If you're an heiress to a billion-dollar fortune, it doesn't mean you can't be frugal in some areas of your life. Although Tamara Ecclestone, daughter of the Formula 1 boss Bernie Ecclestone, is known to be a lavish spender, she says she does have thrifty habits. Ecclestone tells The Daily Mail:
"But I’ve learned [haggling] a smart thing to do. Every car I’ve bought, I’ve got money off. My last car? I got 20 per cent off. I love to get a deal. Who doesn’t love a bargain? . . . I am a bit obsessive about it. I turn the heating off at night and I turn the tap off when I’m brushing my teeth . . . And I like to book airline tickets as far as possible in advance because it’s cheaper."
I don't think Ecclestone's penny pinching ways are over the top, and the things that she does are habits everyone should take up. Turning heating off at night and turning the tap off when not in use are all simple ways to save money and the environment. Haggling is something that a lot of people shy away from, but it's actually quite simple once you get the hang of it (read our tips on how to haggle).
Although cutting back here and there can add a bit more padding to your bank account, the most effective way to save is the top-down method, which means you have to cut back on the big ticket items before spending less on the small expenditures. Focusing on the big picture will help you make greater strides in managing your money.