9 Things Millionaires Never Waste Money On During the Holiday Season

New Year’s Eve Toast

Rather than splurging on flashy decorations with short-lived appeal, millionaires approach the holidays with a financial-savvy mindset.

I’m a Financial Expert: Always Buy the Cheapest Version of These 10 Things

Learn: 3 Things You Must Do When Your Savings Reach $50,000

For one: they tend to invest in experiences or assets that offer lasting value, placing emphasis on practicality and thoughtful choices that stand the test of time.

“Millionaires often treat holiday spending as an extension of their overall financial philosophy,” said Beth Haven, managing editor and founder of BusinessMole.

She says they’re more likely to prioritize mindful philanthropy and long-term, valuable, experiences over material goods.

“This approach not only preserves wealth but also enriches their lives beyond the festive season,” she explained.

Here are more things millionaires never waste money on during the holiday season.

Sponsored: Open a new checking account and earn early paycheck access; up to 2 days early with Discover® Cashback Debit with Early Pay

Extravagant Decor

According to experts, millionaires often avoid extravagant holiday decorations or elaborate festive displays, preferring practical and sustainable decor that can be reused — seeing value in long-term investments rather than seasonal splurges.

“You’d think that with all that wealth, millionaires would have houses sparkling like Christmas trees, right?” said Andy Kolodgie, real estate investor and owner of Sell My House Fast.

“Surprisingly, they go for a more understated and classy approach,” he added. “No need for over-the-top decorations or flashy light displays. It’s all about subtle elegance rather than an explosion of glitter.”

Sol Kruk, licensed home inspector and owner of Property Inspection Pros, equally observes that millionaires are more mindful with their decorating choices.

“While they enjoy creating a festive ambiance, they recognize that the true essence of the season lies beyond opulent displays,” Kruk noted.

Instead, he says they center their attention on creating meaningful experiences and upholding cherished traditions, valuing the spirit of the holidays over excessive ornamentation.

Last-Minute Shopping Frenzy

Waiting until the last minute to purchase gifts or book travel plans can often lead to overspending or unnecessary stress. Millionaires plan ahead and take advantage of sales and discounts throughout the year, avoiding the need for last-minute purchases at full price.

“Picture this: no panicked millionaire weaving through crowded stores on Christmas Eve. Nope, they’ve got this holiday thing down to a science,” said Kolodgie. “Planning ahead, snagging deals throughout the year and definitely avoiding that last-minute shopping chaos. It’s like they’ve mastered the art of stress-free holidays.”

Material Gifts

While average consumers might gravitate towards expensive gifts, Haven says many millionaires focus on experiential gifts instead.

“These can range from family vacations to educational courses, emphasizing personal growth and family bonding over material possessions.”

Linda Chavez, founder and CEO of Seniors Life Insurance Finder notes that while they may have the means to purchase expensive items, many millionaires understand that true happiness comes from experiences and relationships rather than material possessions.

“They often focus on spending quality time with loved ones and creating meaningful memories rather than splurging on extravagant gifts,” Chavez highlighted.

Bill Strange, CEO of Global Document Solutions, added, “Millionaires give gifts that demonstrate a dedication to sincerity and thoughtfulness rather than indulging in ostentatious displays of wealth because they know that real friendships are based on sincere gestures.”

Strange says that the genuine attitude of giving is seen in the attention with which the present was given.

Trendy Holiday Gadgets

Millionaires often refrain from indulging in the latest trendy holiday gadgets.

While the wider population may be swept up in the excitement of tech novelties, according to Skyler Fernandes, founder and general partner of Venture University, the affluent understand the fleeting nature of these items.

“They prioritize timeless, high-quality purchases that stand the test of time, steering clear of short-lived fads.”

The Holiday Debt Trap

Contrary to the common narrative of holiday-induced debt, Skyler notes that millionaires actively avoid accumulating unnecessary financial burdens during the festive season.

“While others may resort to credit cards for holiday expenses, the affluent focus on budgeting and financial planning, ensuring that the joy of the season doesn’t translate into long-term debt.

According to Jake Hill, finance expert and CEO of DebtHammer Relief, many millionaires won’t buy overpriced luxury goods from name-brand designers as Christmas gifts. Instead, they opt for more reasonably priced gifts that won’t break the bank.

“Many people with less money falsely believe that presents have to be ultra-luxurious to have value, but this belief leads to poor spending habits such as relying too heavily on credit,” Hill added.

Expensive Holiday Gatherings

Today’s millionaires steer clear of hosting or attending excessively costly holiday parties, said Michael Hurwitz, CEO of Career in Government.

“While they appreciate celebrations, they understand that the heart of these gatherings is found in joy and togetherness, not the extravagance of the event.”

He says they often opt for more intimate and meaningful gatherings that emphasize shared experiences over extravagant venues and costly arrangements.

Showy Donations to Charity

Millionaires approach charitable giving with a nuanced perspective, our experts say.

Rather than making showy, high-profile donations that grab attention, Skyler notes they prioritize meaningful and impactful contributions. This may involve supporting local initiatives or grassroots organizations, ensuring their philanthropy goes beyond the spotlight.

“During the holidays, millionaires prioritize thoughtful charity over costly presents intended merely for display,” added Strange. “Rather, they select gifts that are meaningful and appeal to the receiver.”

Last-Minute Holiday Travel

Timing is everything for millionaires when it comes to holiday travel. Instead of succumbing to the last-minute rush, Skyler observes that they strategically plan trips during off-peak periods.

“This not only ensures a more relaxed travel experience but also allows them to enjoy premier accommodations without the inflated prices associated with peak holiday seasons.”

Overspending in General

Finally, millionaires often avoid overspending at all costs during the holiday season. They know that it’s important to stick to a budget and not get carried away with unnecessary expenses.

“While some people may feel pressured to keep up with the latest trends and buy expensive gifts, millionaires prioritize financial responsibility and long-term wealth over temporary material possessions,” said Chavez.

Experts agree that while it may seem like millionaires have endless resources to spend during the holiday season, they often choose to avoid certain purchases in order to maintain a balanced and fulfilling life.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: 9 Things Millionaires Never Waste Money On During the Holiday Season