Money Advice

10 Cheap & Frugal Celebrities – Lessons You Can Learn About Money

Anytime you web page by way of the most recent concern of a tabloid journal, you obtain a lesson in extra: celebrities frolicking on costly holidays, sporting hundreds of {dollars} in designer garments, and driving the most recent must-have $100,000 SUV. Of course, it’s costly to take care of that Hollywood picture, so it’s by no means too stunning to listen to about celebrities going bankrupt after their quarter-hour of fame are up.

But simply because the vast majority of celebs are spending money just like the gravy prepare is in perpetual movement doesn’t imply that every one A-listers observe swimsuit. In truth, there’s a group of celebs in Hollywood recognized for his or her frugal lifestyle, even when it’s clear that they’re rolling in dough.

Money Philosophies of Frugal Celebrities

It’s fairly refreshing (to not point out inspiring) to listen to about celebrities who make tens of millions of {dollars} every year, but nonetheless keep away from overspending. Saving, dwelling frugally, and even giving to charity is the secret for among the smartest celebs.

1. Kristen Bell

As the lead character for Disney’s largest animated film all time, “Frozen,” Kristen Bell is sitting fairly so far as choosing her subsequent tasks. And with an estimated internet value of $16 million, she may put on something she desires on the crimson carpet. But Bell is thought for her frugal sartorial selections, even rocking a $45 dress from Target at one occasion.

Lesson Learned: Just as a result of your revenue will increase, you don’t have to vary your tastes. Even if designer items are in your funds, saving money on attire and trend (particularly trendier objects) means you save money and nonetheless look nice. Plus, Target, H&M, and Kohl’s all provide designer strains, which implies you don’t should sacrifice model for funds.

Frugal Celebrities Money Philosophies

2. Tyra Banks

Worth a whopping $90 million, you’d by no means guess that Tyra Banks is a complete penny pincher, particularly relating to DIY tasks. When shifting into her workplaces for her TV present, the unit undoubtedly wanted a facelift. But as an alternative of shelling out for brand spanking new carpet, Banks determined to offer the workplaces an replace with a contemporary coat of paint as an alternative, to avoid wasting money. She’s additionally infamous for taking shampoo and cleaning soap from the swanky motels at which she stays.

Lesson Learned: Find frugal methods to replace your space. While you may pine away for a dear kitchen ground, portray cupboards may make a big effect and may be carried out cheaply. By allotting decor money fastidiously, you may stretch your greenback whereas making your property or office extra snug.

Penny Pincher Tyra Banks

3. Sarah Michelle Gellar

On her personal, Sarah Michelle Gellar is value about $15 million, whereas her husband, Freddy Prinze, Jr. is value one other $19 million. But simply because Gellar is a millionaire doesn’t imply she desires to pay extra for her on a regular basis purchases. She’s recognized to drag out coupons on the register to avoid wasting money, whether or not it’s on the grocery retailer or the division retailer.

Lesson Learned: Don’t be too proud to use coupons. Besides, do you actually wish to pay extra for toothpaste than it’s a must to? By clipping coupons, you may put extra money within the financial institution as you spend much less in your day-to-day wants. Even small coupons add as much as large financial savings over time.

Sarah Michelle Gellar

4. Jay Leno

While he may be recognized for splurging on traditional vehicles, Jay Leno is definitely fairly frugal for his tax bracket. When he signed on to do “The Tonight Show” again in 1992, he made the selection to by no means spend his NBC wage – a cool $15 million per year. Instead, he lives on the revenue he makes from standup appearances, a observe that has put his internet value at $350 million.

Lesson Learned: Be sensible concerning the quantity of your revenue that you simply save. Conventional knowledge says you must save round 10% to twenty% of your revenue every month. However, so that you’re not tempted to spend your financial savings, take a Leno-like method: Put your financial savings in a hard-to-access account, corresponding to a financial savings account at a separate financial institution, an IRA, or a 401k so that you don’t find yourself spending what you’ve put away for a wet day.

Jay Leno Cars

5. Vincent Kartheiser

Although he has one million within the financial institution and is engaged to Alexis Bledel, who’s value an extra $8 million, “Mad Men” staple Vincent Kartheiser doesn’t spend like a millionaire. In truth, as an alternative of a elaborate sports activities automotive, Kartheiser prefers to take public transportation – and lives in a one-bedroom residence in Hollywood. It has been reported that he additionally typically donates items to charity as a approach to recycle.

