Frugal celebrities show us that living on a budget isn’t about how much money you earn. In fact, frugal living is something that you can embrace at any income level. It is more about a mindset than about a specific financial goal. Here are tips from ten frugal celebrities.
1. Embrace Free Hobbies
Jimmy Carter loves taking walks with his wife. They do so every single day, which is a terrific free hobby that also provides healthy exercise. He also enjoys swimming, painting, and watching sports on television. Pricey hobbies don’t necessarily give you more joy.
2. Buy Durable Things and Make Them Last
Prince Charles could certainly afford to buy a new wardrobe every year if he wanted. Nevertheless, he has clothes and shoes dating back to the early 1970s. He hates waste, and prides himself on mending or re-using items that get worn. He shares, “I couldn’t be more delighted if, at last, there is a growing awareness of the urgent need to get away from the throwaway society and to move towards a more circular economy.”
3. Fly Coach
One of the things many of us dream about is the chance to fly first class. After all, those coach seats are increasingly uncomfortable. Better yet, if we could fly in private jets, then we would. However, there are quite a few celebrities who opt to fly coach. Blake Lively, Seth Rogen, and Katie Holmes are just a few of the frugal celebrities who could afford first class flights but save that money instead.
4. Use Coupons and Make Meals at Home
Country superstar Carrie Underwood could certainly eat any meal she desired. Nevertheless, she likes to cook simple meals at home. She packs her own lunch for days that she is working. Moreover, she clips coupons before going to the grocery store.
5. Don’t Spend it Just Because You Can
Just because you have a fortune doesn’t mean that you should spend it all. After all, if you save it, then you have it to use on the things that really matter. Basketballer Robert Horry wisely says, “If I make a million dollars I’m hoping I can keep a million dollars.”
6. Give Yourself an Allowance
Otherwise known as budgeting, an allowance is a maximum amount you let yourself spend. Ed Sheeran claims he has himself on an allowance of approximately $1000 per month.
7. Spend on Things that Matter
Tiffany Haddish may be a famous actress now. However, it was not all that long ago that she was homeless. Therefore, she is well aware that your income can change drastically. She chooses to live frugally as a result. One of her favorite sites is Groupon, where she gets deals on dining and other activities. When others encourage her to just pay full price, she says that the money is better spent on other things. She says, “No let’s get it on a discount. We can use that money to help kids or something.”
8. Teach Frugal Habits to Kids
Tiffany Haddish isn’t the only celebrity who wants her money to go to things she values. Furthermore, many celebrities want to pass that lesson on their children. For example, Christina Applegate says that her mother raised her to be grounded and she avoids spending lavishly on her own daughter for the same reason. She wants her to know that there are less fortunate kids out there to care about. Ashton Kutcher, Sarah Michelle Gellar, and Sarah Shahi are a few other famous people who refuse to spend extravagantly on their kids.
9. Keep Up with the Joneses … the Frugal Ones
Some people forego frugal living because they want their lifestyle to match their neighbors. However, you can look at this another one. Make the “everyday person” your role model. Challenge yourself to live similarly to their most frugal ways. For example, Warren Buffet likes to eat a simple $3 meal at a fast food restaurant and pay only $18 for a haircut.
10. Invest your Money
Tyra Banks always lived frugally. In fact, at one point her accountants advised her to spend more money. She created a budget on items to spend frivolously on. After the fact, though, she realized that she should have handled that money differently. She wishes that she had used it on investments, including art pieces.
Have you heard of other celebrities who live frugally?
- Jimmy Carter’s Frugal Lifestyle
- What is Emotional Wealth?
- Would You Rather Have More Time or More Money?