America's Cheapest Family Gets You Right on the Money: Your Guide to Living Better, Spending Less, and Cashing in on Your Dreams

by Steve Economides, Annette Economides

Do you have too much month at the end of your money?
Is your credit card screaming for relief?
Are you tired of robbing Peter to pay Paul . . . whoever they are?

Meet Steve and Annette Ecomomides. They've been called cheapskates, thriftaholics, and tightwads, but in these tough times, Steve and Annette have managed to feed their family of seven on just $350 per month, pay off their first house in nine years and purchase a second, larger home, buy cars with cash, take wonderful vacations, and put money in savings. Without degrees in finance or six-figure salaries, Steve and Annette have created a comfortable, debt-free life for themselves and their children. In America's Cheapest Family Gets You Right on the Money, they show you how they did it - and how you can do it too.

√ hundreds of ways to save money on everyday household expenses, including groceries, clothing, and health care
√ how to save in advance for major purchases such as homes, cars, and vacations
√ how to stop living paycheck to paycheck
√ how to eliminate debt...forever!

America's Cheapest Family Gets You Right on the Money puts meeting your financial goals - and living well at the same time - in reach for every family.

Genres: Nonfiction, Finance, Self Help, Money, Personal Finance, Reference, Adult

280 pages, Paperback

First published January 1, 2007

About the author

Steve and Annette Economides (Econo mee' dis) were married in 1982. At that time, Steve worked as a graphic designer earning $6.50 per hour, while Annette stayed home to figure out how to stretch their pennies until they begged for mercy. In just nine years, on an average income of just $35,000 they purchased and paid-off their first home. They have also paid cash for all of their cars, taken fabulous debt-free vacations, spent only $350 per month to feed their family of seven, and put their kids through college without any school loans. Steve and Annette are quick to say that anyone can do what they do, if they are willing to learn.

In 2004 the Economides family was invited to appear on Good Morning America, it was then that host Charlie Gibson affectionately dubbed them America's Cheapest Family. This appearance led to the publishing of their first book, "America's Cheapest Family Gets You Right on the Money."

Steve & Annette are NY Times Best Selling authors of three books, often requested conference speaker and are recognized internationally as family finance experts. They have appeared on many national TV shows including: Good Morning America, The Today Show, ABC's 20/20, Fox TV's Your World with Neil Cavuto and The Dr. Phil Show. They are regularly quoted on radio, in newspapers and have been featured in magazines such as Good Housekeeping, People and Real Simple as well as profiled on Yahoo and MSNBC.

Steve and Annette’s writing and speaking style are down to earth and easy to understand. They’ll show you how they’ve done it, step-by-step, and how you can you too. If you follow their advice you’ll experience financial freedom, more money in the bank, debt-free living, better family times and lots more laughter.

Reviews

[Wendy · Rating 1 out of 5]

I loathed this book. The authors never acknowledge their enormous debt to The Tightwad Gazette for both their newsletter business and this book--in fact, their introduction is either consciously or subconsciously stolen from the introduction to one of the Tightwad books--even though they mention, in passing, that they used one of Amy Dacyzyn's ideas for shopping (but imply it wasn't that great anyway), so it isn't a case where they were unaware of Tightwad's existence.

There's very little useful information here; most of it is extremely specific and convoluted. I was interested to read their chapter on teaching your kids about money, but it turned out to concern, almost entirely, their system for paying their kids for doing chores. Their budget system is odd and complex. They suggest using "Color Me Beautiful" to make sure you only buy clothes that look good on you... this is what people need?

Their medical advice is silly at best, dangerous at worst--they advise finding home remedies to lessen doctor visits. They "beat most mild infections" this way--geez, most mild infections go away on their own! Colds are treated with echinacea, grapeseed extract, and colloidal silver (the stuff that turned that guy blue). Ridiculous.

In no way are they "America's Cheapest Family"--they spend money on things that most people who want to live beneath their means would never think to spend on. They refuse to use credit cards without acknowledging their usefulness. I could go on and on. There's also quite a bit of sexism, and an underlying religious tone that I didn't care for personally.

If you're interested in this topic, I can't encourage you enough to look into The Tightwad Gazette. The books are a little elderly, but the underlying philosophy of finding your own frugality is still current. And they're funny and readable, too.

[Stephanie · Rating 3 out of 5]

This book started out okay but this cheapskate family is starting to get on my nerves.

