Lessons from celebrities who save and spend

CELEBRITIES are known to live a lavish life but, for some, their riches have led to financial troubles.

Pirates of the Caribbean star Johnny Depp reportedly spent $200,000 a month on private planes, a further $30,000 a month on wine, and even paid more than $3 million to have his friend’s ashes shot out of a cannon.

All of these expenses – contained in a lawsuit filed by Depp’s ex-managers – led him to the brink of financial ruin.

While some celebrities are impulsive with money, there are just as many who are savvy and might even inspire you to start saving. Musician Ed Sheeran still uses the same bank account he’s had since before his career began. He gives himself an allowance of around $1000 a month.

“It’s great to set a budget below your means and stick to it,” said Finder.com.au money specialist Taylor Blackburn.

Unlike most celebrities, Hollywood couple Dax Shepard and Kristen Bell had a low-budget wedding ceremony in 2013 at the Beverly Hills courthouse, costing a total $205, including fuel.

They’re not the only thrifty couple. Before she married That ’70s Show co-star Ashton Kutcher, Mila Kunis shopped at Etsy.com to purchase two wedding bands for under $300.

It seems you can’t put a price on love but, if you have to, try and work to a budget, compare your options and save where you can.

“It never hurts to get three quotes to compare prices and save the money ahead of time,” Mr Blackburn said. “If you don’t have all the funds, a personal loan can help bridge the gap.

“Unlike a credit card, you’ll get a lower rate and have a set amount that you can pay over a set period of time.”

MLC financial adviser Matt Neill said it was important to ensure your spending aligned with your personal values. “The price is just what you pay, but value is what you get,” he said.

“Make sure the value you’re receiving corresponds with the price. Otherwise give it more thought.”

Musician Ed Sheeran and former first lady Michelle Obama are careful with their cash, while actor Johnny Depp splashes his around, leading to problems. Pictures: Getty Images

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Former first lady Michelle Obama is thrifty when it comes to fashion, wearing clothes from H&M and Target. In 2011, she appeared on television wearing a dress bought for less than $50.

“Ms Obama doesn’t purchase clothes based on brand or price, but by the look, feel and what makes her comfortable,” Mr Neill said.

“Aussies should look at these great examples and be active in their money decisions and invest heavily in what matters to make their money count.”