It’s easy to think that all celebrities live the high-life and splurging on big-ticket items because there’s a constant flux of cash rolling in. Tabloids and social media platforms are full of celebs flaunting their flashy spending on everything from designer clothes to lavish vacations and fast cars.
However, not all rich and famous are making it rain like there’s no drought tomorrow. Some A-list celebs are known for being frugal and working wisely with their income, saving where they can, and investing carefully. There’s a thing or two that everyone can learn from these prudent celebrities who take care of their spending habits.
Here’s a list of key takeaways from how major celebs spend, save, and invest their money.
1. Reuse Instead of Buying New – Sarah Jessica Parker
Despite being known as a queen of fashion, Sarah Jessica Parker isn’t buying her children new designer clothes. The Sex and the City star, who has a reported net worth of $200, million prefers to dress her kids in hand-me-downs instead. Whether these come from cousins or older siblings, her kids are taught the value of saving a buck or two.
The lesson here is that reusing items can save a lot of money. There’s no need to spend a lot on common kids’ items like clothes. They will outgrow them anyway, and cheaper alternatives are a perfectly viable option. Reuse good quality items and save money this way!
Pro tip: Save even more by searching for good deals on fabulous items online. Just remember to turn on that VPN while shopping online to avoid credit card credential theft. What is a VPN? It’s an app/program that encrypts a device’s network connection so that hackers can’t access a person’s online browsing or accounts.
2. DIY While Spending Wisely – Tyra Banks
Tyra Banks is a highly successful TV personality and businesswoman, but that doesn’t mean she’s spending thousands on decor. People are even saying that she is very frugal. When the star moved into a new office building, she recognized that space needed some TLC. Instead of hiring a decorator and redoing everything, though, she just bought some paint and gave the office a nice facelift.
The lesson here is that it isn’t necessary to spend a lot when updating a new place. Choose less expensive changes – like painting a wall or cupboard – that can make a big impact instead. You can also save some money by learning how to do simple tasks. There are a lot of videos about painting walls, redoing your tiles, and many more tasks. It’s such a great way to save money by not paying other people for the things you can do yourself!
3. Budgeting Is Important at Every Income Bracket – Ed Sheeran
In 2018, Ed Sheeran came in under 10 on the Forbes list of the top 100 highest-paid entertainers in the world. Yet this artist isn’t letting all that wealth get to his head. Instead, he’s been recorded saying that he gives himself a tight monthly budget, and he sticks to it.
The lesson here is a reminder about the power of a proper budget. Budgeting expenses provides an unparalleled look into how sustainable one’s lifestyle is and helps plan for the future.
Sometimes, if you do not manage your debts ideally, it becomes challenging to get out of it, and if that is, we suggest you get a free consultation with a debt settlement company expert who can then help you manage your debt in a better way.
4. Couponing is Helpful, Not Embarrassing – Jennifer Lawrence
Actress Jennifer Lawrence from popular movies such as The Hunger Games and Red Sparrow has an estimated net worth of $130 million in 2020. This hasn’t stopped her from whipping out the coupons when she’s buying groceries, however.
The lesson here is that coupons aren’t something to be embarrassed about. They exist for people who wish to spend their money wisely and shave off where they can by being smart and resourceful. Don’t forget to use all types of coupons if you want to save more money. It is a great way to keep more cash in your bank account and still get the same amount of groceries and things for the house.
5. Don’t Just Hire Someone For Tasks – Gwyneth Paltrow
Despite being a highly successful actress and businesswoman, Gwyneth Paltrow doesn’t outsource everything. While most celebs get interior designers to redecorate their places for them, Gwyneth has said that she’s redecorated her living room herself.
The lesson here is that it isn’t always necessary to hire someone else for something that can be done by oneself. Labor isn’t cheap, and it’s the first place where funds can be cut when necessary by just DIY-ing it.