are in full control of their spending, and avoid over-indulging on non-necessary luxuries. They keep the end goal in mind, which is to build true wealth. Instead of spending money on items they don’t need now, successful savers will hold out until they can make a purchase they truly need or have earned.

The first step in controlling your spending is to know what you spend your money on. Review the past 2 months’ worth of bank statements to see where a majority of your money has gone. See where you can cut back and contribute that amount to your savings.

Trait #6: They Enjoy Saving Money

Most people enjoy spending money; however successful savers enjoy the opposite! They enjoy saving money and watching their savings grow. Successful savers naturally feel more comfortable saving their money, as opposed to spending it. They understand the importance of financial security and are not foolish with their spending.

If you don’t have that natural need to save, train yourself! Each time you want to spend your money instead of save it, ask yourself what financial security means to you. Then, ask how you the purchase in question is going to help you get there.

Related: How Financially Successful People Think About Money


The good thing is, these traits of successful savers can be learned by anyone. Certain personality traits help, but anyone can build positive financial habits. Start today! Transfer a reasonable amount into your savings account and let this be the start of something great. What tips can you share when it comes to saving money and staying consistent? What is the most difficult aspect of saving for you? Leave a comment below to share!

-The CGS Team



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