Squeezed vacuum states enable optical measurements below the quantum limit and hence are a valuable resource for applications in quantum metrology and also quantum communication. However, most available sources require high pump powers in the milliwatt range and large setups that hinder real-world applications. Furthermore, degenerate operation of such systems presents a challenge. Here, we use a compact crystalline whispering gallery mode resonator made of lithium niobate as a degenerate parametric oscillator. We demonstrate about 1.4 dB noise reduction below the shot-noise level for only 300 μW of pump power in degenerate single-mode operation. Furthermore, we report a record pump threshold as low as 1.35 μW. Our results show that the whispering gallery-based approach presents a promising platform for a compact and efficient source for nonclassical light.