Celebs give 7 tips to save money

NEW YORK (WABC) -- Starting on the gridiron, meet Washington Redskin star running back, Alfred Morris. He could afford an expensive sports car, but instead, the record-breaking back keeps grounded by driving a 1991 Mazda 626, the same car he had in college. Morris says he bought it from his pastor for just $2. The 23-year-old set of wheels is called "The Bentley" by Morris and until recently it didn't even have a radio.

"A lot of people make a dime and spend a dime," said financial adviser, Mike Falco, "And that's just not how to do it."

Take celebrity funny-man, Jay Leno. Falco says the former "Tonight Show" host only spends what he makes doing stand-up and banked his multi-million dollar television salary.

"The principal is, don't spend everything you make. Live on less than you make. Save the rest," Falco said.

And you can save a lot clipping coupons. 7 On Your Side saved hundreds when we did it. Mike says couponing is something singer Carrie Underwood and actress Hilary Swank do regularly. "You might think saving 50 cents here and a dollar there isn't a big deal but it adds up," Falco said.

Many celebs go fancy when they hit the red carpet. But Falco says Oscar-nominated actress Sharon Stone bucked the trend, "She showed up at the Oscars wearing a turtle neck sweater she got from the Gap."

Next up? Eating in, not out. Singer, Taylor Swift and actress Emma Stone save big bucks that way. "They all get together at their homes and have baking parties," Falco said.

And how about retaining, not wasting wealth. We take our last tip from the third richest man in America, Warren Buffet. Falco quotes The Oracle of Omaha who cautions not to leave your kids too much. "Warren Buffet says I want to give enough so they can feel they can do anything but not so much that they feel they don't have to do anything."

The last tip comes from singer-actress Selena Gomez. Falco says Ms. Gomez frequently brown bags her lunch. And for you and me, if you stick to it, that could save you as much as $200 bucks, $2,400 per year.