If you don't have a budget, the money you spend on a lunch out here and a dinner out there can add up. And that could be the reason why you never see your bank account balance rise above a certain number.
In fact, having strict spending habits is one thing many wealthy people prioritize and many non-wealthy people don't, according to research from financial planner, accountant and author Tom Corley.
In his book, "Rich Habits, Poor Habits," Corley describes how he surveyed 233 wealthy individuals on their financial habits and compared those answers to responses from 128 poorer individuals, or those who earn less than $35,000 in annual gross income.
One of the key findings? The majority of wealthy people lived below their means by keeping unnecessary spending to a minimum.