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Believe it or not, there actually are frugal celebrities out there. I know it doesn’t make the news very often because hearing that a star wore a $50 dress to a movie premier doesn’t sell magazines the way an athlete’s fleet of Bentleys will. But that doesn’t mean they don’t exist. Plus, how often do you see Mick Jagger and Justin Timberlake in the same list?
Image via Flickr
Here is a list of some frugal celebs!
Tyra Banks
Tyra has an estimated net worth of $75 million. Pretty sweet. But she is also quite frugal and admits to always being that way, even back in the days when she was getting an allowance from mom. To this day she doesn’t dress like a supermodel diva, despite the fact that she is one. Instead she wears jeans and t-shirts that almost anyone could afford. When she moved into office building where her show is produced she hated the carpet. But instead of replacing the carpet, which is expensive, she painted the walls and got decor to make the carpet work. She said:
“When we moved into these offices, I didn’t like the carpet,” she continued. “But do you know what carpeting costs? It’s really expensive. So, I picked out a color palette that would go with this carpet, and I painted the walls instead. Painting is much less expensive than carpet.”
Go Tyra!!
Sarah Jessica Parker
Sarah grew up very poor and still clearly remembers being embarrassed because she qualified for the free lunch program in school. When speaking of that time she said:
‘I knew I was different from the kids who pay for lunch or bring their lunch from home,’ she said. ‘It was a stigma thing. I was not the only person receiving a free lunch, but you are aware.’
Biography writer Brandon Hurst stated ‘She was very poor as a child. Even now I would say that she is not a conspicuous consumer by any means.’ He goes on to say her lifestyle choices are grounded and down to earth.
‘My friends know me so well, and they know how terrified I am of being broke, and they think it is hilarious and humorous,’ says Parker.
In fact, sometimes her frugality raises eyebrows from her co-stars. She is known for taking clothing from the sets to add to her own collection at home. And vacations mean a skiing trip in Utah, rather than expensive trip around the world. She also stays away from fancy restaurants and private jets.
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Justin Timberlake
Justin got his frugal reputation when he mentioned he only goes clothes shopping once per year. He’s doesn’t like to spend money unnecessarily. He says:
“I will say that I’m pretty frugal. I’ll probably shop for clothes for myself once a year, and that will last me for the rest of the year. “What was it that Prince said, ‘Money can’t buy you happiness, but it can help pay for the pursuit.
He goes on to say:
“I grew up in a small town and I could count my friends on one hand, and I still live that way. I think I’ll die in a small town. When I can’t move my bones around a stage anymore, you’ll find me living in a place that’s spread out and rural and spacious.”
So no wild parties for Justin then?
Mick Jagger
His ex-wife says he made her pay for stuff around the house and for the children. And my made her pay, that means made her use her own money. She says:
“He always wanted me to pay for everything to do with the house and the children. He’s generous with gifts and presents, but yeah, he’s pretty tight with the day-to-day stuff.
“My early childhood memories are of rationing so I’m frugal, and I do look down on people who waste things. I always turn the lights out.”
When I was a little kid, I don’t think it affected me. I did feel it as I got older, because you start to compare yourself to other kids. I look back and feel it must have been tough on my parents because of the times I would be embarrassed by rolling up in the $400 beat-up orange truck, or getting groceries with food stamps. But there were also time when things were fine and there was enough money to get nice Christmas gifts, let alone have a roof over my head and eat.
When I first started being successful at this, financially speaking, I was very conservative with my money. That was definitely a product of my upbringing. You know those Lotto winners who win big and then blow all the money? That would never happen to me.
I just never wanted to put myself in the position where my spending was so huge that I had to keep making movie after movie.
One common thread is poverty in childhood. Almost all the frugal celebrities that I came across while researching this article point out that they do not want to return to their impoverished roots. If their childhoods weren’t especially poor then they give the credit to a frugal parent who instilled a sense of financial responsibility in them early in life.
Who’s your favorite frugal celebrity?
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14 comments
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retirebyforty says:
September 21, 2011 at 11:56 pm (UTC -4 )
I like Tyra a lot, she has a good head on her shoulder and is a good mentor (from the Top Model show.) I had free school lunches for a few years too. I never felt any stigma about it though because a lot of my friends back then also had the same thing.
Robert says:
September 21, 2011 at 8:12 pm (UTC -4 )
That is nice to see! Usually all we hear about are crazy celebs that blow money!
Robert says:
September 22, 2011 at 12:12 am (UTC -4 )
That is nice to see! Usually all we hear about are crazy celebs that blow money!
Anonymous says:
September 21, 2011 at 8:13 pm (UTC -4 )
Too bad the list is so short! Celebrities and athletes should all be frugal because it could all go away. I think I would pick Justin Timberlake because he seems so down to earth. I like that he is involved with a clothing line and MySpace.
One Cent At A Time says:
September 21, 2011 at 10:01 pm (UTC -4 )
Why should they be frugal? We don’t know how much they saved for retirement. Rich and wealthy spending money rather than saving it away is good for economy. We should hope they spend more and more money.
World of Finance says:
September 21, 2011 at 10:41 pm (UTC -4 )
Great article. People can go broke on any level, it’s great to see that some celebrities are actually aware of money management.
I would have guessed that they all share a common background as you pointed out.
Jon Elder says:
September 21, 2011 at 11:00 pm (UTC -4 )
Great article. My fiancee would love to read this. Who knew that some celebs had a brain too?!
squirrelers says:
September 22, 2011 at 12:12 am (UTC -4 )
Great stuff! I like to read about people with their heads screwed on right, instead of celebrities who buy toilets made of solid gold, or other inane examples of spending like there’s no tomorrow.
From I understand, Warren Buffett still has the same house he bought like 40 or more years ago, in Omaha. That’s impressive in some way. Of course, he probably has his own jet as well:)
Jon Elder says:
September 22, 2011 at 3:00 am (UTC -4 )
Great article. My fiancee would love to read this. Who knew that some celebs had a brain too?!
squirrelers says:
September 22, 2011 at 4:12 am (UTC -4 )
Great stuff! I like to read about people with their heads screwed on right, instead of celebrities who buy toilets made of solid gold, or other inane examples of spending like there’s no tomorrow.
From I understand, Warren Buffett still has the same house he bought like 40 or more years ago, in Omaha. That’s impressive in some way. Of course, he probably has his own jet as well:)
Hunter says:
September 22, 2011 at 8:16 pm (UTC -4 )
Shame, Mick Jagger, shame. Did she make him pay for the drugs? It’s interesting how humble beginnings shape our financial values, and stick with us long after we are very wealthy.
PKamp3 says:
October 8, 2011 at 12:36 pm (UTC -4 )
How about Warren Buffet? Notoriously cheap, lived in the same place a long time, and great at avoiding paying taxes? He’d be a good addition to your list.
FinancialSuccessforYoungAdults says:
October 8, 2011 at 2:49 pm (UTC -4 )
Good point. Warren Buffet is definitely considered frugal
retirebyforty says:
September 21, 2011 at 7:56 pm (UTC -4 )
I like Tyra a lot, she has a good head on her shoulder and is a good mentor (from the Top Model show.) I had free school lunches for a few years too. I never felt any stigma about it though because a lot of my friends back then also had the same thing.
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