Okay, some of the points I liked were actually common sense items like turn off lights when not in use, etc. The stuff I did not like were their extreme views on saving to the point where they took a family vacation to Washington, DC and cruised around in their car looking for a thrift store. I have no problem with this as I've been hitting up thrift stores for unique finds since high school (in fact my husband and I --then boyfriend--even had a map (an actual real map) with a coordinating legend where we marked every single thrift store in the greater sacto area...dorky, I know). Anyhow, you can see the thrift store is not my problem. My problem is that they only went there to find a crockpot. To take back to their hotel room. To prepare dinner. For their children. In the bathroom. Consisting of spaghetti-os and canned beef stew. Really? In all your other money saving techniques you couldn't bear to treat your kids to an actual meal? This also demonstrates why I don't really coupon for food--all the cheap stuff us garbage for your body. Just watch one episode of Extreme Couponing to see the majority of people (aka hoarders) stocking up on garbage processed food. Hmmm, I'll stick with Whole Food, thanks.
I also did not like the chore/allowance system this family developed. Kids should do chores becauase that is how they learn responsibility and it is also an example of them respecting their parents...not because they are paid 10 cents for everytime the make a bed, etc. I am not against giving kids allowances but the way this family did it is how I would not do it.

[Alison · Rating 3 out of 5]

When reading 'The Millionaire Next Door' I realized I needed to be better about having a budget. So I got this book on my next visit to the library to figure out how to save, budget, and manage money better. It was interesting, at times somewhat extreme, but full of good ideas (most of which I already do). Sometimes I feel like I should be bringing in some money to my household, but I have figured that a mother who stays at home and runs the family office can often make more for her family than if she works. For instance, when I was working, I had to pay for day care for 4 kids, pay for transportation to and from work, have nice work clothes, buy my kids extra stuff because I felt so guilty about being away from them, etc. We also ate out more often, hired more babysitters on the weekends because I just needed a break, and we were less stringent with our budget because more money was coming in. As it turns out, we have paid off more debt, saved more and had a better life overall because I have stayed home, managed things better, and our kids and home are taken care of. That was kind of a rant, but I really do believe that good money management can allow almost any woman to stay home and I'm serious about doing that so my book updates will probably keep showing money books. Again, sorry about the rant. :-)

[Alicia Krauchuk Fenton · Rating 5 out of 5]

Another book that I need for my library (I'll just wait and buy it used on Amazon or find it at a yard sale. :-)).
Plain and simple. Set financial goals, stay out of debt, find resources to meet the needs of your goals, give to others generously, and cultivate an attitude of gratitude. It's all there. They don't advocate a quick fix, but rather implementing principles of simple financial truth. Great analogy between the American Revolution and financial freedom in one of their final chapters that I thought was very insightful. They give credit to their faith in God for the blessings they have received as well. I also enjoyed the family aspect they made a central theme when pursuing family financial goals. FAMILY. FRUGALITY. FAITH. FABULOUS!!!
They have an enthusiastic tone of persuasion, not pushy. They are also advocates of slow and simple changes for a lasting benefit. Reminds me of Gordon B. Hinckley's thoughts: "Fix it up, Wear it out, Make it do, or Do without."
It's not without a price, but the fruits of frugality are SWEET!!!!

[Megan · Rating 2 out of 5]

This book contains mostly common sense and information that any person, once they’ve made the choice to start being frugal, could figure out easily. I didn’t really find any new or useful information here. Basically it seems to be – come up with a budget (and boy, is their method complicated!), use coupons, research family activities and vacations, pay more than your mortgage each month to pay down the house’s principal faster, and don’t go to the store as often as you normally do.

They live in Arizona, so their information was more relevant to me than it might be for someone elsewhere – yet I still found very little of it useful. Perhaps when I buy a house and have children I can revisit some of the sections which call for house modification to save money and involving your children in learning to budget and spending money.

The end of the book gets preachy (both in a saving-money way and a religious way) and I was not a big fan of that.

[Sabine · Rating 3 out of 5]

Review coming soon..... Happy New Year to y'all my goodreads friends :)

[Adrienne · Rating 4 out of 5]

I really found a lot of helpful information in this book. I know a lot of other reviewers weren’t diggin’ the Economides’s budget, but I actually think it’s really cool and we’re going to give it a whirl. I also really like their method of teaching their children financial responsibility. I think those two things alone—the budget and the MoneySmart Kids system—make this book worth the read.

