The Cheapskate Next Door by Jeff Yeager is a must read for anyone aspiring towards financial independence. Unlike most books on finance, The Cheapskate Next Door won’t put you to sleep. Yeager writes casually. It’s an easy read. He also fills the book with plenty of practical resources and examples of people living the frugal lifestyle.
This book covers many of the topics that get discussed often in financial independence community like housing, food, commuting, bartering, raising kids, insurance, travel etc. Some of the topics will apply to your life situation at the moment and some topics you may just want to gloss over. For instance, I skipped the chapter on raising kids, but spent extra time taking notes on the chapter involved with groceries and cooking. For the most part, each chapter gives you plenty of practical advice you can apply now.
After finishing The Cheapskate Next Door, I went back to take notes. If I have any complaint about this book it’s that he should add a section with all the resources he mentions in the book. Here are a few Cheapskate tips I found interesting:
Fiscal Fasting: Challenge yourself to go a week without spending any money.
Plasma donors can typically earn $20 per bi-weekly visit. Bloodbanker.com.
Clean counters, stoves, and sinks with 1 part baking soda to 5 parts water.
If you drink only bottled water you’ll spend about $1,400 annually to get your recommended daily amount of H2O.
Find unclaimed money you didn’t know you had. Unclaimed.org.
20 Tips for groceries and cooking.
Get cheap gift certificates to restaurants. Restaurants.com
The Cheapskate Next Door doesn’t touch on ways to make money. Yeager doesn’t talk about jobs, investing, or side hustles. Instead Yeager focuses on how to spend less. I feel this is more practical for most since you have more control on how much you spend, not always on how much you earn.
You can probably find The Cheapskate Next Door in your local library (Yeager made this book available to most libraries on purpose). But if for some reason you can’t find this book in your local library you can buy it here.