Key Takeaways
  • Many celebrities have a fear of going broke, which leads them to being frugal.
  • Frugal is not the same as cheap. Someone frugal still cares about quality.
  • Personal and financial experiences have contributed to the celebrities frugality.
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Some people use the words frugal and cheap interchangeably, but there is a difference. Frugal is defined as someone who is not wasteful and instead prioritizes how they spend their money. These are people who still buy what is needed but look for where and how they can get the best deal while keeping quality a priority. On the other hand, someone who is cheap is defined as a person who doesn't like to spend money, so much so that they won't buy necessities. Instead, they would rather walk around with holes in their sock instead of purchasing new ones. 

 

Some of your favorite celebrities are frugal, and hey, you can't be mad at that. After all, many times, those with money are the most frugal. It is how they stay wealthy. 

 

1. Serena Williams 

 

Serena Williams is a tennis legend, and she's made bank during her tennis career to the tune of an estimated  $92.7 million. She was reported as the highest-paid female athlete in 2016, and she has an estimated net worth of $150 million. However, it's not just Serena's tennis earnings that are building her wealth. Serena has signed on to endorse numerous brands throughout her career, runs her own investment firm called Serena Ventures, and has her fashion lined S by Serena, among other money-making things. 

 

Image credit: Leonard Zhukovsky / Shutterstock.com

 

 During a chat with former NBA player Jay Williams during a Chase Chats webcast, Serena stated, "My dad always said 'athletes lose their money.' He always talked about the importance of not losing it once you get it and not just buying everything you see. That has stuck with me for my whole life."

 

 Serena has been quoted as saying, "I'm so frugal, you wouldn't believe it." 

 

2. Mark Zuckerberg

 

Image credit: Frederic Legrand - COMEO / Shutterstock.com

 

Facebook's CEO, Mark Zuckerberg, is worth an estimated $121 billion. However, that doesn't mean he only drive around in Bugattis or Ferraris. Instead, it was once reported that the frugal founder used to drive a Volkswagen GTI.

 

I guess the real question is, what is billionaire frugal compared to everyone else's frugal?

 

3. Tyra Banks 

 

Tyra's childhood experiences may have played a role in her being frugal and wanting to be smart with her money. After her parents divorced, Tyra's mom moved her and her brother into a one-bedroom apartment. Tyra's mom, Carolyn London, had her children sleep in the bedroom while she slept on the floor in the living room. 

 

Image credit: Kathy Hutchins / Shutterstock.com

 

Worth an estimated $90 million, Tyra has been quoted by The New York Times as saying, "I am frugal. I've always been this way. When I was young, my mom would give me my allowance, and I'd peel off a little each week and have some to spare."

 

4. Marshawn Lynch 

 

Contrary to a long-standing popular rumor, Marshawn Lynch confirmed during a 60 Minutes Sports/Sports Illustrated segment that he has not saved all of his NFL on-field earning. However, Lynch is very clear that he has made good financial decisions. 

 

During the 60 Minutes Sports interview, the former Seattle Seahawks running back explained why he is frugal with his money. "If you came from eatin' cereal with roaches in it before...dawg . . . feel what I'm sayin'? You wouldn't want to do that again, right? Once you've seen the lowest of the low, you don't want to go back." 

 

5. Kawhi Leonard 

 

Early in his career as a San Antonio Spurs guard, Kawhi still drove his 1997 Chevy Tahoe that he had since high school. Nicknamed "Gas Guzzler," Leonard told Sports Illustrated he kept and still drove the Tahoe because "it runs, and it's paid off." 

 

Kawhi is reportedly enjoying the fruits of his labor but is quite frugal. However, it is tough to confirm to what extent, as Kawhi stays away from social media and lives a low-profile life.

 

6. Halle Berry 

 

Image credit: DFree / Shutterstock.com

 

"Halle Berry! Halle Berry!"

 

Halle Berry reportedly earns around $10 to $12 million per major film role. Although her net worth is estimated to be about $80 million, can you guess one of Halle's Berry fears? It is running out of money and not having enough for a rainy day. For that reason, Halle Berry is pretty vocal about being frugal. 

 

You may even catch her in line using coupons. 

 

Cheers to being frugal!

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