‘I’m frugal’: Kim Kardashian doesn’t buy her kids gifts to avoid spoiling them and sticks to a household budget… but Kanye is the ‘bigger shopper’; the five-some are seen on a private jet
She’s turned her reality stardom into an incredible personal fortune, thanks to her mother’s careful management.
Now Kim Kardashian is opening up about how she handles her money – calling her approach to family finances ‘frugal’.
The mother-of-three penned an essay for the website Wealthsimple in which she explained that she didn’t buy her kids gifts to avoid spoiling them, and sticks to an undisclosed household budget.
Said Kim: ‘I know what I spend monthly and what it costs to run my household and what it costs to run this home. It’s hard all the time to stick within a budget, for sure, but I think it’s a good guideline.’
Kim herself adds up the monthly expenditure for her family of five, and writes every check, to ensure she knows what they are spending.
‘I’m really on top of my financial situation. I do everything. I see everything, write every check, I’m on top of every last detail,’ she said.
Queen of the checkbook: Kim said her late father, lawyer Robert Kardashian, taught her to handle her money at a young age, a skill she hopes to pass on to the next generation
However there is one thing she can’t control – her husband Kanye West.
Kanye, who tweeted in February 2016 that he was ‘$53million in personal debt’, is branded the ‘bigger shopper’ by his wife.
She explained: ‘He has big archives of stuff. He shops for furniture. He shops for like everything.’
It seems that the more Kanye buys, the less Kim feels the need to splurge.
‘I’ve been actually downsizing, which has been making my managers happy,’ said the 37-year-old.
And she’s not just saving her own money – Kim doesn’t want others buying her gifts.
‘I don’t like presents anymore. I just don’t want that stuff right now. I don’t buy a lot.’
Fame and fortune: Kim capitalised on her public profile to make money; she is seen here last week promoting her make-up brand KKW Beauty
As well as not treating herself, Kim’s also getting rid of her previous purchases.
‘I’ve been getting rid of my cars. I used to really care. I loved cars. I still like them and I have a certain look, but I don’t care like I used to. I don’t need my flashy car. It doesn’t really matter to me.’
And this dislike of surprise purchases extends to her children, with Kim admitting she doesn’t like to buy gifts for North, Saint and Chicago.
‘I worry about giving my kids too much. We don’t do gifts. They have to really earn it. But we talk about it all the time, about not getting too much and just trying to be as grounded and well rounded as possible.’
What Kim does help to give her children, is an appreciation of money.
Kim said her late father, lawyer Robert Kardashian, taught her to handle her money at a young age, a skill she hopes to pass on to the next generation.