9 Warren Buffett-Inspired Frugal Living Tips

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1) Buy a modest home

For $31,500 in 1958, Buffett and his late first wife Susan purchased a property in Omaha. It's not a shoebox, but he didn't tear it down and build a McMansion either.

2) Don’t smoke or drink

Both smoking and drinking are unhealthy and can lead to higher medical expenditures. Buffett never smoked or drank, and he's 91.

3) Look for sales & deals

Buffett stated in Berkshire Hathaway's 2008 shareholder letter, "Whether we're talking about socks or equities, I enjoy purchasing quality products at a discount."

4) Don’t gamble

He once bought a slot machine for his home and handed his kids their allowance in dimes, knowing they'd lose it all that day.

5) Don’t upgrade possessions unless you have to

Buffett had used a Nokia flip phone but now uses an iPhone. But Buffett's phone ownership history shows he's not all about spending big on tech.

6) Forget fancy food

Buffett could consume gold-plated lobster at every meal, despite the fact that it sounds revolting. His eating habits, though, are modest.

7)Don’t waste money on a lavish wedding

Buffett and Astrid Menks married in a civil wedding at his daughter's home in 2006. The 15-minute ceremony was followed by dinner at a modest seafood restaurant.

8) Drive the same car for years

Forbes interviewed him in 2014 about his Cadillac XTS. But someone with his bank account might change cars more often.

9) Pick inexpensive hobbies

Bridge is one of Buffett's favorite pastimes, requiring simply a deck of cards and like-minded companions. Buffett does not care where his pals originate.

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