Lesson Learned: Living small undoubtedly has its perks, and so they aren’t restricted to monetary financial savings. By lowering your journey footprint by taking public transportation or swapping your automotive for a motorcycle, you save money and scale back among the inconveniences of automotive possession, corresponding to auto insurance coverage, parking, and upkeep.

Great Vincent Kartheiser

6. Sarah Jessica Parker

It may appear counter-intuitive for a celeb who’s recognized for her trend sense, however Sarah Jessica Parker (value an estimated $90 million) attire her youngsters in hand-me-downs. She’s been very vocal about making certain that her three little ones don’t develop up feeling entitled, so older cousins provide up their cast-offs – and he or she’s glad to make good use of them.

Lesson Learned: Hand-me-downs – whether or not they’re garments, bikes, sporting gear, or no matter else – generally is a nice supply of financial savings, irrespective of your funds. In truth, internet hosting a clothes swap get together may be a good way to outfit your kids for a brand new season whereas eliminating a few of their outgrown stuff.

Sarah Jessica Parker

7. Leonardo DiCaprio

You’d anticipate a millionaire playboy like Leonardo DiCaprio to personal the most recent and best sports activities vehicles, however regardless of his huge $200 million fortune, the actor solely has one car: a Toyota Prius. He’s additionally recognized for eschewing non-public jets, selecting to fly industrial as an alternative to each save money and shield the atmosphere from pointless emissions. His principal pursuit is charitable giving, as he helps a lot of environmentalist causes.

Lesson Learned: The much less money you spend on desires, the extra money it’s a must to assist vital causes. Whether it’s a charity, saving for retirement, or increase a nest egg in your posterity, understanding that you’ve got that money within the financial institution is extra satisfying than spending it on vehicles, garments, and first-class journey.

Millionaire Leonardo Dicaprio

8. Zooey Deschanel

During her divorce from Ben Gibbard, Zooey Deschanel was required to reveal her month-to-month expenditures in public court docket paperwork, and her month-to-month funds breakdown was downright surprising – for Hollywood, anyway. For her internet value of $15 million, Deschanel runs a reasonably tight month-to-month funds, consisting of $2,000 for garments, $800 for utilities, one other $300 for cellphone and Internet companies, and $1,500 monthly to charity. What’s extra, she has three bank cards in her identify – all with zero balances.

Lesson Learned: Having a bank card in your pockets for emergencies and purchases you realize you may repay in a month is nice. But utilizing playing cards to purchase issues out of your funds means you may get caught in an countless cycle of purchases, curiosity, and debt. Take a cue from Zooey: Use your bank cards responsibly by dwelling inside your means, and preserving your bank cards with zero balances so that you’re by no means a slave to debt.

Zooey Deschanel Monthly Expenditures

9. Jennifer Lawrence

America’s sweetheart and “Hunger Games” star Jennifer Lawrence is thought for extra than simply her performing chops and red-carpet clumsiness: The actress is value an estimated $25 million and nonetheless will get burdened about paying for stuff like valet companies. Despite a critical bump in revenue, she’s continued to stay a down-to-earth way of life, because of a grounded household and an enormous dose of widespread sense.

Lesson Learned: There are sure issues you must do whenever you get a elevate – and falling prey to elevated way of life prices shouldn’t be amongst them. Instead, for those who obtain an surprising windfall or bump in wage, proceed dwelling the life-style you probably did earlier than the additional money. Doing so means you’ll be capable to save extra, make investments extra, and develop your internet value.

Americas Sweetheart Jennifer Lawrence

10. Paul McCartney

As one of the vital well-known rock stars of all time, Paul McCartney – and his enormous internet value of $800 million – stays fairly humble. He’s recognized for his frugal methods, together with making his daughter, Stella, pay her personal approach for post-secondary faculty, and even asking friends to pay for their very own drinks at a celebration.

Lesson Learned: Just as a result of you could have a little bit money within the financial institution doesn’t imply you develop into the precise piggy financial institution in your family and friends. While serving to out each every so often is admirable, continually choosing up the tab or shopping for your baby that costly gaming machine simply perpetuates your status because the moneymaker – and that may price you and create a precedent. Set clear expectations with relations and your individual kids relating to money, whether or not it’s doing chores for allowances, or paying for pizza “this time,” however ensuring that subsequent time, it’s another person’s duty.

Famous Rockstar Paul Mccartney

Final Word

While it’s true that Hollywood is certainly a city of displaying off your extra, not each celeb is gunning for a spot on “Lifestyles of the Rich and Famous.” In truth, by learning among the money administration expertise of extra humble celebs, you may study a factor or two.

Do you realize of every other frugal celebrities?

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