While it’s fair to say that an enormous number of people increase their spending to match their superstar status; there are a few celebrities that continue to manage their money in a somewhat stingier fashion. Of course, whilst “stingy” has a somewhat negative connotation – there are upsides to being careful with your cash. Here are 8 stingy celebrities and what you could learn from them:
Paul McCartney (Net Worth: $800 million)
The former Beatle and world-renowned rock star Paul McCartney is not short of a few bucks; yet he’s famous for being careful with his cash. He made his daughter, Stella, pick up the tab for her own university education and he regularly asks people at his parties to cover their own drinks bill.
While this might seem mean – there’s a reason Paul’s worth $800 million and many other celebrities are not. You’re not required to cover everyone’s expenses all the time. You can be generous occasionally but you should ensure that your friends and family pull their own weight too.
Sarah Jessica Parker (Net Worth: $90 million)
She made her name in Sex in the City as a high flying girl with high flying tastes. In real life Sarah Jessica Parker is much more careful with money. You might expect to find her children in the latest designer threads, for example, but what you’ll actually find is children dressed in hand-me-down clothes.
Sarah Jessica Parker has the right idea. There’s nothing wrong with a little recycling within families and between friends and communities. Thrift stores and even clothing swap parties can refresh your wardrobe without you having to break the bank for it.
Jay Leno (Net Worth: $350 million)
You won’t find Jay Leno worrying about money any time soon. The Tonight Show host has saved every single penny that he earned from the show. He lives only on the money he makes from his standup comedy act.
By saving for a rainy day, the star has ensured that his life will always be easier than other people’s, it’s also earned a ton of interest for him. If you want an easier life at some point in the future; you could do worse than emulate Jay Leno and start socking some of your cash away in the bank or investments so that it starts to work for you.
Vincent Kartheiser (Net Worth: $1 million+)
Vincent came to the public’s attention in Mad Men, the series about high-powered advertising men during the peak of their power. While the show was about wanton displays of wealth and power; Vincent’s real life is very different. He uses public transport to get about – disdaining to purchase an expensive “celebrity” car. He lives in a small apartment rather than a huge house too.
You’d be amazed at how much cheaper public transport can be rather than running a vehicle. No fuel costs, no parking charges, no depreciation, etc. Your finances can really benefit from ditching a vehicle and getting around more cheaply – it’s also a very environmentally friendly act.
Leonardo DiCaprio (Net Worth: $240 million)
Leonardo DiCaprio is the epitome of a frugal star. No Lamborghini for Leo – just a Toyota Prius. No celebrity private jets – he flies commercial. One of the nicest things about this is that Leo knows he’s comfortably set for life and most of the time – he spends his money on charitable causes.
You can learn something from Leo too. If you cut down on the money spent on the things you need in life but stripping them down to the basics (you really don’t need a 4×4 if you live in the middle of a city – you just want one for example); you can spend your money on the things that really matter to you in life instead.
Sarah Michelle Gellar (Net Worth: $20 million)
The star of Buffy the Vampire Slayer and numerous movies is also sensible with her money. People report seeing her in stores rifling through her purse to find the coupons she’s clipped to save some cash. This approach to life has left Sarah with a substantial nest egg.
There’s no reason that you should ever be shy about using a coupon or claiming an advertised discount. That’s literally what these things are designed for. If you could save $1 a day using coupons – you’d have an extra $1,000 in the bank every 3 years; we estimate that a careful coupon user could save much, much more than that.
Tyra Banks (Net Worth: $100 million)
The supermodel and business woman, Tyra Banks, is famous for her frugality within the celebrity world. She’d rather paint an office than remodel it to save some cash. She’s supposed to be very happy to relieve the hotel bathroom of all the toiletries rather than pay for them at another date too.
Tyra’s approach to decorating is excellent; if you can keep the costs of making a place look nice to a minimum – you have more money to save or to spend on things that might make a bigger difference to the quality of your life.
Zooey Deschanel (Net Worth: $17 million)
Zooey’s finances became a matter of public record during her divorce proceedings. For a megabucks Hollywood star it turned out that Zooey lived on a very tight budget with her second largest expense of each month being a charitable donation. One other surprising aspect of Zooey’s life was that while she has credit cards – none of them have a balance maintained on them.
This may be the most important lesson of them all. Credit card debt sucks. The interest rates are staggeringly high compared to other forms of credit and while a credit card is useful to pay an emergency bill – it’s a bad idea to maintain a balance on it. When you start paying interest – you are going to work in order to work for the credit card company rather than yourself; it’s better to save for what you want than to go into debt for it.