Sure, you may know that rap songs and the baller lifestyle can send the wrong message about money. On the other hand, what about beloved celebs who live frugal-fabulous existences?
We’ve rounded up our top 5 sweet money-minded celebrities. Take a look at some financial tips we can glean from their penny-pinching ways:
1. Dave Grohl
Ah, yes, the Frugal Gods look quite fondly at my hubby in a future life (swoon.) The drummer of Nirvana and frontman of The Foo Fighters is known to deposit his paychecks straight into his bank account. He also drives a family car. (Note: he also splurged on a $140,000 Tesla.)
Grohl’s money mindset was formed at an early age when his mom suffered a stroke while working on her taxes. Grohl has been reported to say, “And it left this indelible mark on me that was ‘Money will kill you’, that people spend their lives dying inside because of money.”
What we can learn: Your early experiences with money will shape your relationship with it. The memories and emotions you felt in your younger years may help you understand why you behave the way you do.
Are you a big ole miser, like Scrooge McDuck? Are you prone to overspending when you’re feeling bored or anxious? Or, if you’re like Grohl, did the association between “money” and “death” become deeply ingrained in you from an early age? To get to the root of your money story, look toward your past.
And of course, pay yourself first. While you may not be uber wealthy, commit to stashing away a percentage of your income with every pay cycle. If you can auto-save a portion of each paycheck, that’s even better.
2. Lady Gaga
The pop singer may be worth a cool $275 million. But, even though she bought an estate in Malibu for $23 million, she still loves a good deal. She cuts coupons while out shopping, goes bargain hunting for clothes, and has even tweeted about her frugal finds.
What we can learn: Spending money is all about what you value. If it makes you happy, drop a ton of money on luxurious digs—but only if you can afford it.
Plus, it never hurts to save where and when you can. But only do it if it’s something you naturally enjoy. If you like couponing and scouring swap meets, more power to you. If bargaining for lower rates on your cable subscriptions is more your speed, then let that be your mode for slashing expenses.
3. Sarah Jessica Parker
The actress and Sex and the City star dresses her son in only hand-me downs from relatives. The reason? She refuses to spoil her kids, and believes that they shouldn’t be entitled to the fruits of her labor and immense success.
What we can learn: A dollar earned is a dollar cherished. There’s value in working hard for your money. And, maintaining consistent cash flow can be challenging. That’s why you should start saving money right away. It also doesn’t hurt to get access to your cash as soon as you can. Pro tip: if you’re a Chime member, when you sign up for direct deposit, you can get paid up to two days early.
4. Zooey Deschanel
Besides recently getting rid of her bangs (which caused a stir on the interwebs), Zooey Deschanel got divorced in 2012 and her financials were revealed. While she was worth three million at the time, she spends $2,000 a month on clothing, $1,500 to charity, $800 in utilities, and $300 on her phone bill.
What we can learn: Okay, so having a money spend of 2,000 buckaroos on clothes isn’t exactly the norm. But relatively speaking, this girl lives within her means. Only buy things you can afford, and don’t go over budget. On top of that, spend in accordance with your values. If you are big on reducing your carbon footprint, then shop second-hand or buy from eco-friendly companies.
5. Jay Leno
Apparently the classic car collector and former talk show host only spends money from his comedy routines. In other words, he saves all the money he raked in from The Tonight Show. He started doing this back when he worked two jobs: one at a Ford Dealership and at McDonald’s. He spent the money he earned from one job and stashed the rest.
What we can learn: There is a great lesson on money management tip for artists, freelancers, and other members of the gig economy. If you’re juggling different gigs or clients, use the paychecks from several clients on your living expenses. The rest can go toward discretionary spending or savings.
Having trouble figuring out which paychecks should go toward your expenses? Choose the gigs that are more consistent where you’re raking in more dough. That way you’ll be sure you can pay your bills on time.
Just because you’re rich and famous doesn’t mean you need to spend your dough like there’s no tomorrow. In fact, the more money you have, the more financial decisions you’ll be tasked with making. The key is to make the most of what you have, and to manage it well.