America's Cheapest Family

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Steve and Annette Economides have worked hard to earn the title of "America's Cheapest Family."

America's Cheapest Family Learns the Ropes

With a name like Economides, you would think saving money would be second nature. Contrary to popular belief, Economides is really Steve and Annette's last name. It's Greek, pronounced Econo mee' dis, and means "Son of the Steward."

However, America's Cheapest Family first became interested in frugal living out of sheer necessity.

When they married in 1982, Annette wanted to be a stay-at-home mother and Steve earned just $6.50 hour as a graphic designer. For them, frugality became a game and a great way to demonstrate their ability to work together as a team toward reaching a common goal.

Some of the Economides family's frugal accomplishments:

  • They paid for their first home in nine years on Steve's average salary of $35,000 per year.
  • They have no credit cards.
  • In 2008, they spent just $90 on 27 Christmas gifts – enough for everyone on their holiday shopping list.
  • With an income that now averages $44,000 per year, they spend about $350 a month on food for themselves and four of their five children who still live at home. In comparison, the average U.S. family spends about $200 per person on groceries.

Although you might expect that the Economides children would be a bit embarrassed by their parent's frugal tactics, all five of the kids are quite experienced at saving money themselves. Daughter Abby looks for designer jeans at thrift shops, finding American Eagle, Abercrombie & Fitch, and Levi Strauss for $8 or less. Daughter Becky saved five years to buy her late-model Toyota Tacoma pickup truck, following her family's practice of paying in cash to avoid a car payment.

Get Tips from the First Family of Frugal

If you're struggling to balance your household budget, you may be wondering if you can pick up a few helpful tips on saving money from the Economides. After constantly being asked how they achieved financial security on such a limited income, Steve and Annette began publishing the HomeEconomiser newsletter in 2003. This publication shares their personal money saving tips, as well as helpful advice from newsletter subscribers.

As a supplement to their newsletter, the Economides released America's Cheapest Family Gets You Right on the Money in 2007. This guidebook to frugal living offers tips on saving money in all aspects of your life. Chapters include Groceries, Budgeting, Cars, Housing, Utilities, Debt, Clothing, Entertainment, Savings, Medical, Vacations, and more. The advice in the book is a mixture of common sense and creative thinking. For example:

  • Buy children's clothing at thrift stores.
  • Make just one grocery shopping trip each month to avoid impulse buys.
  • Avoid debt in all forms, especially credit cards.
  • Save on medical bills by practicing preventative health care. Drink plenty of water, eat well, and get regular exercise.
  • If you require a monthly prescription for chronic medical condition, ask your doctor for larger supplies to make sure you only need to pay one co-pay per period.
  • Look for free or low-cost entertainment options for your family, such as going on a hike, visiting the library, or completing volunteer work.
  • When traveling, stop at a grocery store for snacks instead of paying premium prices at the nearest gas station.

Obviously, much of the advice from the Economides is best suited for families with multiple children. However, their basic philosophy of careful comparison shopping and living within your means can be adapted to suit almost any circumstance.

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