5. Hold on major purchases

Most people would prefer to buy latest and greatest. Unfortunately things like big screen TVs, PCs, top quality stereo systems and furniture cost a lot of money. Sometimes major purchase is unavoidable: your refrigerator is beyond repair, your computer is 10 years old... However in many instances your electronics, appliances and furniture are in good condition and you can use them for a while. Holding on major purchases really helps your budget.

6. Lesser known brands

In case you don't happen to be one of those people who consider buying only popular brand name clothing and electronics, you have opportunity to save big. Less known brands are often sold 25 - 50% below similar products made by popular manufacturers.

Of course there is price vs. quality issue. If you have doubts about product quality, I suggest that you go on line to read product reviews before making a purchase.

7. Regular and cell phone service

If you don't use your regular phone that much and do most of your talking on cell, you might consider cancelling your land line phone service. In case you prefer to communicate over regular phone and rarely use your cell, you can switch to “pay as you go” cell plan instead. Both options are somewhat inconvenient but can save you hundreds of dollars on yearly basis.

8. Library

When it comes to books, thousands of consumers simply go on line or to the bookstore and buy them. Let's face it – we rarely read a book more than one time. There are few notable exceptions such as favorite and reference books. Other than that once read books go to bookshelf never to be touched again.

There is a great alternative – your local library. Even if you consider buying a book, it makes a sense to rent it from library in order to make sure it's worth it. In addition to free books, libraries offer a choice of periodicals such as newspapers and magazines that you can read in house.