"I'm too cheap" — When Shark Tank investor Barbara Corcoran turned heads with her money-saving tricks

Barbara Corcoran, a self-made millionaire and investor on Shark Tank, has openly discussed her approach to spending, highlighting five specific things she avoids splurging on despite her wealth.

During an interview on The Rachael Ray Show on October 18, 2018, she emphasized her frugality, explaining that she refuses to pay for premium seating when traveling. She stated:

"I never spend money on a business class or first class plane seat, forget it. I'm too cheap."

She also mentioned that her approach to money management extends beyond travel, which also includes designer handbags, expensive jewelry, bottled water, and office pens.

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Shark Tank Barbara Corcoran’s approach to smart spending

Travel and airline costs

One of the primary areas where Barbara Corcoran avoids spending is airline travel. She explained that she never pays for premium seating and instead enhances her experience by bringing her own food and drinks. Corcoran noted,

"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."

The Shark Tank investor further elaborated on her method, stating,

"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’s approach to flying economy extends beyond food. She mentioned that despite the significant price difference, she does not feel the need to upgrade to first class.

She described how she prepares in advance to make her coach seat as comfortable as possible, ensuring a pleasant experience without incurring additional costs.

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Accessories and jewelry

Corcoran also avoids purchasing expensive accessories, particularly designer handbags and high-end jewelry. She explained that she prefers bags that are functional and cost-effective rather than spending thousands of dollars on luxury brands. She said:

"I just won’t spend money on a designer bag, and everybody thinks I should have a $2,000 to $3,000 fancy bag."

She emphasized durability over brand names, explaining that she looks for a bag made of sturdy, inexpensive leather rather than costly materials. Her approach to jewelry follows a similar principle.

Corcoran noted that her television appearances may give the impression that she wears expensive pieces, but she actually opts for affordable alternatives. She stated:

"It’s all cheap, don’t fall for it. I spend thirty dollars on anything that I wear."

The Shark Tank investor pointed out that losing an expensive item would be frustrating, whereas affordable jewelry can be easily replaced without financial concern.

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Everyday expenses

Beyond travel and accessories, Corcoran finds ways to minimize costs in her daily life. She avoids purchasing bottled water and instead prefers drinking tap water. She has highlighted that New York water meets her needs, making bottled water an unnecessary expense.

Additionally, she has pointed out the environmental impact, saying:

"So many people will get all those bottles, and it’s a waste. It goes to the landfill in New Jersey."

Another area where she reduces costs is office supplies. The Shark Tank investor recalled realizing that her company was spending a significant amount of money on pens. She said:

"Years ago, I had a thousand employees, and I realized I was spending a thousand dollars a month on pens."

To address this, she stopped purchasing pens for the office after noticing that they frequently went missing. Instead, she required employees to bring their own, recognizing that company-bought pens were often taken and not returned.

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