One way I learned how to become debt-free and frugal was reading books on personal finance and frugal living.
Below are the main books that got me started on my debt-free/frugal lifestyle. You can find most of them at your library or can buy used copies on Amazon.com.
- Your Money or Your Life (Vicki Robin and Joe Dominguez) I wish I had read this book about thirty years ago, because the concepts in it are life-changing. The book shows how passive income can enable one to retire early. Key phrase for the book is “financial independence.” If you can only read one book this year, this is the one that may change your life.
- Life or Debt: A One-Week Plan for a Lifetime of Financial Freedom (Stacy Johnson) This is the book that got me started on my way to becoming debt-free. I had large credit card balances, a car loan, and a student loan when I first read this book. By doing the plan that Stacy outlines in the book, I was able to get all my loans paid off (it takes time!) and become debt-free. More importantly, I’ve been able to stay debt-free for over four years. I intend to stay debt-free for life.
- The Millionaire Next Door (Thomas Stanley, Ph.D. and William Danko, Ph.D.) This is the book that clued me into the idea that a frugal lifestyle was the way to become financially solvent. My favorite concept in the book was “Big hat, no cattle.” It means that people who look wealthy usually aren’t wealthy; instead, they’re financed to the hilt. (Google the authors for their other books that I found helpful.)
- Smart Women Finish Rich (David Bach) This book is a good intro to basic financial concepts. I’m not looking to finish rich, just finish financially solvent and comfortable. (Google the author to find other books that I found helpful.)
- Meet the Frugalwoods: Achieving Financial Independence (Elizabeth Willard Thames) How the author and her husband became financially independent and retired in their 30’s. Also, check out her fabulous blog The Frugalwoods for lots of tips on frugal living.
- Rich Dad, Poor Dad (Robert Kiyosaki) I didn’t agree with some of the concepts in this book, but they are good for thought. What I did find helpful was the idea of owning a business or in some way being responsible for your income (not just as an employee).
- Think and Grow Rich (Napoleon Hill) Again, the idea for me isn’t to grow rich, but to be financially solvent and comfortable. This book highlights how your thought process influences your financially solvency.
- The Complete Tightwad Gazette (Amy Dacyczyn) This book is chock-full of ways to save money and live a frugal lifestyle. I have read this book over and over again and have it bookmarked in many places. The ideas in this book are key to living a frugal lifestyle.
- The Simple Life (edited by Larry Roth) A compilation of stories on frugal living.
- Possum Living-How to Live Well Without a Job and With (Almost) No Money (Dolly Freed) This is one of my favorite books and I’ve read it several times. You’ll find a lot of good ideas on how to live a frugal lifestyle.
- The Good Life-Helen and Scott Nearing’s Sixty Years of Self-Sufficient Living (Helen Nearing) This couple lived a frugal lifestyle beginning in the 1950’s. If you are interested in living a self-sufficient lifestyle, you’ll enjoy this book.
- Clara’s Kitchen (Clara Cannucciari) This is a memoir and cookbook written by a woman who lived through the Depression. Her stories and recipes highlight a frugal lifestyle and are as valuable today as they were years ago.
- Not Just Beans-50 Years of Frugal Family Favorites (Tawra Jean Kellam) A recipe book and more ideas on how to live a frugal lifestyle. There you are…..some books to get you started on your debt-free and frugal lifestyle. Enjoy!
Note: The majority of this post was originally posted in a blog I started about a decade ago, but then never did much with. These books are still relevant today, so decided to post them in this blog.