Anytime you read magazines you're likely to see celebrities wearing designer clothes worth thousands of dollars, driving the latest cars, and going on expensive vacations. Just because many celebs live large, others live an economic way of life. It can be refreshing and inspiring to hear about celebrities worth millions of dollars trying to avoid overspending. You can learn how they do it, why they do it, and what you can do to improve your financial life. If you're looking for inspiration, you're in luck. In this post, we will share five instances of frugal celebrities so you can borrow a leaf from them.
Don't Change Your Lifestyle When Your Income Increases Like One of These Frugal Celebrities
Kristen Bell, the lead character of Disney's all-time movie Frozen, is estimated to be worth $16 million. She can afford to wear anything she wants, right?
But Bell is known for her frugal spending. On one occasion, she rocked in a $45 dress.
Lesson: Just because your income increases doesn't mean your tastes and preferences should change too. Experts agree that if you want to achieve financial independence, you must resist the urge to move to a lavish neighborhood, drive expensive cars, or buy expensive clothes when you make extra dollars.
They recommend using the extra income to save more money for retirement or build emergency funds.
You Can Update Your Space Without Breaking the Bank
Worth $90 million, one can never expect Tyra Banks to be one of the frugal celebrities. While moving into her new offices for a TV show at some point, Banks opted for do-it-yourself (DIY). Instead of spending thousands of dollars on new carpets, she painted the offices to save money.
Lesson: Updating your space doesn't have to cost you an arm and a leg. By allocating renovation money wisely, you can stretch your dollar and make your home or office comfier. For instance, instead of redoing the entire kitchen, paint your cabinets.
Don't Be Too Shy to Use Coupons
Sarah Michelle Gellar is estimated to be worth $15 million. Despite being a millionaire, Gellar doesn't like to pay more for her daily purchases when she can pay less. She uses coupons to save money.
Lesson: Coupons may seem to have a small impact. But over time, the savings you get can quickly add up. So, don't be too proud or too shy to use coupons when buying groceries or shopping like one of these frugal celebrities.
Live Small to Save More Money
Despite having more than a million dollars in the bank, Vincent Kartheiser doesn't spend like one. Instead of driving fancy cars and living in lavish neighborhoods, Kartheiser prefers taking public transportation and living in a one-bedroom apartment.
Lesson: Living small can help you save lots of money. By using public transportation or cycling, for instance, you cut costs that come with car ownership, like insurance, maintenance, and parking fees.
Set Clear Expectations With Family and Friends
Apart from being one of the most famous rock stars with a net worth of over $800 million, Paul McCartney is also known for his financial ways. Two incidents stand out: he made his daughter pay post-secondary school expenses and asked guests to foot their bills at a party.
Lesson: Having money in the bank doesn't make you financially responsible for your friends and family. Helping out once in a while is OK, but helping out frequently can destroy your finances.
The surest way to avoid this pitfall is by setting clear expectations with friends and family. For instance, let your kids know how much to expect from you and if they can make extra money doing chores. Similarly, if your parents or siblings need help, have a limit.
Learn More About Frugal Celebrities
Many celebrities may enjoy showing off their excesses, but some are frugal. By studying such celebs, you can learn and acquire important money management skills to better your financial situation. We hope this post inspired you. Good luck!