This Billionaire Still Buys Second-Hand Clothes

You’re never too rich to be frugal — at least if you’re Swedish billionaire Ingvar Kamprad.

The Ikea founder told a Swedish television station recently that he buys his clothes at thrift shops.

“I don’t think I’m wearing anything that wasn’t bought at a flea market,” Kamprad said. “It means that I want to set a good example.”

This isn’t the first time Kamprad — whose family fortune totals about ‎€65.5 billion (or about $73 billion), per The Guardian — has made headlines for his penny-pinching. It’s been previously reported that he only flies economy class, takes the bus and eats $4 Swedish meatballs at the Ikea cafe (he also takes home the salt and pepper packets).

In the documentary, Kamprad attributes his frugality to his modest upbringing.

“It’s in the nature of Smaland to be thrifty,” the frequent Forbes-list billionaire said. (Smaland is the province in Sweden where Kamprad grew up.)

Finding Simple Ways to Save

Kamprad may not need to pinch pennies, but, for most all of us non-billionaires out there, it can pay to find small ways to save. Overspending can leave use woefully underprepared for retirement, short on emergency savings or, worse, deeply in debt — which, in turn, could hurt our credit scores. (You can see where yours currently stands by viewing your free credit report summary, updated every 14 days, on Credit.com.)

Some simple ways to penny-pinch include shopping only with a list, researching prices online to make sure you’re getting a good price, beefing up your do-it-yourself skills and packing your own lunch.

If you’re saddled with debt, you can prioritize payments by targeting the accounts with the highest interest rate or smallest balance, retool your budget or consider a balance-transfer credit card or debt consolidation loan.