Are You A Cheapskate?

Author Jeff Yeager is the cheapest guy I know. In fact, he’s made a career around penny-pinching. His newest book is entitled “The Ultimate Cheapskate: Road Map To True Riches” and it is devoted to various ways for people to save money. For example, at restaurants, he calculated that a family can save $800 a year if they only order tap water (it’s free) when dining out.

In regard to driving, he has calculated that a person can save $30,000 over the course of their driving lives if they only drive an older model manual transmission vehicle. He explains that manual shift cars are more fuel efficient and require less maintenance and repair.

While not in his book, Jeff could have added the below driving-related tips to save money:

  • Get an EZ pass. You get a discount on some tolls and save fuel by only having to slow down when paying (rather than stop).
  • Fight your traffic tickets. It is usually cheaper to fight your traffic tickets and avoid or reduce fines and auto insurance hikes than to pay them. In fact, most people don’t know that in New York, if you get 6 or more points, you also have to pay a $300+ fee in addition to the fine and surcharge.
  • Prepare your driving route and coordinate trips. Planning your trips will help you burn less gas and reduce wear and tear on your vehicle.
  • Know the 6-second rule. My favorite. If you are going to be stopped for more than 6 seconds (except in traffic) turn off your engine. For instance, while waiting for someone to run into the house to “grab” something, turning your engine off will reduce your gas consumption.
  • Check your tire pressure. Fuel efficiency is impaired when your tires are low (or high) on air.
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