6 Money-Saving Tips From America's Cheapest Family

"We had a budget. We had a money management system that we sat down and committed to working with," Annette says of how the Economides set their household up from the get-go. "Every two weeks, we had a budget meeting, kind of like a business, and we figured our home should turn a profit. That's what we focused on."

I was pretty amazed that the Economides were able to succeed with all of their financial accomplishments (especially that of sending all of their kids to college without a single loan) with not one, not two, but five children. That's a big family! When I asked them how they did it, Annette said that they really didn't have to alter their spending too significantly with the arrival of each new child.

"We've always focused on developing systems," Steve says. "Annette developed a hand-me-down system. She had boxes in the garage where the kids would put their outgrown clothes, so that when the next kid came along, we knew right where to get them. That saved us a ton of money on clothes."

While the US Department of Agriculture reports that it costs an average of $260,000 to raise a child from birth to age 17, the Economides refused to spend that much. "We would slowly give our kids money to manage when they were able," Steve says. "They got part-time jobs at 16, managed their own expenses, bought their own clothes, paid for auto insurance, and saved for college. Our goal was to raise them to be financially independent."

"If the kids had an activity that they wanted to sign up for every single day of the week, we were cautious of planning it because of the money commitment. We would say to our kids, 'You can choose an activity to be involved in outside the house, but it has to meet once or twice a week," Annette tells me. "With five kids to juggle, we found wonderful things for them to be involved in. They were able to develop their own unique personalities and be involved in social things without busting our budget."

Annette plans her family's meals with military precision, and it pays off. "Plan a menu every week — that will help you right there with your groceries," she says. "Do it for your dinners so that you're not running out the door every day, wondering what you're going to eat."

Shopping less is also a quick way the Economides save big. While the average person shopping for a family makes three trips to the grocery store per week, cutting back to just one will make a difference.

Steve also emphasizes the value of "found money" around the house. Turning loose change into cash or (no-fee!) gift cards with a service like Coinstar is a savvy way to pinch those pennies.

"Make a list for everybody you need to buy for, and set a budget. Pick a dollar amount, and shop for that," Annette says. "Even if you don't hit the nail on the head every single time, you'll come close to your budget simply by writing it down."

Steve adds that early shoppers save big. "We shop all year long," he says. "In January, when there are discounts on the holiday items, that's when we start shopping for the next year. The earlier you start, the more bargains you'll find."