When you think of celebrities and business tycoons, lavish lifestyles with private jets and yachts typically come to mind. That’s why it’s not surprising when you hear about a star facing bankruptcy after blowing through their millions. But some wealthy people, despite their cushy bank accounts, live relatively frugally.
For example, IKEA founder Ingvar Kamprad, who died in January, led a modest life despite being one of the richest people in the world, according to CNBC. He drove a 20-year-old Volvo, wore secondhand clothes, and flew coach. And he’s not the only famous person who’s budget-conscious.
From musicians to sports stars, here are eight other thrifty celebrities.
Ed Sheeran might be one of the most popular musicians in the world, but he still gives himself an allowance. “You never want to be wasteful,” he told the Irish Examiner. “[I use] my Barclays student account. I’ve not upgraded because I don’t spend much money. If I had all my money in one account, I would spend all of it, so I get an allowance.”
As for how much he allows himself to spend each month, the star said about $1,000, mostly on taxis. Sheeran famously crashes at people’s houses for weeks, and in 2014, he was still living in Courteney Cox’s spare room.
2. Carrie Underwood
Despite winning seven Grammys and selling over 60 million records, Carrie Underwood stays true to her simple country roots when it comes to budgeting. She revealed to Rachel Ray Every Day that she still clips coupons, makes all her meals, and does her own grocery shopping. Her splurge when she doesn’t pack a lunch? A sandwich from Subway.
3. Kristen Bell
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“Forgetting Sarah Marshall” star Kristen Bell is also a coupon queen. She opened up to Conan O’Brien, telling him, “I almost exclusively shop with coupons.” Her favorite is the Bed Bath & Beyond coupon. “It’s the best one because they’ve got 20% off, and if you go and buy a duvet or an air conditioner or whatever, you could be saving upwards of $80,” she said.
4. Warren Buffett
World-renowned investor Warren Buffett has long been one of the richest people in the world, amassing a fortune of almost $90 billion, according to Forbes. But instead of living in a megamansion, the businessman lives in a modest house that’s “worth .001% of his total wealth,” according to Business Insider. He purchased his current home in 1958 for just $31,500 and never moved.
5. Tiffany Haddish
Tiffany Haddish burst onto the scene thanks to her role in the movie “Girls Trip,” but despite her newfound fame, she refuses to live extravagantly.
“I still drive a Honda HR-V. It’s a hybrid,” the actress told People. “I still have a fake [Michael] Kors purse, but I got a real Givenchy bag, and Jada [Pinkett Smith] just gave me a Fendi bag. I haven’t paid for these bags. These are gifts. The last bag that I bought myself was a Madden Girl backpack that’s really cute. And it was on sale for $45!”
The fact that she was once homeless motivates her to remain budget-conscious, and she said she’ll “probably be cheap with [her] money for a long time. “Yeah, it’s here now, but will it be here in five years?” she asked. “I don’t know.”
6. Rob Gronkowski
Professional athletes are notorious for being flashy with their cash, but not New England Patriots tight end Rob Gronkowski. In his book, “It’s Good to Be Gronk,” the football player revealed that he hadn’t touched a dime of his signing bonus or NFL contract money.
“I live off my marketing money and haven’t blown it on any big-money expensive cars, expensive jewelry, or tattoos and still wear my favorite pair of jeans from high school,” he wrote.
7. Dave Grohl
Dave Grohl might be a rock star who’s famous for his time with Nirvana and the Foo Fighters, but he doesn’t live like one. Instead of buying fancy cars and homes, he keeps all his money in the bank.
“It goes straight into my bank account, where it turns all moldy and smelly,” the musician told The Red Bulletin. “I drive a family car — not a monster SUV but a family car that fits five people. I’ve got a house that is just big enough, too.”
8. Ashley Greene
In the November 2012 issue of Marie Claire, “Twilight” star Ashley Greene opened up about the money habits she learned from her family. “It is just not worth it to buy a first-class ticket because of the cost,” she told the magazine about why she flies economy.
Instead, the actress saves that money so she can pay her bills if she doesn’t get steady work. “I’m lucky because my dad taught me to be frugal and save,” she said. “And that’s important because I want to know that I don’t have to take an acting job for two or three years if I don’t want to and that I’ll still be able to make my house and car payments and buy food for my dogs.”
Yes, you can learn money lessons from celebrities
These stars make more money than the average person, but that doesn’t mean they feel the need to spend it all. In fact, one of the best ways for anyone to amass a fortune is to aim to earn a higher income and save more of it.
That’s how broke college graduate Grant Sabatier became a millionaire by 30. Being frugal and spending money on what you need — rather than what you want — will help keep your finances in check whether you’re a celebrity or not.
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|Lender||APR Range||Loan Amount|
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5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
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