Rockford Register Star — ‘ACF’ shares secrets of success

‘America’s Cheapest Family’ shares secrets of success

It’s not a nickname they particularly enjoy, but when you only spend $350 a week on groceries for a family of seven, “cheapskate” seems an appropriate word to describe the Economides family.Other words such as “unbelievable” also come to mind. In “America’s Cheapest Family Gets You Right on the Money,” Steve and Annette Economides (yes, that is their real name) share their experiences in thriftiness in all areas of their home, from the kitchen to the garage.

Paul Harvey rates the Economides’ book right next to the Bible and Voltaire’s “Candide” (interesting choice) as one of the “best and constructively useful” how-to books ever written. And even if you are not into “cheap,” “America’s Cheapest Family” is filled with practical ideas that can put more money in your pocket.

The Economides wisely begin their book by explaining their own background. They are not financial gurus, as neither has a finance or accounting background, and they don’t grow their own chickens out on the farm but lived mostly in the suburbs. In other words, this is a family many of us can relate to.

There is no “magic formula” to being financially successful, they explain in the first chapter. The three themes that are fleshed out in the remaining chapters of the book are “avoid debt like the plague,” “live below your means” and “embrace the thrifty lifestyle.” I would probably add a fourth: it’s a family affair. Steve and Annette Economides worked together to become financially secure and involved all five of their children in the effort.

As you might expect, “America’s Cheapest Family” begins their money-saving tips with the one place that slims our wallets and thickens our waists the most: the kitchen. Most of us have more fat in our grocery budget than a Quarter Pounder. The chapter lends credibility to the Economideses’ story as they relate just how they manage to feed seven mouths (including three growing boys) on $350 a month. Their most practical tip, reducing trips to the grocery store, could help any family begin saving right away.

If you have dropped plans for a vacation this summer because of the cost, there is an entire chapter devoted to “getting away without debt regret.” You may not like their ideas for a “home vacation,” but they list other creative ways to save on lodging, food and sightseeing.

Other chapters give thrifty tips for saving money on cars, utilities, medical needs, clothing and entertainment. If you are struggling with debt right now, the chapter on debt may inspire you as they share their “nine-step” program for paying off creditors.

Our struggles with money often begin in the mind so the Economideses talk about attitudes in one of the final chapters. If you are still hoping to win the lottery, this would be a good place to begin.

If you are looking for ways to economize, join me for a discussion of the book at 7 p.m. July 18, 2007 at Barnes & Noble Booksellers.

By Business Columnist: Bruce Brinkman