Wealthy bankers aren’t characterized as frugal, but times are-a-changing.
Bonuses and salaries are shrinking across the globe, so high-level execs and their families are also learning to pare back on expenses and build up savings.
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Efinancialcareers.com says they’re using the following techniques to preserve their wealth:
Clothes diets: The clothes might make the man, but dressing for success isn’t cheap. Read: Look sharp: The virtues of a bespoke suit
Say goodbye to boarding fees: Many ex-bankers and current Wall Streeters are transferring their kids to the public school system. And it’s a good move, with some U.S. schools charging more than US$30,000 for a year of Kindergarten alone. Read: Money lessons for kids
Ditch the cottage: This trend hasn’t picked up quite yet, but the bankers interviewed say they could save—on things like insurance and maintenance expenses—by sticking to one residence. To help clients keep their family vacation home, check out: Turn cottages into nest eggs
No more hired help: By cooking their own meals and taking fewer trips to the dry cleaners, savings build up much faster.
Read more on how bankers are changing their spending habits.
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