Living cheap? With prices on the rise, it may seem impossible! But by carefully considering your wants and needs, prioritizing your expenses, and applying a few “cheap principles,” you can live inexpensively (or at least more cheaply) in any economic climate.

The first step to living cheap is to review your expenses with an eye to prioritizing. Are there things that you are buying that are really optional? How about that daily latte at Starbucks? Could you make coffee at home before you head out? Could you cut down to twice a week at Starbucks? Make sure that the money that you have is going to the things you really need, rather than to those you just want (those that you could actually live without).

Next, try applying the following cheap principles, which can be applied in many different contexts, to all of your expenses:

Avoid unnecessary fees — Don’t be late with your fee payment or your library books—that costs you money!

Use what you’ve already paid for — If you have a meal plan, use your swipes instead of paying cash to eat out.

Rent or borrow instead of purchasing — Borrow books and DVD’s from the public library.

Split costs — Buy the jumbo pack of notebooks at OfficeMax and split it with your roommates.

Use less — Turn the lights off when you leave a room; map out your daily driving so as to reduce your mileage and your gasoline usage.

Buy used — Look for used textbooks, and try shopping for clothes in consignment shops and thrift stores.

Buy at a discount — If you do buy new, hit the sales and look for discount coupons. Some websites publish current promotional codes for online retailers—try googling “promotional codes” or “discount codes.”

Comparison shop — The web makes it easy to see what things should cost. Take a look at a number of retailers’ prices, especially for large purchases. If you buy online, be sure you consider the cost of shipping when you compare prices with local stores. Look for retailers who offer free shipping.

Living cheap might seem like a drag initially, but if you consider it a challenge, it can become fun. The ability to live inexpensively is a useful skill that will help you throughout life, no matter what your circumstances. It is living cheap that will enable to you to save money so you can eventually begin to invest and build wealth throughout your lifetime. It will help you buy a home, support your family, and retire comfortably. So live cheap, and enjoy the benefits for the rest of your life!

To get more tips to save money,
visit websites like:
http://www.collegescholarships.org or
http://ohioline.osu.edu/ss-fact/pdf/0205.pdf