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Follow these frugal celebrities

Posted in: Finance Last updated: 18 Nov 2014

If you won the lottery, would you still pinch the pennies? You might be surprised to know that many of the rich and famous have remained thrifty, despite having deep pockets. Here are some key lessons we’ve learnt from just a few frugal celebrities.

Live below your means…

Susan Boyle is the official queen of celebrity frugalness – she still lives in the ex-council house she grew up in even though she could probably reside in a castle if she wanted. However, she did purchase the house next door to extend it to six bedrooms, but that’s really quite modest considering  she’s worth £11million.

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Wealth and fame certainly hasn’t gone to Oscar winner Jennifer Lawrence’s head. Despite raking in the cash, Jennifer openly admits to being a fan of shopping coupons. Ex X-Factor judge and Pussycat Doll Nicole Scherzinger has also adopted sensible money-saving methods. She regularly hunts for bargains, opting for multi-pack deals and bulk-buys so she doesn’t feel guilty when she does splurge out.

Get others to pay their way…

Mick Jagger is notoriously known for hanging on to his own cash. His ex-wife complained that he made her pay for stuff around the house and for the children. Apparently his money-saving ways stem from being taught to be frugal from a young age.

Don’t spend money unnecessarily…

Justin Timberlake gained a reputation for being penny-wise after he revealed he only goes clothes shopping once a year. In March 2011, the pop star turned actor told The Observer he doesn’t like to be careless with his cash. Justin’s former flame Britney Spears also likes to make the most of her clothes – she’s regularly seen sporting her trusty old fuchsia bikini at the beach.

Don’t spoil your kids…

We’ve mentioned previously how Bill Gates won’t be leaving his fortune to his kids, but he’s not the only famous face to cut offspring out of the will. Also joining him on the thrift list is celebrity chef, Nigella Lawson, who has stated she has no intention of leaving a hefty inheritance to her children. Likewise, singer Sting recently announced that his six kids won’t be receiving any of his £180 million fortune when he dies, as he wants them to earn their own way.

So it just shows, fame and fortune doesn’t turn all celebrities into big spenders – in fact many are just as economically-savvy as the rest of us.

Note: Whilst we take care to ensure Hub content is accurate at the time of publication, individual circumstances can differ so please don’t rely on it when making financial decisions. OneFamily do not provide advice so it may be worth speaking to an independent financial adviser about your own circumstances.