November 2, 2009 at 9:57AM
By Jeff Yeager
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Editor's note: We were delighted by Lauren Weber's new book In Cheap We Trust: The Story of a Misunderstood American Virtue, and we weren't just flattered that she mentioned The Daily Green, or Jeff Yeager's own book The Ultimate Cheapskate's Road Map to True Riches. Weber writes with style and humor about a topic dear to us: getting more out of life with less impact on the planet. We noticed some similarities in suggestions and outlook between these two thrifty authors, and also noted amusing ways in which they diverge in their habits.
So we put them to a Cheap Off of sorts, volleying the following questions their way. Weber's answers are in regular text and Jeff's are in italics.
Gloria Dawson, The Daily Green: What do you splurge on?
Is health insurance a splurge? Probably not, but it sure feels like it every month when I write that $360 check. Im lucky to be very healthy (knock on wood, throw salt over the shoulder), so in purely monetary terms, I dont get a lot for my money. However, the peace of mind is ultimately worth it.
Aside from that, I buy some insanely expensive skin-care products (see below). And I love to travel, so Ill fork over big dollars to fly to India, Vietnam, Turkey or France. Once Im there, though, I get around on public transportation, eat street food, stay in hostels or inexpensive motels and try to focus on having great experiences rather than buying a lot of souvenirs.
I agree with Lauren -- a true Sister of the Cheaphood -- when it comes to health care. We need to radically reform our system and catch up with the rest of the civilized world. But until then, readers can rest assured that Ill continue the groundbreaking work Ive been doing here in the Ultimate Cheapskate Lab to make do-it-yourself home surgery a practical alternative. Why am I guessing that if I could get a couple of politicians under my homemade scalpel, our health care system would be fixed overnight?
My splurges? Its all relative. A cheapskate neighbor of mine is aghast that I pay a service $85 every couple of years to clean out my septic tank. To him, thats a splurge. He cleans his septic tank out himself, by the bucketful. (And he wonders why we never have him over for dinner).
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Lately there has been lots of chatter around eating on $10 a day. Is it really possible? How?
Absolutely! In fact, $10 seems extravagant to me -- that would include at least one meal out for me. On most days, I probably feed myself for around $3 to $5. I eat lots of lentils and beans, two of the healthiest and cheapest foods imaginable. And I hardly ever cook meat at home. Instead, I hold my diet mostly to legumes, vegetables, eggs, tofu and pasta. For a treat, Ill get a $2 taco at the Mexican food stands under the elevated train in my New York City neighborhood.
Thats not to say I dont like a pricey meal now and then. I once took a friend out for a $200 sushi dinner, and it was worth every penny.
Are we talking $10 a person?! If so, thats a further indication of how out of touch many people (including many self-proclaimed personal finance gurus) are with money: According to the U.S. Bureau of Labor Statistics, the average American currently spends only about $4 a day on food. Yet, particularly with the recession, we have people writing articles about the challenge of spending ONLY $10 a day on food? Okay, so maybe its $10 for a household? If so, the average household is about 2.5 people, so thats still not a challenge, just the national average. $10 for a family of four or more, maybe, but its still easily doable.
Be all that as it may, I try to buy mostly foods that cost under $1 a pound, primarily because those are often the healthiest foods (e.g. whole grains, legumes, fresh fruits and vegetables). My under $1 a pound approach channels you toward eating lower on the food chain, which is better for your health, the environment, and your bank account.
If youre a smart shopper and plan your menus around the loss leaders advertised at the grocery store, you can have an extremely healthy, enjoyable diet for (generally) under $1 a pound. Many people dont believe this, but Ive proven it time and again -- all around the country -- on TV challenges and elsewhere. Also, FYI, I live in the Washington, DC metro area, with one of the highest costs of living in the country, and this is how I shop and eat.
Give it a try: Under $1 a pound, year round. (Of course, as my long-suffering wife likes to say, If you are what you eat, my husband should be reduced-for-quick-sale.)
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Describe your ultimate cheap vacation (and you can't stay at home!). Where would you go? What hotels do you like? How would you get there?
My boyfriend and I have been thinking about taking the Trans-Siberian Railway from Moscow to Beijing, via Mongolia. Wed hop off at cities along the way and spend our days as tourists, then get back on the trains at night, using them as both transportation and lodging. That would save us the cost of hotels every night. And if the TSR trains are anything like the ones in India, there will probably be food-sellers at every stop, plying inexpensive fruit, snacks and local specialties through the windows to locals and tourists alike. Of course, the expensive part is airfares to and from home. But I dont mind suffering through a couple of layovers if it means saving a few hundred bucks.
I write a lot about how travel is a responsibility, not a luxury -- to get out and meet the people of the world and see where and how they live. The thing is, if you spend a lot on luxury travel or tour groups, you defeat the whole purpose of travel: Youll be staying in American-style hotels, eating American food, and associating only with American tourists, even though youre half way around the world. Why not just stay home? Only by traveling on the cheap can you truly capture a sense of place and the people who live there.
Yes, so for me, its a lot of bicycling, hiking, public transport; youth hostels, CouchSurfing.com, and local/cheap hotels (you know, the kind of places where they ask for a $10 deposit to turn OFF the porno movies in your room); and street food and self-cooked meals along the way.
By stretching our travel dollars in this fashion, my wife and I travel both in the U.S. and abroad for about four months out of every year. Not a bad life, living on the cheap.