LBYM: 10 Tips for Frugal Living

The current state of the economy has people wondering how they'll live within their means much less below them. Here you'll find ten tips to help you if you're trying to curb spending or save up for the little luxuries like electricity and water.

• Check out http://www.freecycle.org/ This is a fabulous and fast growing non profit movement. You simply sign up with a group in your area and add a post when you are either looking for something or have something to get rid of. The only catch? It has to be free and you have to pick it up.

• A lady by the name of Amy Dacyczyn has become something of a legend in LBYM circles. She produced a newsletter in the 90's titled The Tightwad Gazette. In the newsletters she came up with all kinds of money saving tricks that she used herself plus tried out those suggested by readers. The newletters have been compiled into a book of the same name and it's still available for sale. In the true spirit of being a tightwad try to get it used on Amazon if your library doesn't have one available.

• Check out the LBYM board at http://www.motleyfool.com/ You don't have to pay a subscription fee or even log in to read what's posted there.

• Clip virtual coupons. Try sites like http://www.couponalbum.com/ and http://www.coupons.com/ for a huge variety of discounts.

• You know that infomercial you just saw for the Fluidity workout, Proactiv solution, etc? If you really need it, you can probably get it cheaper on eBay. Check it out before you dial 1-800-I was really bored when your flashy infomercial hypnotized me.

• Borrow a cup of sugar from your neighbor. No, I don't mean you should become a bum. You should definitely pay them back but don't jump into your car and use a gallon of gas if you just need a couple of eggs, a box of mac and cheese or the proverbial cup of sugar. Politely ask your neighbor and pay them back after you restock.

• Schedule your normal Saturday errands for after work. After all, you can go to the dry cleaners on Thursday or pop into the hardware store for a gallon of paint after work and save another trip.

• Have a potluck party with your neighbors or friends once a month instead of eating out. You'll have lots of fun and save a ton of money.

• Clear out your rented storage unit. If you were actually using that stuff you'd have it at home. Evaluate what you have and get rid of those things that aren't either special or useful. Keep only what you adore.

• Don't buy whatever flips your lust button. If you see something at the local chain store, rest assured, if you don't pitch it in your cart and take it home, chances are good it'll be there the next time. Trust me, your junk drawer will thank you.