Yahoo Finance Rich People Reveal Their Biggest Frugal Habits
When it comes to frugal spending, not even the rich are immune. Just like us normal folk, rich people like to bargain for the best deal, even if that means shopping the clearance rack. You might think that if you were incredibly wealthy, you have to live a life of opulence, but some of the richest people in the world choose to live frugally — so much so that regular people can learn something from them.
If you’re looking to live large, then these celebrities might be able to give you some tips on how to do so while still saving money by being frugal.
Mark Zuckerberg
You might not think of this as something that rich people do, but the Facebook founder has been seen driving an Acura valued at around $30,000. Mark Zuckerberg also wears jeans and a T-shirt nearly every day, despite a net worth of over $66 billion, according to Forbes. And although his T-shirts probably cost more than yours do, by wearing the same thing over and over, he’s not doing a whole lot of frivolous spending on clothing.
Warren Buffett
The Oracle of Omaha is worth over $87 billion, according to Forbes, making him one of the 10 richest people in the world. Yet, he lives a very frugal lifestyle.
Warren Buffett is a walking lesson in how to live frugally, which he has demonstrated by living in the same house he bought in 1958. He once told Berkshire Hathaway investors, “For the $31,500 I paid for our house, my family and I gained 52 years of terrific memories, with more to come.”
Queen Elizabeth II
The royal family is known to be rather frugal with their millions. Queen Elizabeth II, in particular, reportedly likes to reuse gift wrapping paper and encourages her family to spend conservatively on their gifts to each other.
Sarah Michelle Gellar
The star of the TV hit show “Buffy the Vampire Slayer” likes to be thrifty when it comes to her spending. In a 2018 interview with CNBC Make It, Sarah Michelle Gellar admitted that she uses coupons and isn’t much of a big spender.
“I cut coupons to this day. I’ll never forget, one time I was at Bloomingdale’s and they had these coupons … And someone behind me turned around and said, ‘I can’t believe how long you’re taking. Why are you using coupons?’ I remember looking at her like, why should I pay more?” Gellar said. “Like, if there’s a coupon there, I’m going to use it. Just because you’re successful doesn’t mean that you should be errant in your spending. I’ve never believed that.”
Dave Grohl
His stints as the drummer for Nirvana and the frontman for the Foo Fighters have helped Grohl amass a net worth estimated at $280 million, according to Celebrity Net Worth. But he watches his spending and once told The Red Bulletin that he drives “a family car.” Grohl also told The Guardian he learned “money will kill you” after his mother had a stroke while paying the family’s taxes.
Kristen Bell
Eschewing the three-day destination wedding many celebrity couples choose, actress Kristen Bell and fellow actor Dax Shepard got married at the local courthouse. The total cost for their nuptials: $142. Bell is also a regular coupon clipper. The actress told talk show host Conan O’Brien that she does most of her shopping with coupons.
“I almost exclusively shop with coupons,” Bell told O’Brien. “The best coupon you can get, possibly in the world, is the Bed Bath and Beyond coupon.”
Rob Gronkowski
Rob Gronkowski is very careful about not spending money recklessly, despite making millions during his NFL career. The athlete is particularly frugal when it comes to clothing, as he admitted on an episode of UNINTERRUPTED’s “Kneading Dough,” “My ‘broke habit’ still is my clothing and shoes. If I like the clothing, if I like the shoes, I’ll wear those shoes and I’ll wear that clothing down to the rags.”
He previously said in his 2015 book, “It’s Good to Be Gronk,” that he hadn’t touched any of his NFL contract money or signing bonus. Instead, he was living off his endorsement deals.
In March 2019, the famous New England Patriots tight end announced his retirement from the NFL via Instagram.
Carrie Underwood
One of the wealthiest country music stars, Carrie Underwood admitted she clips coupons when she goes grocery shopping. Further illustrating that there’s not that much difference between some rich and poor people, she also said she often forgets to bring the coupons with her to the store.
