Money can be a bit of a taboo conversation topic, but an exception needs to be made when Tracee Ellis Ross has something to say concerning coins. She recently sat down with InStyle to discuss finances, money-saving tips and some solid advice from Diana Ross.

Like most of us, the Emmy nominated Black-ish star is a shopper. However, "spending smart is part of (her) motto in life," she shared with InStyle. Ellis Ross believes that it’s possible to "feel extraordinary in your life without spending tons of money," and she is also a strong believer that people should live within their means.

C H A N E L

A post shared by Tracee Ellis Ross (@traceeellisross) on InstagramJul 3, 2018 at 7:29am PDT

Momma Ross taught Tracee how to be financially responsible at a young age.

"You can spend a lot of money on your clothes, on your things — if you take care of them," Tracee Ellis Ross explains. This is something that Ellis Ross learned from her mom and lives by to this day. That’s why when it comes to wardrobe, Tracee is a believer in wearing what you’ve got. She told InStyle:

"I think the whole thing where you wear stuff once is just garbage. I really believe in re-wearing clothes. If you’re going to spend lots of money on a jacket, wear it a whole bunch of times. If you’re going to buy a pair of boots, they need to be a pair of boots you’re going to wear with more than one outfit and not just one look. That’s why I never understood those 'Who Wore It Better?' columns, because to me, it should be, 'Look at all the fancy ways you can wear this thing!' And if a princess like Kate Middleton can re-wear her clothes, I think we all can!"

Hey there

A post shared by Tracee Ellis Ross (@traceeellisross) on InstagramJul 6, 2018 at 8:36am PDT

The actress is also big on negotiating to ensure you’re getting paid what your're worth. She notes the fact that culturally there isn't much support nor training to help women learn to negotiate.

"That, I think, is what we are attempting to change from a systemic place," shared Ellis Ross, "It’s important to have a supportive group around you that you can use as a sounding board to be smart and creative in your negotiation. (Companies) might not be able to pay you in dollar amount, but maybe there’s other ways you can be supported in the work that you do — like your travel expenses or something. There are a lot of ways you can negotiate."

🥖🧀🍷👙⛱☀️🇫🇷 (yes I brought this hat all the way to France)

A post shared by Tracee Ellis Ross (@traceeellisross) on InstagramJul 9, 2018 at 9:20am PDT

As for her splurges, Ellis Ross would rather "save up for a great, life-changing trip as opposed to buying some jacket" that someone trendy is caught wearing. She also feels like a great glass of wine in stunning stemware is as much a treat as a new outfit. As for her beauty splurges, Ellis Ross does dabble into Pat McGrath’s stunning lipsticks.

VIOLET ~ shot by @yemchuk #tbt

A post shared by Tracee Ellis Ross (@traceeellisross) on InstagramJun 14, 2018 at 1:45pm PDT

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Diana ross