The New Frugality: How to Consume Less, Save More, and Live Better

by Chris Farrell

Overview

As the recession deepens, with a downturn in spending, rise in defaulting mortgages and throttling of credit, a Go-Go economy has transitioned to a Uh-Oh economy. How did we get here and what does it mean for individuals and families? The New Frugality lays out how Americans have overspent-and offers a way out through consuming less and saving more-showing that living simply is not just living "cheaply."

What is required is a paradigm shift. We need to learn to live more modestly by cutting back on spending, actually attempting to live within our means and increasing savings. Farrell outlines creative new ways of thinking that can help us to accomplish this, not just by reverting to earlier financial models, but by innovating new solutions that are appropriate to the times we live in. In some ways, The New Frugality is the fiscal equivalent of the green movement; and indeed, going green is also part of the project. In The New Frugality Farrell will show where the economy is going, how it will affect regular families, and how they can weather the storm.

Product Details

ISBN-13:	9781608191697
Publisher:	Bloomsbury Publishing
Publication date:	08/19/2010
Sold by:	Barnes & Noble
Format:	eBook
Pages:	256
Sales rank:	846,589
File size:	570 KB

About the Author

Chris Farrell is a contributing economics editor for Business Week and personal finance expert and economics editor for public radio's Marketplace Money, Marketplace and Marketplace Money Report.

Table of Contents

Acknowledgments ix

Foreword: A Year of Living Frugally xi

1 The Rise of the New Frugality 1

2 The Great Transformation 13

3 A Margin of Safety 37

4 The New Frugality Rules 51

5 Make Frugality a Habit 67

6 Borrow Wisely 91

7 Investing the Simple Way 113

8 Live Long and Prosper 151

9 Home, Sweet Home 171

10 The College Sheepskin 187

11 Generosity and Gratitude 207

Afterword: The Frugal Years 219

Index 227

Editorial Reviews

Farrell's brief on the value in shifting from conspicuous consumption to responsible spending is well-intentioned, but rarely does his advice move beyond commonsense considerations into more substantive lifestyle shifts. The pedestrian material also undermines Farrell's reading—which, given the author's textured voice, a personable vocal manner, and lilting rhythm, should have been excellent. Coupled with the text, however, Farrell's performance is listless and lacks energy, charisma, and powerful prose necessary to interest and inspire the listener. A Bloomsbury hardcover (Reviews, Oct. 26). (Jan.)

Publishers Weekly

America's mad romance with consumer debt is finally on the decline, and Farrell, economics editor for public radio's "Marketplace Money", guides readers to a healthier relationship with their finances… With an emphasis on changing the way we live to make the most of what we have and promoting moderation, Farrell provides a solid and encouraging high-level overview of individual financial health.” —Publishers Weekly

“A how-to for people who say the Great Recession has made them want to change.” —Star Tribune

“[Farrell is] eager to restore fiscal conservatism to its proper, vaunted role. Being thrifty has become a badge of honor…Farrell is so enthusiastic in his mission to promote a more sensible lifestyle that he makes the reader want to burn a credit card.” —Time

“This book offers age-old advice on budgeting, saving, investing, renting vs. buying a home, and other financial basics. Farrell's advice comes wrapped in a message about financially and ecologically sustainable living that is particularly welcome in tough times.” —SmartMoney

“Here's the good news: Being frugal is not synonymous with being cheap. Buy the good bike, the low-energy-use appliance; they're better made and will last longer. Just don't be reckless, with your life or your habitat. The New Frugality includes tips on college savings plans, shared home equity, home insurance, investing, borrowing and retirement.” —LA Times

“[The New Frugality] is full of information about how to manage money wisely…The book has a lot to like, including the storytelling style and such tips on saving and sustainability as to share books with friends.” —Washington Post

“In Farrell's new book The New Frugality, he presents a number of ways for moving forward in our slumpy economy without totally going broke. Not only does Farrell point out the ways in which we can be frugal, he discusses the ways in which global climate change affects us and concludes that frugality and "going green" can and should go hand in hand. Purchasing things that are affordable AND sustainable, Farrell argues, is the key.” —SFist

“Chris Farrell helps define the new frugality—and how it can be enriching.” —Minnesota Monthly

“A guide to creating a healthier relationship with your money…The author provides concrete advice on dealing with risk and debt, putting savings aside for investing, college, retirement, charitable giving—and realizing if and when you have enough.” —Time.com

“[The New Frugality] will help you spend less and save more…This book is filled with anecdotes, historical insights, resources and common sense, all of which are designed to teach you how to wisely spend your money while saving for the future.” —The Arizona Republic (Phoenix)

From the Publisher

Here, Farrell (On the Money) merges his experience as personal finance reporter for public radio's "Marketplace Money" with hard-knock lessons from the Great Recession, illustrating how smarter financial choices throughout one's life can result in personal freedom from long-term burdens. He covers housing, insurance, college saving and loans, retirement funds, bankruptcy, the importance of the "margin of safety," and more, offering actionable advice—including a rundown of online and printed resources—and encouraging readers/listeners to get started now. Farrell himself narrates, in a friendly, plainspoken manner. An excellent resource for listeners of all ages.—M. Gail Preslar, Eastman Chemical Co. Business Lib., Kingsport, TN

Library Journal

Chris Farrell's basic point is that monstrous corporations foster out-of-control spending in the gullible and innocent consumer. His advice on frugality is basic stuff, but his skillful reading—his first—makes up for the book's old news. While he often runs over his own words and his pauses for breath are audible, he enunciates well, and his tone is engagingly light and conversational. Instrumental music caps each chapter, smoothing out the transitions between Farrell's determined admonitions for green living and his more sedate mantra of “save—don’t spend.” This is a fast-paced overview of simple economic sense. A.Z.W. © AudioFile 2010, Portland, Maine

AUGUST 2010 - AudioFile