However, I would say these guys are more like America’s Best-Budgeting or Most Disciplined Family. Their strength seems to lie more in their ability to budget and save than in really cheap habits. I was surprised not to see more absolute tightwad habits like cloth diapers, alternatives to disposable feminine hygiene products, exclusive line drying of clothing, homemade products…just to name a few. Although buying a Crock-Pot at a thrift store while you’re on vacation so you can heat up Chef Boyardee in the hotel room while you’re out sightseeing? Dang, that’s dedication. Okay, maybe they are America’s Cheapest. But a lot of their practices just seem more like common sense than pure cheapskatery. Oh, and meat for dinner every night? I’m sorry, but I’m pretty sure America’s truly cheapest family is vegetarian. Which is cheaper, chicken or lentils?

But regardless, I really do admire these people. For them and their lifestyle, I give five stars! For the book itself, I give four.

[Tressa · Rating 4 out of 5]

I've flipped through a lot of tightwad books, but this one held my interest all the way through. Their idea about putting money into many different household/personal accounts every month and not taking it out until it was needed really made an impression on me. Other books I've read talked about socking money into savings in one clump or broke down the household accounts pretty broadly.

I agree with a PP about just picking the ideas that will work for your specific circumstances.

The family's ability to save really wowed me. It's nice it's being passed on to the kids. Maybe they won't start their lives in debt like a lot of young people do.

ETA: Looks like a lot of 1-2 star ratings are by the Tightwad Gazette cult. Those are good books, so is this one. After a while, most commons sense budgeting books start sounding the same.

[Tima · Rating 3 out of 5]

In this economy everyone seems to be interested in spending less money, being more frugal, or getting their finances in order. The Economides have been labeled as America's Cheapest Family for a reason. Their lifestyle has been one of frugality, carefulness, and planning. The husband and wife team have written this book to help out the newbie to the frugal game.

I enjoyed reading this book. The authors have a way of making money issues and saving more palatable with their writing style. Most of the advice given are already things I've implemented. But the advice was clear, practical, and easy to put into practice. Anyone just starting will benefit from reading this book. Even though I'm on my way to being rather frugal myself, I still learned a couple of new things and was reminded of some more.

[Allison Anderson Armstrong · Rating 4 out of 5]

This family is radical, but I felt pretty much at home with them. My mom is a thrifty person and I recognized a lot of their advice and money-saving ways from my childhood. Even a few of the "cringy" ones. I think they go a little crazy about things, and sometimes I'd rather just work a few extra hours here and there, make a little extra money so that I could reduce the effort it takes to save money. But overall, I got a few good ideas and their recommendations on insurance and other things like that were helpful.

[Jo Lisa · Rating 5 out of 5]

If you are looking for a book full of good, common sense, then this is for you! It reads as if you are listening directly to the authors. The ideas are useful to any person, whether single or a large family. I learned some great tips to enhancing our already frugal lifestyle!

[Erika · Rating 3 out of 5]

I gleaned a few pointers but it’s not much different from Dave Ramsey.

[Kelly · Rating 3 out of 5]

I have mixed feelings about this book.

Plus side, they are an excellent example of being frugal, setting a budget and goals, and finding resourceful ways to live below their means. Some ideas they presented were very interesting, for example, going shopping less often and using a meal planner to maximize the trips. This could work for a single person as well as a family. The stay at home vacation. I think everyone is guilty on some level of not fully experiencing all the attractions that can be found close to home.

Some negatives were the way they set up their budget. I just didn't get it. I seemed a little too much for me and that is a clear sign that I'm not going to do that. Their whole method of getting out of debt didn't offer anything new and in fact they basically said make more money. Overall, the advice seemed a little situational. they shop at consignment stores, which is good if you live near some that are near a high quality area.

In the end I found this book to be a little basic. I think anyone looking to curb spending and live within their means will find some nuggets to take away from this book, but some things I doubt many people will be willing to try. No way I'm shutting off my water tank to save on water.

[Magda · Rating 4 out of 5]

Not necessarily new, but a fun and easy read to help get me more into the saving-money ideas, not to save money for itself, but to prioritize its use so it gets spent on what would be the most profitable (or am I using that idea from the Gilbraiths' time and motion studies?).

I'm pretty excited, because after a little bit of research and a talk with the husband, I'll be finishing paying off my student loans this week.

I am a bit frustrated that there is no index, and I thought I read something in it and then went back to show my husband the next day and couldn't find it, even with the help of online find-in-a-book tools. So perhaps that is less a fault of the book and more a fault of my head. (But I swear I read something about getting contractors to all submit quotes on the same things so that one could compare apples to apples.)

I may want to read this a few more times. A bit of the information was idiosyncratic and/or outdated, but, like any blog, that's what worked for them. (Now I'm getting the Reading Rainbow music in my head, with "But you don't have to take _my_ word for it!")

