Suze Orman: 3 Ways I Live Frugally — Including Driving a 12-Year-Old Car
Suze Orman can afford to live a lavish lifestyle, but there are many ways that she continues to live frugally.
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Orman, who is the host of the “Women & Money” podcast and one of GOBankingRates’ Money’s Most Influential Women, said there are a few things she just doesn’t enjoy spending money on.
“Do I need to be frugal? No, not really,” she told GOBankingRates. “But I love it. Because when you respect money, when you honor money, no matter how much money you have, then your money turns around and honors you.”
Here are a few of the ways Orman lives frugally.
She Doesn’t Go Out To Eat
You probably won’t catch Orman dining at a five-star restaurant.
“I myself am a very, very wealthy woman, and the very last thing I would think about doing is going out to eat,” she said. “I really do not like to spend money to go out to eat — I don’t like it. It’s so much money.”
Orman said she will only go out to eat if it’s absolutely necessary.
“Obviously at times I have to — maybe I’m not at home, maybe I’m at a hotel. So, I have to do it at that point in time,” she said. “But normally I don’t like to do it.”
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She Drives an Old Car
Orman believes you should always buy a car instead of leasing, and then hold onto that car for as long as you can.
“When I buy a car, I keep it for at least 10 to 12 to 15 years or longer,” she said. “Right now, I am going on the 12th year that I have owned my car and I have no plans of getting rid of that car for years to come.”
Orman said that constantly upgrading your car is a big waste of money.
“I don’t buy a car every three years like most of you do,” she said. “I don’t lease a car every three years like many of you do, simply to drive a car to impress people you don’t even know at a stop sign with money you probably don’t even have.”
She Keeps Her Clothes and Accessories for Years
Orman doesn’t feel the need to regularly update her wardrobe. “I wear the same clothes over and over again,” she said.
Orman also re-wears the same jewelry for years.
“If you look at the jewelry that I wear, it is the same necklace that I have worn since 1994,” she said.
“Look at my book, ‘You’ve Earned It, Don’t Lose It.’ The picture for that book was taken in 1994 and my earrings are the identical earrings from way back when. My rings are the same rings. So I don’t spend money on jewelry. I’m very frugal that way. I wear the same jewelry over and over again.”
Handbags are another high-ticket item that Orman doesn’t regularly splurge on.
“I have one purse, and that purse dates back to 1993,” she said. “I don’t spend all this money on purses.”
Gabrielle Olya contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: Suze Orman: 3 Ways I Live Frugally — Including Driving a 12-Year-Old Car
