Will 5 Simple Changes Save You $20,000?

If you adopt five simple changes, you could end up richer according to an interview on the TODAY Show with Jeff Yeager, the author of “The Ultimate Cheapskate’s Road Map to True Riches." 

Simplify your life and you'll save money. Seems obvious, but I'm not so sure my family could follow all of Yeager's rules.  

1. Cancel your cell phone plan
Possible yearly savings: $1,200 per phone

2. Get rid of your second or third car
Possible yearly savings: $8,000

3. Prepare more meals at home
Possible yearly savings: $2,000

4. Stop shopping and wear out your clothing
Possible yearly savings: $1,800 per person

5. Give up college room and board

Possible yearly savings: $9,000 per student

Most of Yeager's  ideas make sense, but I don't think they are realistic. Take the first idea, cancel the cell phone. I think shopping around for the best deal is a smarter choice than pitching the phone all together. I depend on the cell phone to keep track of my kids and their schedules. 

Could my family live with only one car? No. In a family with both parents responsible for working and running errands, I don't believe you could cut out one car. In my case if we lived in a city with adequate mass transit, we probably would love to give up one of the cars. In my opinion, shopping for a good car and keeping it maintained so it lasts makes the most sense.

I'll let you judge the rest of the ideas. Yeager tells us that less could be more. Our family is trying to make more meals at home, spend less at the mall, but the college option is still too far in the future to judge.