Most of us dream of attaining celebrity status to enjoy endless luxury and limitless spending. This may be true for some famous faces, but there are others who are content with saving a coin despite their wealth.
This makes perfect sense, particularly at this time of economic uncertainty.
In late July, The Federal Reserve raised the interest rate for the second time this year as it seeks to decrease inflation without creating a recession.
“As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases while we assess how our cumulative policy adjustments are affecting the economy and inflation,” said Fed Chair Jerome Powell.
And inflation is hitting everyone hard, even the wealthy.
For example, for celebrities that are running product-based businesses, supplies are more expensive due to supply chain issues induced by the pandemic.
With that said, we’ve rounded up the celebrities who’ve proven they’re not penny wise and pound foolish–they’re frugal and fabulous. Check them out!
01
Tiffany Haddish
Despite the hit movie Girls Trip launching her white-hot career in 2017, the actress and businesswoman has been a staunch advocate for spending responsibly.
In interviews over the years, Haddish shared her frequent usage of Groupons to save on products and experiences (which eventually led to her landing a sponsorship with the brand). She was also open about repeat wear of her beautiful $4000 Alexander McQueen dress she bought for an occasion. Haddish has shared she’s worn it in public eight different times to date.
02
Laila Ali
Much like her legendary father Muhammad Ali, Laila Ali is whipsmart. The famed boxer and savvy businesswoman has penned cookbooks, landed major endorsement deals and launched her own styling product line.
The beauty has openly admitted that she not only uses her own products instead of spending money on other brands, she also does her own styling out of her home. She also does her daughter’s hair as well instead of paying for a professional. “My time is precious. I don’t have time to drive an hour to a salon and then sit there for a couple more hours getting my hair done. It’s really not that serious or important to me,” she told Kiplinger.com.
03
Michelle Obama
Our forever FLOTUS won our hearts with her grace, poise and intelligence…but also her down-to-earth spirit. While her husband was still in office, she was spotted shopping at a Target store in the Washington, D.C., area purchasing discounted dog food and toys for the first dog, Bo.
Also known for her style, little did we know she was grabbing great threads from places such as such H&M. In 2011, she appeared on the Today show sporting a $35 dress from the retailer.
04
Halle Berry
The Academy Award winner shared early on that she and her mother struggled financially when she was growing up. It’s no surprise now, as successful as she is, that she knows the value of a dollar. For example, she’s often seen hitting the aisles at the drugstore CVS, purchasing everything from hygiene products to holiday gift-wrapping paper.
“I am not someone who has to have 10 cars and lots of diamonds. … I am pretty frugal. I save a lot, because I am always worried about when this trip is going to end.”
05
Anthony Anderson
The Blackish star has enjoyed much success over the year, but it hasn’t gone to his head. “I’m not out here buying the latest cars. I don’t have the biggest house on the block. I have a moderate house on the best block,” Anderson said in a Kiplinger.com interview.
“My parents always stressed planning for the future. It’s not about the here and now. It’s about 30 years from now — be aggressive about funding these various accounts while I’m young, so I’ll have money coming in later in life.”
06
Kawhi Leonard
San Antonio Spurs star Kawhi Leonard signed a $90 million five-year contract in 2015 but he’s not pressed to spend any of that fortune.
It’s been reported that Leonard spends his summers in a two-bedroom apartment in California and drives a rehabbed ’97 Chevy Tahoe, nicknamed Gas Guzzler. “It runs,” Leonard explains, “and it’s paid off.”
07
Tyra Banks
The mogul and model is worth a reported $90 million as of 2021. Despite the wealth she’s earned, she has a fairly frugal way of life. She is so frugal, she’s said that her accountants once told her that she had to spend some money as she was just paying too much taxes.
“My mom stayed with my dad for too long because of financial reasons. If she’d just had a little side hustle, a little of her own money, she would have left. So I encourage women to have what I call “F.U.” money.… A lot of my passion for this business comes from that.
08
Kendrick Lamar
The critically-acclaimed artist has racked up accolades, praise and a large fortune through his talent, but he’s ok with staying humble.
For instance, as a present to his sister that graduated from high school, he bought her a 2017 Toyota, much to the internet’s chagrin.
“You know, people’s perspective of me and the money that I have and the stages and places I’ve gone to, they probably expect me not to have the same morals and values that I have,” he said. “I want to carry over to my family, to my little sister or whatnot, ’cause she’s younger than me so she didn’t have to go through the same struggle that me and moms had to go through.”
