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I recently had the chance to talk with Steve & Annette Economides, whose family is known as "America's Cheapest." The Economides have been promoting a frugal, debt-free lifestyle for more than 20 years. The couple recently wrote the New York Times Bestseller, America's Cheapest Family Gets You Right On the Money.
Here is an excerpt from our conversation:
Kim: I understand that you were not always financially disciplined. How and why did you become America’s Cheapest Family?
Steve: It started out of necessity when we were first married. I was earning $6.50 an hour as a graphic designer and Annette wanted to learn to manage our home. She made it her full time job and learned to shop smart which resulted in saving money on every kind of purchase.
Friends started to ask us questions about how we managed our finances and we ended up coaching them to financial health. Eventually, we started writing our HomeEconomiser Newsletter. In 2004, Good Morning America flew us to New York and dubbed us America’s Cheapest Family.
Kim: What are the benefits you experience from living frugally?
Steve: What started out of necessity has now become a game and the prize is more than just money in the bank, it’s financial security and peace for our family.
Kim: What is the biggest sacrifice you’ve made on your frugal journey?
Steve: In the early years of our marriage the sacrifices were tough. Trying to be content with old orange and brown, plaid couches while our friends in the next apartment were having beautiful new furniture delivered made Annette cry. But we kept focused on our goals, kept using our budget system and saved a little money every month. A few years later, we bought new couches — but that was after we’d reached our goal of home ownership. From that point on, the sacrifices have been easier to face and the rewards have been phenomenal.
To read more about how to live a frugal lifestyle, visit the Economides’ Web site. Among other useful information, the site includes a practical article about what to do with a windfall.
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