How The Cheapest Family In America Can Help You
August 31, 2006 | Personal Finance

If you want to save a lot of money, listen to this advice from Annette and Steve Economides. According to Netscape.com, the couple and their 5 kids call themselves the “cheapest family in America” – claiming they’ve mastered the fine art of frugal living. Here’s what they’ve accomplished on an annual income of $33,000 dollars:

  1. They paid off their first house in nine years.
  2. Their second home is almost paid for.
  3. And they spend about $350 dollars a month for groceries – and frequently eat steak and leg of lamb.

This is a family with five kids! So how do they do it? Here are some of their budgeting tips:

  1. Careful Planning. Make a grocery list for the entire month and do one giant shop. Shopping only once per month guarantees you’ll eat better, save money, save lots of time and reduce stress in your life. Freeze milk, cheese, and bread until you need them. Eat bananas and grapes the first week. Pears are good for two weeks. And apples and oranges can last a month.
  2. Use coupons. Clip, file, and have them ready when you go shopping. You can save a bundle by combining coupons with store specials. But only use coupons for items you actually need. If you buy something just because you have a coupon, you’re wasting money.
  3. Buy a big freezer. You can use it for food that you can’t eat immediately. You can also prepare meals in advance and have them ready for when you’re too tired or busy to cook.
  4. For your home: Pay extra on your mortgage. Four years after buying their home, Steve and Annette Economides started paying an extra $2 a month on their mortgage. Five years later, they had paid it off. And by paying off the mortgage early, they saved $80,000 in interest charges.
  5. Buy used – clothes, cars, and gadgets like TVs.
  6. No credit cards! Avoid them and their costly interest payments.

If you’d like to learn more about the Economides and their frugal lifestyle, check out HomeEconomiser .com.

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