As the housing market and economy take a dive, more people are trying to spend less and save more. Author Jeff Yeager talks with Jean about his book The Ultimate Cheapskate's Road Map to True Riches
and shares advice on how to be a cheapskate and still enjoy a happy, high-quality life:
- Try a "fiscal fast." "Go one week out of the year where you swear off money," Jeff says. Not only will you use up the food, cosmetics and other products you have on-hand, Jeff says you will save money and appreciate the free things in life.
- Forget the "latte factor." Instead of cutting back on your everyday splurges, Jeff says you should focus on the big stuff and make less expensive housing, transportation, food and technology choices.
- Stay in your starter home. "Buy a modest home when you are first married, pay it off as quick as you can and go on enjoying life," Jeff says.
- Seek out experiences instead of stuff. Use your money to travel on the cheap. Stay in local hotels or hostels, take public transportation and meet new people, Jeff says. "While you can spend a lot of money on experiences … there is not a relationship between how much you spend on an experience and the quality of that."
The information provided here is general advice and you should always consult your own financial adviser before making major financial decisions, including investments or changes to your portfolio. The opinions expressed by the hosts, guests and callers to Oprah Radio are strictly their own.