Mitt Romney
Despite coming from a wealthy background and parlaying that advantage into even greater wealth, former presidential candidate and business leader Mitt Romney knows the value of a dollar. He has performed home renovations himself and has been known to play golf with clubs from Kmart.
Ashton Kutcher and Mila Kunis
One of Hollywood’s richest “it” couples, Ashton Kutcher and Mila Kunis are becoming known for being frugal celebrities. They are trying to keep their children grounded by passing on their frugal habits, which includes not going overboard on Christmas presents for their children. Kunis — who grew up in Communist Russia — told Entertainment Tonight that they have asked their parents to limit themselves to one gift.
Tim Cook
As CEO of Apple, Tim Cook took home more than $15 million in 2018, $3 million of that in CEO base pay. But according to Adam Lashinsky’s book, “Inside Apple,” Cook said he likes “to be reminded of where I came from, and putting myself in modest surroundings helps me do that. Money is not a motivator for me.”
Mashable reported that the Apple executive buys his underwear from Nordstrom’s semi-annual sale and that he once lived in a rental home without air conditioning for a number of years.
Ingvar Kamprad
The founder of the ubiquitous furniture chain Ikea practiced what he preached when it came to the affordable, assemble-it-yourself products his company sells. When traveling, he flew in coach class and drove a 20-year-old Volvo, according to CNBC.
Also, Kamprad had revealed to Sweden’s Sydsvenskan newspaper that he saved on haircuts by getting them done in poorer countries when traveling, the Telegraph reported.
Jennifer Lawrence
Star of the hugely successful “Hunger Games” movies, Lawrence continued living in her parents’ condominium even after making eight figures. “I think it would be very bizarre to live in a big mansion by myself,” she told Elle.
Lawrence eventually moved into her own digs, however. Variety reports that she bought a loft-style condo in New York City in early 2017 for a little more than $9 million — and then proceeded to place it on the rental market while she was filming “Red Sparrow” in London, which is another smart frugal move.
Carlos Slim
Mexican business mogul Carlos Slim regularly appears on lists of the world’s wealthiest people, but you won’t find his home on any list of grandest celebrity houses. His net worth is estimated at $64 billion, according to Forbes, but he has lived in the same home for over 40 years.
Katie Couric
The longtime newscaster credits her mother with teaching her to search for bargains. In a piece she wrote for Women’s Day, Couric admitted to bringing leftovers to work for lunch and borrowing clothes.
“I’m generous with friends and family, and I regularly give to charity,” Couric wrote. “But I can hit a clearance sale like A-Rod hits a baseball. I often bring leftovers for lunch. I wear some fancy clothes and jewelry at work, but here’s a secret — a lot of them are borrowed.”
Conan O’Brien
Conan O’Brien has a net worth estimated at $95 million, according to Celebrity Net Worth. But that hasn’t led him to live like a multimillionaire. During a bit in a Team Coco video in 2018, he revealed that he still owns his 1992 Ford Taurus. And previously, in a “60 Minutes” interview, he admitted to still driving it from time to time.
Hilary Swank
Award-winning actress Hilary Swank lived in a mobile home when she was younger. That experience instilled frugal habits that she retains to this day, like clipping coupons. Stopping by the former “Live! With Regis and Kelly” show in 2010, the actress unapologetically dished about her love of using coupons.
“You know when you open up the paper, and it looks like dollar bills staring at your face,” Swank said. “Why not? Why wouldn’t you use them?”
Teri Hatcher
“Desperate Housewives” star Teri Hatcher once earned a salary of $375,000 per episode during her time on the famous sitcom. But despite receiving a large paycheck, the actress previously admitted she keeps her cars for about 10 years until they have at least 100,000 miles on them.
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Taylor Bell and Autumn Rose contributed to the reporting for this article.
This article originally appeared on GOBankingRates.com: Rich People Reveal Their Biggest Frugal Habits
