The Cheapest Family in America
December 26, 2008
A few days ago somebody forwarded me this article about the cheapest family in America. I didn’t know what to think, but as soon as I started reading I was intrigued.
Basically, there is this family of seven – yes, seven - in Arizona who lives off of only $44,000 a year, and have already paid off their first house in just nine years and are almost paid off on their second home. Now, I don’t know if this is a coincidence, but their last name is Economides. That’s right. Maybe it’s in their blood to be economical?
How do they do it?, you might ask. Budget, budget, budget. And lots of careful planning. In a nutshell, they plan out their menus in advance, clip coupons, and when they hit the grocery store, they split up to find the best deals.
They also refuse to use any credit cards. Which backs up what I always say to students and groups I speak to about money management. Never charge on a credit card what you can’t pay back at the end of the month. If you think you can’t do that, then a credit card is not advisable for you. You don’t want to rack up thousands in charges and then pay interest on top of that.
The Economides’ advice to others: Make a plan and stick to it. Figure out what your monthly income is, and then what your monthly expenses are. Plan out your spending for the month, and don’t divert off the plan.
For more on how they did it, and to view their website (and family business) go here. In these tough economic times, I think we can all learn something from the Economides’. I am completely inspired by their story, and I hope you will be too.
Questions or Comments? E-mail me at blogger@matadorsmoneymatters.com.
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