Slaying the 'Enoughasaurus' And Embracing Frugality

One of the first things Yeager says you should do is commit to a "Fiscal Fast." When I help people with their budget issues, I recommend a similar self-denial fast.

Yeager's fiscal fast involves not spending money for a specified period of time, usually a week or even longer. To those who think they can't live a week without spending any money, Yeager says: "If you can't, it should tell you something even more important about the life you're leading and how you're wasting money."

Yeager spends a lot of time debunking money myths, like this one: You need to spend money to make money.

"That is patently false," he writes. "As I constantly reminded those who worked for me in the organizations I managed, the easiest and cheapest dollar we'll ever make is the one we don't spend."

Despite Yeager's frugal ways -- he hunts for lost change in the cushions of hotel couches -- he's not insanely cheap or a miser. He uses the term cheapskate but redefines its meaning, writing in his glossary that it's someone who "proudly consumes less and conserves more."

"Money is relative -- what's a lot of money for one person is very little to someone else, and the other way around -- so it's not a matter of a lot or a little, of more or less, but it's all about enough."

Yeager's got the right perspective on penny-pinching.

To become a member of the Color of Money Book Club, all you have to do is read the recommended book. I also invite you to join me online to chat with the author. If you want to find your inner frugal self, join me for a live discussion with Yeager at noon Feb. 28 at http://www.washingtonpost.com.

In addition, every month I randomly select readers to receive a copy of the book, donated by the publisher. For a chance to win a copy of "The Ultimate Cheapskate's Road Map to True Riches," send an e-mail to colorofmoney@washpost.com. Please include your name and an address so we can send you a book if you win.

¿ On the air: Michelle Singletary discusses personal finance Tuesdays on NPR's "Day to Day" program and online athttp://www.npr.org.

¿ By mail: Readers can write to her at The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.

¿ By e-mail:singletarym@washpost.com.

Comments and questions are welcome, but because of the volume of mail, personal responses are not always possible. Please note that comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.