Thrifty Thinking: Frugal Isn't Cheap

FRUGAL ISN'T CHEAP: Spend Less, Save More, and Live BETTER offers a realistic approach to saving. The book promotes financial responsibility rather than overindulging. But there is no need to cut up those credit cards! Unlike other extreme financial plans, Clare K. Levison's advice offers an approach to personal finance that we can all live with:
        -- Learn how to bring in some extra income beyond the traditional 9-5 job
        -- Juggle mortgages, vehicle loans, credit card debt
        -- The Savings Challenge, 20%
        -- The best ways to make large purchases
        -- Teach your children how to save
        -- Trim your budget from groceries to phone bills
       
Clare K. Levison is a certified public accountant and national financial literacy spokesperson for the American Institute of Certified Public Accountants (AICPA). She has more than a decade of corporate
accounting experience and is also an active volunteer, serving as PTA president, Girl Scout leader, and Sunday school teacher. She lives in Blacksburg, Virginia, with her husband and two daughters. I had a chance to interview her to find out more.

1) What's the difference between being frugal and being cheap?

Being frugal means taking pride in using your money wisely. It doesn’t mean you have to be cheap and pinch every penny and give up all the things in life you enjoy. It does mean putting emphasis on true wealth, being debt free with solid savings and investments.

2) What sets your book apart from other money-saving books out there?

Frugal Isn’t Cheap is written for women by a woman and served up southern style with common sense solutions for today's economy. It gives readers a fresh perspective on personal finance rather than the same old advice from the same old people. In addition, I’m very proud of my Certified Public Accountant credential. CPAs are distinguished by rigorous educational requirements, high professional standards, and a commitment to serving the public interest.

It’s been my experience that people want financial tidbits. Many books have been written that have whole chapters dedicated to all the nuts and bolts of debt, banking, and insurance, but those books can be overwhelming to people who already lead complicated lives. Personal finance doesn’t have to be so complex. It is as much an exercise in human nature as it is in numbers, but many books overlook that aspect. By staying practical, relatable, and anecdotal, Frugal Isn’t Cheap will ring true with readers and create a lasting impression.

3) Can you explain the Savings Challenge?

I’m challenging readers to save twenty percent of their income, and I realize to a lot of people that may seem huge. If you feel overwhelmed by the thought of saving 20 percent, then start with 5 percent and re-evaluate your savings amount every three months. Work toward increasing the amount by 2–3 percent at a time, with an ultimate goal of reaching 20 percent.

4) What are ways to get the whole family on board with balancing the
family budget?

A recent survey from The American Institute of CPAs showed that people feel more comfortable discussing workplace, health, and relationship / family problems than financial problems, and 28% of those surveyed said they have no one to ask for financial advice.  Form a financial support group within your own family.  Make time to have regular financial discussions with your family, and include balancing the family budget as part of those discussions.

5) Are there some easy ways that families can give themselves more lee
way in the budget?

Three easy ways to trim your budget:

Decrease your television and phone services.

Lower your grocery bill by getting a grocery store discount card and planning your menus around what’s on sale that week.

Split a meal when eating out instead of buying two separate entrees.