12 Surprisingly Affordable Habits of Millionaires
While it’s easy to assume that celebrity millionaires live extravagantly in every aspect of their lives, many of them actually practice affordable habits to bolster their wealth. And there’s good news: These habits, which reflect financial discipline, value for money, and long-term success rather than instant gratification, can be incorporated into our daily lives. From how to make mindful choices to prioritizing cost-effective strategies, here are 12 surprisingly affordable habits of millionaires.
1. Warren Buffett: Still Lives in a Modest Home
Warren Buffett, the fifth richest man in America, still resides in the same home in Omaha, Nebraska, that he bought for $31,500 in 1958. The longtime investor never felt the need to upgrade to a mansion, despite having a net worth of $150 billion. His frugality underscores that living within your means can be a core strategy for building and maintaining wealth.
2. Kristen Bell: Clips Coupons, Spent $142 on Wedding
Actress Kristen Bell has been vocal about her love for saving money. She regularly clips coupons for groceries and sees no shame in looking for deals, especially at Bed Bath & Beyond. Bell’s frugal shopping habits show that living a celebrity lifestyle doesn’t mean spending a fortune on everyday purchases. She also famously spent just $142 on her wedding (though Bell and now-hubbie Dax Shepard just went to a courthouse in Beverly Hills to get hitched, hence the lower costs).
3. Jennifer Lawrence: Shops at Secondhand Stores
Oscar-winning actress Jennifer Lawrence is known for her casual lifestyle, which includes shopping at thrift stores and markets. In fact, she doesn’t let fame push her into buying anything thats too pricey. “I was raised to have value for money, to have respect for money, Lawrence told Fabulous magazine. “My family is not the kind of family that would ever let me turn into a [bleep] or anything like that, so I am fortunate to have them.” Love her.
4. Jay Leno: Saved His ‘Tonight Show’ Salary
Former talk show host Jay Leno didn’t spend “a dime” he earned from hosting “The Tonight Show” for nearly 20 years. Instead, he lived off his income from stand-up comedy gigs and saved his TV salary for future security. “So many people get to be the age I’m at now and they’ve got nothing because they just blew it all,” said Leno. “I put my money in a hammock and say, ‘You relax. I’m going to go work.’ And when I come back, I put some more money in the pile.”
5. Zooey Deschanel: Tracks Her Spending
Known for her quirky style, actress and singer Zooey Deschanel is extremely mindful of her spending. By budgeting and tracking her finances, she stays in control of her expenses. Despite having a monthly income of $95,000, with $1.57 million in savings and an additional $1.6 million in stocks and bonds, she limits her spending to around $22,000 a month.
6. Keira Knightley: Gives Herself a Yearly Allowance
Oscar-nominated actress Keira Knightley revealed that she gives herself an annual allowance of $50,000, despite having a multi-million dollar net worth. “I think living an [expensive] lifestyle means you can’t hang out with people who don’t live that lifestyle,” Knightley told Glamour magazine in 2014. “It alienates you. Some of my best, most hilarious times have been in the least luxurious places.” We stan a mindful queen.
7. Danica Patrick: Cooks for Herself While Traveling
Former pro race car driver Danica Patrick saves money by cooking her own meals while on the road. Instead of relying on expensive restaurants and private chefs, she prefers to whip up healthy meals herself. “I love to cook. While it can sometimes be hard to have all the right ingredients when I’m on the road, I love stopping by local farmers markets and cooking as often as I can,” said Patrick. “The food I make is much healthier than always eating out at restaurants.”
8. Michelle Obama: Shops at Target
Former First Lady Michelle Obama has been spotted shopping at Target for everyday essentials. The down-to-earth mother of two is also known for cutting costs in fashion. Though she undoubtedly has access to any high-end designer brand, Michelle often opts for clothes from affordable stores like J. Crew, H&M, and the Gap. In 2011, she made headlines for appearing on the Today show in a $35 dress from H&M, proving that style doesn’t always have to come with a hefty price tag.
9. Bethenny Frankel: Shops Clearance
Reality TV star and entrepreneur Bethenny Frankel is known for sticking to the clearance section when she shops. Despite having a net worth of $80 million, she loathes paying “retail prices on clothing and shoes” and regularly scours eBay for the best online deals. Frankel’s approach to shopping showcases that being frugal and mindful of spending is a smart habit, regardless of how much money one has.
10. Dave Grohl: Puts Every Paycheck in the Bank
According to Foo Fighters’ frontman Dave Grohl, the key to building wealth is to save, save, and save some more. When asked about what he does with all his money, Grohl said, “It goes straight into my bank account, where it turns all moldy and smelly.” For the singer, frugality is deeply ingrained and reminds him of the potential perils that come with wealth.
“I remember [my mother] was writing to the IRS as she started to have her stroke,” Grohl told The Guardian in 2014. “And it left this indelible mark on me that was ‘Money will kill you,’ that people spend their lives dying inside because of money.”
11. Shailene Woodley: Makes Her Own Beauty Products
Actress Shailene Woodley takes a hands-on approach to skincare by making her own beauty products. She creates items like face oils, toothpaste, and body lotions from natural ingredients. This DIY and sustainable approach not only helps her save money but also ensures she knows exactly what’s going into her skincare routine. (We might have to give this a try ourselves.)
12. Tiffany Haddish: Reuses Outfits
Actress and comedian Tiffany Haddish made headlines for re-wearing the same $4,000 Alexander McQueen dress to multiple high-profile events, including the Oscars. Despite the pressure in Hollywood to constantly debut new outfits, Haddish’s decision to get the most out of her expensive dress shows that there’s no shame in being frugal and practical.
“I don’t give a dang about no taboo,” said Haddish. “I spent a lot of money on this dress. This dress cost way more than my mortgage. This dress is Alexander McQueen. It’s a $4,000 dress. I’m gonna wear this dress multiple times.” Slay, queen.