7 Frugal Living Tips From Famous People

Posted on by Kathryn Vercillo

You would think the best frugal living tips come from people who struggle to make ends meet. After all, necessity is the mother of invention right?

While it’s certainly true that people without money have some great tips for frugal living, they aren’t the only ones who live frugally. Kiplinger recently published an article with frugal living tips from famous people.

Here are the top seven tips on that list:

1. Cut and Style Your Own Hair

Laila Ali skips the hair salon and styles her own hair. She also does her daughter’s hair. While the article doesn’t specifically mention cutting your own hair, it’s certainly one of the best frugal living tips available.

Personally, I used to spend almost three hundred dollars for someone else to cut and color my hair. I stopped that nonsense ten years ago. Cutting and dyeing my own hair over the past decade has already saved me a small fortune.

As Ali points out, it also saves a lot of time.

2. Cook Your Meals. Split Restaurant Plates in Half.

Danica Patrick tries to do all of her cooking for herself even when she’s traveling. It’s a lot cheaper than buying food at restaurants.

However, sometimes you’re going to dine out. If you do, then follow the example of Google investor David Cheriton. He always saves half of any restaurant meal to eat the next day.

3. Limit Your Access to Spending Money

Oil millionaire T. Boone Pickens got all of his best frugal living tips from his grandmother. For example, she said that you should never go anywhere with cash looking to spend it. Instead, you should make a clear list of exactly what you need when you shop. Then only bring enough money with you to pay for those items. Even if you’re tempted to impulse buy, you can’t.

Of course, most of us carry credit cards. Many of us use our phones to pay for items. Therefore, it might not be easy to follow this rule. But the gist of it is to plan purchases ahead of time. That’s something we can all do.

4. Get Frugal with Fashion

Pickens also keeps his fashion frugal, buying new suits only ever four years or so as needed. Likewise, Michelle Obama has been known to shop at discount chain stores for her clothing. Reality TV star Bethenny Frankel always looks fir discounts on clothing and shoes.

You can buy new clothes if you want. However, you should be smart about your spending.

5.  Buy An Okay House in a Great Place. Then Stay There.

Since housing is one of our most expensive steady expenses, some of the best frugal living tips relate to reducing those costs.

Actor Anthony Anderson could have bought the most expensive house anywhere. He did choose a nice neighborhood. However, he bought a more moderate house on that block.

Warren Buffet also has a modest house. Moreover, he has lived in it for sixty years. Find an area you love. Then buy a regular house there. Use your money to update it only as necessary.

6. Buy In Bulk and Shop Deals

We learn a lot of our best frugal living tips as kids. So did famous people. Hilary Swank learned to buy household necessities in bulk. You’ll find a lot of toilet paper stocked up in her home. Moreover, she uses coupons to get those bulk items at a discount.

7. Shop At Regular Stores

As aforementioned, Michelle Obama sometimes gets her clothing from places like H&M and Target. Halle Berry picks up essentials at CVS. Mitt Romney bought his golf clubs at Kmart.

In other words, even if you’re famous, you should shop at regular, affordable stores.

That said, you have to determine what aligns with your values. Personally, I prefer to shop secondhand clothing at local stores. I don’t like giving my money to chains. I would rather pay more to shop at higher-quality independent stores but then I’ll buy less to make up for that cost.

Not all famous people’s frugal living tips will be right for everyone. Decide what’s right for you.

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