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Entrepreneurs Share Their Money Saving Tips

By Ben Steverman - 2011-09-15T00:41:10Z

Peter Foley/Bloomberg

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Howard Lindzon, StockTwits

Howard Lindzon, chief executive officer of social investing site StockTwits, took radical steps to cut costs a few years ago. He and his wife sold their house in Phoenix and moved to Coronado, an island community off San Diego. Rather than buy a house, they found it much cheaper to rent. Because public schools were better in Coronado, Lindzon could stop paying private school tuition for his kids. The Lindzons also became a one-car family.

The downsizing came after Lindzon created a "financial statement" for his household. After seeing where the money goes, he says, "you have to be honest about what you're willing to give up." Despite all the cost cutting, his family still dines out frequently.