Why Orman won’t fly commercial
Just because Orman avoids eating out — and even buying herself a cup of coffee — she’s not necessarily against spending on the things that are important to her.
In a previous interview with Business Jet Traveler back in 2009, Orman explained her love for private air travel all comes down to efficiency, health and pleasure (in that order).
She said she doesn’t have the luxury to deal with a late or postponed flight since “time is money” and she runs her own business, which requires her to travel often. For Orman, a multimillionaire with a media empire, coughing up the extra funds for a chartered jet is worth it.
“Also, the chances are very great [on an airliner] that some kid's gonna sneeze on me and then I get sick,” she adds. “I cannot afford to be down one day. If I am, it's millions of dollars on some level somewhere.”
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Read MoreOrman believes in living below your means — but dislikes budgets
When it comes to finding the right balance between spending and saving, Orman emphasizes that it’s crucial for people to live below their means but within their needs.
However, making a strict budget isn’t always the solution. Orman compares them to diets, explaining, “If you restrict, you limit, you cut back, you don’t buy this, you don’t buy that, and then all of a sudden you explode and you go out and you buy everything at once.”
Instead of making a big financial resolution for 2024, Orman recommends that folks start with asking themselves whether they feel powerful and secure.
“If you don’t, just do one thing that might make you feel more secure,” she said. “Is that saving $10? Is that not going out to eat?”
The money maven isn’t necessarily suggesting people forgo the things that bring them joy, but she does believe in spending consciously to save where you can. So, perhaps it’s time to cancel that Amazon Prime subscription or gym membership you never use, or shop for a better insurance rate on your car.
It’s a similar take to the “soft saving” phenomenon that Gen Z espouses. You don’t have to set hard and fast rules or save aggressively for the future, but you can be more gentle with yourself and intentional about your purchases.
Orman’s not the only finance personality who believes in mindful spending — author and podcast host Ramit Sethi also advocates for people being able to enjoy their money in moderation. His spending plan includes putting your paycheck toward your fixed costs, investments and savings — as well as a guilt-free spending category that you can focus on once you’ve hit your other financial goals.
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