[Marisa Eikenberry · Rating 3 out of 5]

I was hoping to learn about some cheaper ways to live but this really felt lacking in a lot of respects.

For this family, they clearly value money over time and so they spend a lot of time looking at garage sales, multiple grocery stores, flea markets, etc. to pick up something cheaper in dollar amount although if you factor in the time, I don't think it was a frugal decision at all.

This book is definitely geared more to people who live in a house that they own and can actually make changes to it that would cut down on some costs (like a programmable thermostat). If you're a newly married couple living in an apartment, this is not the book for you.

Overall, I just wasn't that impressed. Some of the tips seemed odd, a lot of the time spent trying to get a cheaper deal would make the item worth more than buying it online in the first place, and I was also hoping this family made a lot of their food (i.e. bread) but instead they mostly just buy it and put it in a chest freezer.

3 stars.

[Diana · Rating 4 out of 5]

Personal finance books are a particular pleasure of mine, and this was a very enjoyable and inspirational one that made me take a hard look at some areas of our budget that were in need of a serious wake up call. The Economides are similar to Dave Ramsey in philosophy and approach, but they actually lived it (whereas Dave repeatedly talks about having gone bankrupt several times and only got his own financial house in order when he hit it bigger with significant income). Their enthusiasm for frugality without being judgmental or condescending towards those not quite as far along in their quest for thriftiness yet is refreshing. There are some really interesting ideas they have about a system for teaching kids about money and responsibility that seems worth revisiting when my son starts school.

Some of the advice is dated (particularly the stuff about finding the cheapest home phone line), but much is founded in solid principles.

[Roselyn Morgan · Rating 5 out of 5]

Loved it!

[Lilly · Rating 5 out of 5]

I really loved this book and it's one of the best financial books I've read. It has the biggest collection of practical tips people can use to save money, at least from the books I've read. You don't have to use them all or live like they do but think of it as an option in hard times or a few things to add to your habits and the rest only during dire hard times. It is very inspiring. I loved the last section about attitude. Highly recommended for anyone interested in improving their finances and sick of hearing about the "latte factor." Even just reading it gave me great piece of mind and I plan on re-reading it in the future.

[Sharla · Rating 3 out of 5]

Okay, so I wouldn't do EVERYTHING suggested in this book. I found it pretty interesting though. Hats off to the couple that could run through a grocery store communicating with walkies about manager's specials. I'm trying to implement the budgeting they suggest and I've become quite the coupon queen as well. It's definitely something to read if you are trying to be a stay-at-home mom and you don't think you have the finances for it. These people lived in $40something thousand, supporting 7 children and she stayed at home. Go cheap people!

[Kelly McCloskey-Romero · Rating 5 out of 5]

This book gives an excellent overview of how to save money in big and small ways. I had already read the book about cutting your grocery bill in half, and this was a great follow-up. I still think that grocery shopping is my biggest way to save and I liked the reminders in this book. Otherwise, each chapter focuses on a different way to be frugal, from cars to medical care to clothes. I liked the chapter about kids and money the best and am planning on implementing their system. A great resource!!!!

[Maria · Rating 1 out of 5]

I agree with most of the other 2 star reviews of this book -- not that informative, broad and common sense knowledge. Probably helpful for someone who is coming from the complete opposite side of the spending spectrum, but I didn't find it very useful for someone who's has already working on their finances.

[Lori · Rating 4 out of 5]

This is a great how-to guide for frugality. I learned a lot of new tricks and gained insight from these authors. A must-read for those who want to simplify and economize one's life.

And I proudly admit to being an avid coupon-clipper!

[Jill Miller · Rating 3 out of 5]

While there is no doubt some great information in this book that can save you money, it pales next to The Tightwad Gazette books.

[Jennifer · Rating 3 out of 5]

This is a very dated book, written before the explosion of Internet shopping when blocking out ads was easier than it is today. Now you have to wade through social media where you are bombarded with ads and you can't watch a movie without ads even when you pay for a streaming service. Your Instagram account sneaks in ads while you're scrolling and your phone pings if you're foolish enough to enable an alert. You do a search for an item online and cookies track your movement, creating ads tailored for you that follow you around from site to site.

While the truisms of cutting coupons, shopping at thrift stores and not spending more than you earn still apply, the book offers little advice in resisting temptation and the lure of advertising. It doesn't analyze or even acknowledge the psychological forces that affect your spending. Some people feel depressed, deprived and need the "fix" of shopping. Telling people like this to just resist temptation and think long term doesn't work. If it did, so many people in the US wouldn't be one paycheck away from financial disaster.

