How did the Economides land the title of “America’s Cheapest Family?” The old fashioned way — by pinching pennies.
MSNBC.com reports that the Economides (yes, that’s really their name) manages to live in the tony suburb of Scottsdale, Arizona and feed their family of seven on just $44,000 a year. Furthermore, they don’t use credit cards, take car loans, or borrow on their home equity.
When Steve and Annette Economide married during a recession in 1982, they “made a pact to maintain a debt-free home and not indulge in extravagance,” according to MSNBC.
Their tips? Buy in bulk. Shop at thrift stores. Eat leftovers. Hunt for bargains and plan ahead. And, don’t forget to clip coupons. If you’ve got the stomach for it, they recommend buying meat that’s close to its expiration date.
“We’re talking about being smart,” Steve Economides told Matt Lauer on “The Today Show. “If you look at the meat and the color is right, there’s no juice around it, it looks fine; it’s probably safe to buy.”
Me? I think I’d rather become a vegetarian.
The Economide’s latest book on frugal food shopping, “Cut Your Grocery Bill in Half — With America’s Cheapest Family,” is out now.
On their Facebook page, the Economides share their inspirational message: “Frugality doesn’t mean deprivation, it means FREEDOM. Frugality Frees, Debt Destroys!”
How does your family manage to save money and keep to a budget?