Can the Ultimate Cheapskate Really Save You Money?

There is no shortage of books out there on how to live cheaply, and Yeager's book is just the latest entry. You may have seen Yeager on NBC's Today show in his signature overalls, spouting common sense frugality. He's an amusing guy, affable and easy to like, and he's truly living what he preaches. But does his book offer any new ideas that can help you live more cheaply?

Essentially, no. In some cases Yeager puts a new spin on some old ideas, but when he does, it's often by assigning an arbitrary limit that may or may not make sense in your circumstances. For example, one of Yeager's golden rules is to "live within your means at thirty, and stay there." Yeager admits that the age of 30 is an arbitrary choice, but stresses that this is really about not becoming dependent on an escalating lifestyle.

Another one of Yeager's arbitrary targets is his admonition to not buy anything that costs more than a dollar a pound. That's nice and easy to remember, but is it practical? It would, for example, mean you couldn't purchase something as basic as butter, which in my area I may be able to get on sale for about $2.50 per pound. But a cheaper alternative, margarine, is not as good for you.

On the other hand, Yeager has little use for coupons as a way of saving money on groceries. He says that coupons often lead you to purchase name brand items that still end up being more expensive with the coupon discount than comparable generic items. It's worth noting, however, that when Yeager went head to head against Stephanie Nelson, the Coupon Mom, in a grocery shopping competition, his shopping tactics did not get as much for his money as Nelson's did.

What I do like about Yeager's philosophies is that they emphasize consuming less overall and having a reduced impact on the environment. He advocates reducing, reusing and recycling whenever possible and he peppers his book liberally with sidebars and statistics that show how Americans' spending has gone off the rails.

The Ultimate Cheapskate's Road Map to True Riches is chatty and easy to read, and it may inspire you to simplify your life in an effort to save money. But if you're looking for practical ideas on living cheaply and saving money, you'd be better off turning to the old copies of The Tightwad Gazette by Amy Dacyczyn, or one of the many personal finance blogs on the Internet.