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What we can learn from the skinflint next door

by | Jul 20, 2017 | Blog

You’ve probably heard of The Millionaire Next Door. The bestselling book revealed the habits of the wealthy so that readers could imitate them. But what about the cheapskate next door? Can he or she teach us important lessons as well?

Author Jeff Yeager’s answer is an emphatic “yes.” Yeager is the author of The Cheapskate Next Door: Surprising Secrets of Americans Living Happily Below Their Means. Below are a few lessons the author learned about those who live frugally, as reported by Rismedia —lessons we can all take to heart.

Cheapskates…

Don’t buy on impulse: They plan their purchases carefully. For example, says Rismedia, frual shoppers avoid yard sales, because they often buy items they don’t need at these events.

Splurge on activities, rather than material goods: Cheapskates know what others spend a lifetime learning: “Possessions often disappoint over time,” notes Rismedia, “while experiences, such as sports or vacations, appreciate in value in our memories.”

Look for bargains: People who live below their means pay attention to cyber tips for saving money, using websites like freecycle.org (which offers giveaways) and accidentalwine.com (which discounts good wines when the labels are damaged”).

Live debt free: This is the payoff for all that careful spending. Only 5% of those the author surveyed had consumer debt besides a mortgage. Those who had a mortgage reported that they are working to pay it off early. And all, no doubt, had the sense of freedom that comes from living debt-free.

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