Suze Orman Shares the No. 1 Way She Lives Frugally
When it comes to splurging and saving, money expert Suze Orman has some unconventional views. For example, she doesn’t bat an eye at splurging on private travel.
“I seriously splurge on private air,” she told The Wall Street Journal. “Unless we go to Europe or something because that’s ridiculous.”
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As for what she saves on, Orman said there is one thing she never spends money on.
Suze Orman’s Frugal Habit
Orman said there is one frugal habit that she is adamant about — and it’s a surprising one.
“I refuse to eat out,” she told The Wall Street Journal. “I think that eating out on any level is one of the biggest wastes of money out there.”
For Orman, eating out is a “want” versus a “need,” so skipping restaurant visits fits her overall philosophy on saving and spending money.
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“You have to live below your means but within your needs,” she said. “When ‘9 Steps to Financial Freedom’ really hit, I bought a $250,000 apartment in New York City. I could afford a $1 or $2 million penthouse at that time. The question is, when do you buy what you can afford versus what you need when you can afford more than what you need? [My wife] KT and I ask ourselves the question, ‘Is this a want or a need?'”
Orman said asking yourself whether something is a want or need before purchasing can be a game changer.
“Do that every time for the next three months,” she said. “Just try it.”
Why Orman Isn’t a Fan of Budgets
While Orman advocates for mindful spending, she told The Wall Street Journal that she doesn’t like budgets.
“I hate budgets,” she said. “If you restrict, you limit, you cut back, you don’t buy this, you don’t buy that, and then all of a sudden you explode and you go out and you buy everything at once.”
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This article originally appeared on GOBankingRates.com: Suze Orman Shares the No. 1 Way She Lives Frugally