Does This Financial Advice From Millionaires Actually Work?
Money experts often suggest various strategies to save money or reach specific financial goals, but how effective are their solutions?
Let's dive into how much you can really save utilizing the frugal habits of Mark Cuban, Suze Orman and other money experts.
1. Eliminating Your Morning Coffee Run
Do you religiously stop by and grab a coffee on your way to work every morning? Suze Orman and Kevin O'Leary might argue eliminating this expense is the simplest way to save hundreds annually.
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Coffee prices have continued to climb. The national median for a regular cup of coffee reached $3.52 in August 2025, while cold brew averaged $5.47 and a lattes averaged $5.60. Let's say your order is right in the middle at $4.75 per cup. Stopping every weekday equals about $23.75 per week. Annually, you would spend $1,235 on coffee. Even if you don't want to completely eliminate coffee, cutting your trips to two days a week could save $741 each year.
However, it would still take you a quarter of a century or more to put down a down payment on a house with this sacrifice, so consider it only if you're really trying to wring one more rent payment a year out of a tight budget.
2. House Hacking
House hacking, a newfangled term for the ancient art of living with roommates, is a money-saving strategy that cuts down one of your most significant expenses — housing. Financial experts like Dave Ramsey have addressed this in the past, but can it really save you much money?
As of August 2025, the average rent price in the United States was $1,638 per month, according to Apartments.com. Let's say you own a 2-bedroom home with a $1,650 monthly mortgage. Although you might be able to afford the house yourself, adding a roommate who pays half could save you $825 per month — that's $9,900 per year.
Shopping around to rent together? You might not find the pickings quite so easy. Two-bedroom residences might take down your per-person cost, but will likely rent out for more than that $825. Be ready for the reality that you might be paying someone else's mortgage.
3. Coupon Cutting
Coupon cutting can be tedious, leaving you to wonder if it really saves money. The typical family saves between $5.20 and $9.60 per week using coupons, with coupon users reporting an average of 7% savings on their grocery bill. Let's say you're a coupon guru and save $10 per week by cutting a few coupons. On an annual basis, this is $520 in cost savings. What could you do with an extra $500 in your account?
4. Buying in Bulk
Bulk stores like Costco and Sam's Club can seem like a waste of money, especially if you have a smaller family. However, financial expert Mark Cuban still considers it a great way to invest your money wisely.
Let's consider an example. At Walmart, a 4-pack of of Oikos Triple Zero yogurt costs $4.83, or $1.21 each. At Costco, an 18-pack of the same yogurt costs around $15.88, or $0.88 each. Buying in bulk saves $0.33 per yogurt container, or $5.94 on 18 containers. These types of savings can add up throughout the year, though prices may vary by location for both retailers.
5. Taking on a Side Hustle
Money experts are constantly talking about starting a side hustle to earn extra income. Is the time spent really worth it? The average side hustler makes an average of $1,122 a month, according to Side Hustle Nation. This adds up to $13,464 per year. Although starting a side hustle can take time, the extra cash each month might make it worth it, particularly one that scales easily or can pull in passive income while you work on other things.
The Bottom Line
These five frugal habits can help you reach your financial goals. Not every one will be best for your lifestyle, but it's still important to find sustainable frugal habits as opposed to ones you pick up for a month and then quit.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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