Barbara Corcoran, the celebrated entrepreneur and investor from Shark Tank, has candidly shared her philosophy on spending, emphasizing several key areas where she chooses to exercise frugality despite her considerable wealth.
In a recent interview on The Rachael Ray Show on October 18, 2018, Corcoran highlighted her cost-saving strategies, particularly her refusal to splurge on first-class airfare. She remarked:
“I never spend money on a business class or first class plane seat, forget it. I’m too cheap.”
Her prudent financial habits extend far beyond travel, encompassing her choices regarding designer handbags, luxury jewelry, bottled water, and even office supplies.
Barbara Corcoran’s Principles of Savvy Spending
Travel: Keeping Costs Low
One of the most notable aspects of Corcoran’s spending habits revolves around airline travel. She firmly believes in avoiding premium seating, preferring to make her flying experience enjoyable by packing her own meals and beverages. Corcoran elaborated:
“What I do is I bring a napkin that’s starched from home. I always bring two kinds of cheese, a soft and a hard cheese.”
Additionally, she has found a way to minimize costs on beverages as well:
“I buy [wine] at the airport after security because I don’t want to wait for the stewardess to say, ‘Would you like something to drink?'”
Corcoran meticulously prepares her travel essentials to ensure a comfortable journey while avoiding the hefty price tag associated with first-class tickets. Her commitment to economy class extends beyond basic amenities, as she makes conscious efforts to maximize comfort without overspending.
Smart Choices in Accessories and Jewelry
When it comes to accessories, Corcoran’s approach is equally pragmatic. She abstains from investing in pricey designer handbags or extravagant jewelry. Instead, she opts for practical, affordable options, stating:
“I just won’t spend money on a designer bag, and everybody thinks I should have a $2,000 to $3,000 fancy bag.”
Corcoran values durability over branding, often choosing sturdy yet inexpensive leather items. Her perspective on jewelry is similarly grounded:
“It’s all cheap, don’t fall for it. I spend thirty dollars on anything that I wear.”
This mindset not only prevents disappointment in the event of loss but also allows her to maintain a fashionable appearance without substantial financial risk.
Everyday Cost-Cutting Strategies
In her daily life, Corcoran identifies various opportunities to save. She refrains from buying bottled water, opting instead for tap water, which she confidently states meets her needs. Beyond cost savings, she emphasizes the environmental benefits:
“So many people will get all those bottles, and it’s a waste. It goes to the landfill in New Jersey.”
Moreover, she recognized a significant expenditure on office supplies, particularly pens. Reflecting on her past management of a large team, Corcoran realized:
“Years ago, I had a thousand employees, and I realized I was spending a thousand dollars a month on pens.”
To mitigate this expense, she implemented a policy requiring employees to bring their own pens, thereby eliminating the need for company-purchased supplies that often disappeared.
For those interested in learning more about Barbara Corcoran’s frugal lifestyle and her insights on smart spending, catch new episodes of Shark Tank on ABC Fridays at 8 PM ET, with episodes also available for streaming on Hulu.