The other important force that affects people's spending is peer pressure, and the manipulation of others who find ways of getting you to spend more than you intended. The book never talks about how to be on the alert against financial leeches - people who target you whether because you're a friend or a family member and connive to get money out of you. They might use guilt, manipulation or lies to get you to donate money to them. They could be that freespending cousin who's down on her luck and begs you to lend $500 to her. They might be that friend whose children are having a bake sale and trying to get you to buy a bunch of cookies even though you're diabetic. They might be that "friend" who orders a lot of food on a restaurant for themselves but then expects you to split the bill equally. And so it goes. Or the friend who's terrible at budgeting and asks you to donate to a "GoFundMe" and makes you feel bad if you don't give.

The book doesn't offer any advice on how to socialize and be a generous person without being taken for a ride. All it does it talk about the usual things that are pretty much common sense: cut back, look for bargains, don't eat out that much, etc. It has limited usefulness even though some of it will seem like genius to those new to budgeting.

[Zana · Rating 3 out of 5]

This was worth it because I learned something new about budgeting. The Economides’ budgeting system is batshit insane, but I can adapt a piece of it in YNAB that I think will help.

As to the rest, this is so very, very 2007. And by that I mean that the authors take as their reality the structural realities of the 80s when they were starting out and assume nothing has changed. It’s maddening at times, the assumptions they make about why people might be struggling financially. And this was published before the Great Recession so there’s a sense that of course our economic system works.

The extreme couponing chapter was entertaining. Even if I were a stay at home mom this would never be a worthwhile use of my time.

Solid advice on budgeting and saving, decent advice on getting out of debt, an interesting approach to teaching kids about money (that doesn’t fit my values, but would for most people). All written by the kind of middle class people who really don’t understand how poverty works and thinks that poor people just need to stop buying coffee. That grated on me but would not necessarily grate on the average middle class reader. Very readable. Very 2007.

[Kevin Siedlecki · Rating 2 out of 5]

A lot of Dave Ramsey-type advice that unfortunately too many families need. Some points are laughably obvious: “don’t treat your credit card like extra cash.” Others are ridiculous “buy a freezer, clip coupons, compare sales, and spend 5 hours one day a month grocery shopping.” That grocery shopping strategy itself seems like it consumed their whole lives - and they admit it! They bring the coupons to little league games and other places where they should really be present in the moment. I’d rather live my life and pay more for groceries.

But there were some good takeaways: limit trips to the grocery store and plan meals to avoid impulse buying, a good point about the quality of clothes at thrift stores these days, the power and bond of including the whole family in the budgeting process. Overall I’m glad I read it.

[Marc Axelrod · Rating 5 out of 5]

Dated but still relevant and valuable

Advice in this book is pretty solid. You can live on a budget, and you should have an emergency fund. You should teach your kids how to manage money. Shop around for the best deals. Never go into debt to buy a car, or worst-case, put down as much as you can. Always buy used vehicles. Use Libraries and check the papers for Activities that are free or cost very little. Lots of nuts and bolts advice, lots of common sense and good sense. The authors even give wisdom and advice on vacations, stay at home vacations, and saving lots of money even when you leave home for a three week trip. Even though the world is changed a little bit since this book came out, it is still relevant and helpful.

[Laura · Rating 2 out of 5]

I really liked their book on grocery shopping, but I did not like this one that much. It was a rehash of ideas from the evangelical sector of financial advice (Larry Burkett, Dave Ramsey, etc) that didn't really age very well for post-Recession young adults, and I didn't realize that's what it was going in. The concepts in the book that were useful were pretty commonsense advice, though I suppose if you are brand new to personal finance, it could be helpful. Overall, I think there are better books on personal finance and frugality.

[Chrissy · Rating 5 out of 5]

This book has been incredibly helpful for my husband and I for taming our finances. The ideas are pretty innovative; like shopping only once a month and batch cooking. The best part is, it actually works! We saved $500 this month by following the easy steps in the book. Also, it works for all levels on frugal wisdom from the novice to the expert. Definitely a great read to help one get started living frugally in the kitchen.

[Cristen · Rating 4 out of 5]

This is a great starter book for people wanting ideas on how to save money or better allocate their funds. That said, it's a little outdated for 2018. In one part, it mentions walking around a grocery store with walkie-talkies (LOL). The basic principles are still good, though. Things like: buy meat in bulk, pay off your credit card with the lowest balance first, and close vents in rooms that don't get used regularly.