Money-Saving Tips: How to Live on Less in All Areas of Your Life

The Economides clan is proud to call themselves America's cheapest family. Starting off with very little when they got married, Steve and Annette have mastered the art of living frugally. They've raised five children and paid off a home in nine years, while earning $33,000 a year. They currently live in a 3,500 square-foot house, buy designer clothes for their kids and go on vacations, without going into debt or spending more than $44,000 a year.


"Finding a great bargain is the ultimate prize," Steve says.


"We want to encourage others that frugality is not a life of deprivation," Annette says.


They share their best tips for saving money while enjoying life at the same time:


Three Important Concepts People Should Follow

1. Avoid Debt like the Plague
"People think that debt actually increases their lifestyle because they can buy the nice stuff, but in reality, you've got to pay for it eventually," Annette says.

2. Live Below Your Means
Understanding how much income is coming in on a monthly basis is imperative. "It's a numbers thing," Annette says. "You look at your numbers, you look at your expenses and what you're setting money aside for, and you know that the sum total has to be less than what you're bringing home." She adds that it's much easier than people may think.

3. Embrace a Thrifty Lifestyle
Learn to enjoy the process of finding a good bargain, and realize that you can still enjoy life and have great experiences while living on a budget.



Secrets to Saving

Tips for Grocery Shopping



Tips for Slashing the Grocery Bill


Tips for Saving on Utility Bills


Fun and Free Ways to Entertain Your Family
"You don't have to spend a lot of money to have a lot of fun," Steve says. "You can stay home and watch movies, play board games, or roast marshmallows in the fireplace. You can just do all kinds of things at home. We just need to be creative."

"It's not about each little penny here and there," Annette says. "It's the total sum as you learn a lifestyle of conservation, where the pennies add up to dollars, and the dollars add up to hundreds of dollars. And it helps the environment as well."


"Money is tight. You've got to get ego out of the way. You've got to get emotion out of your finances, and do what you can do," Dr. Phil says.



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