Let’s face it. An economic crisis is no time to have money troubles. But, most of us can’t help it. We work hard and try to live the life we want. Sometimes the cards are not dealt in our favor. Even if we have picked up some personal finance lessons along the way, we still seem stuck in mud. We have become blind sighted by our current economic crisis, and need to adjust our situation to live as frugally as possible in order to make what we have last.

Now we may not be able to sell our SUV or home in the next month or two, but there are some alternative ideas to help cushion the economic blow to your wallet.

1 – Buy generic versus brands. Branded items, like Cheerios, Charmin, Christian Dior, are so ingrained in our conscious as superior that we forget that other items exist. Unfortunately, we also forget the impact on our wallets. By starting to buy generic items we can start to see savings of $25 or more on a shop

2 – Rethink entertainment. Instead of buying $10 a piece movie tickets or spending $5 at the video store, consider joining Netflix, where you can download free movies to your computer or get several movies delivered to your door for the cost of less than two movies tickets, or consider other forms of cheap entertainment. $40 a month

3 – Downsize the dinner options. It feels almost luxurious to go out for dinner, knowing others have prepared a delicious meal so you don’t have to. And it may seem one meal won’t kill you but saving $10 by eating at home or skipping the $5 appetizers or saving $5 on tips with counter service can easily add up to $200 to $300 for the entire month.

4 – Dump cable TV. I have eliminated cable a long time ago, and just rely on Internet service. Not having TV may seem hard at first, but the result has been a life changer for me. I am more creative, like writing this blog, and have more free time to pursue the things I want to do. For $50 of savings a month, I can make it without the boob tube.

5 – Re-examine insurance. While health insurance for some is a must have, there are supplementary insurance you might pay that may not have a pressing need at this moment. Talk to your insurance professional to see what costs can be reduced or eliminated.

6 – Kid’s allowance. Don’t let them push you around. Yes, you want to give them the best, but in order to genuinely secure a better future for them, determine what is important to them now and what is important to their future.

7 – Electricity. During the summers and winters, this bill can get mighty large. Call your local utility company and ask them what steps you can take to cut your electricity bill. Switching to CFC bulbs (twirly bulbs) is a good start, but more of your electric bill will come from A/C, heat, hot water, the dryer and that new plasma TV you bought.

8 – Credit Cards. You can’t stop making credit card payments, but at least you can call them to negotiate better rates. Use some of the credit card offers to help negotiate a better rate. $20-$40 or more a month on $10,000 balance

9 – Carpooling/Telecommuting/Bike or Walk to work – All these options can equate to saving a weekly $50 tank of gas, reduce wear and tear, and decrease potential maintenance costs.

10 – Cell versus home phone. Decide which is needed more and eliminate the other. If you can, I would consider eliminating the home phone because there are cheaper options like Skype for home telephone services. And if your phone company won’t give you Internet access without having local phone, give high-speed cable from your cable company a try. For the light computer users, trying going to a free WiFi area or the library, and get connected there.

11 – Ask the boss to go corporate casual or just casual. Wearing casual clothes may not only be more durable and last longer, but you can also skip the pricey dry cleaning bill

12 – Cancel Memberships. If you have gym memberships you don’t use or memberships to organizations you don’t go to, cancel them. Unless you use these types of memberships weekly and it helps you to focus or acts as a personal getaway, take the opportunity to consider alternatives, like jogging, biking, etc.

13 – Storage Facility? Do you have a storage facility that you use for your junk? Sell it and then cancel the storage unit. A recent WSJ article says people who use a facility with short-term intentions end up keeping them for 5 years. $100 month

14 – House cleaning/pool service/lawn service/pest control. Can you do any of these services on your own? Borrow a lawn mower or pool brush from your neighbor if you have too. $25 or more a month

15 – Sell your stuff. Unless it may be super valuable for eBay, have a garage sale or post your items on Craigslist. Sure you won’t get top dollar in this environment, but you may something

16 – Rent out a room. There are plenty of folks who need a simple place to stay, and renting out a room maybe a good short-term way to raise money. But before you do, I highly recommend preparing a few hurdles for any prospective tenant like a criminal check, a credit check and a rental history check, along with reading a few good books on renting out to a tenant or calling a licensed real estate agent for help. Without the right preparation and legal documents, this too becomes a legal or financial nightmare.

17 – Renegotiate your mortgage. You may or may not have any money you can refinance, but you can definitely talk to your bank or a mortgage broker about lowering your rate. Although you may incur additional costs, a lower rate may offset them if you can get a significant drop in your rate.

18 – Private versus Public School. If you are paying monthly for private school, you can either put your kid in public school or renegotiate a lower tuition based on your changing financial situation

19 – Beer/Colas/Coffees. These beverage items are the real cost killer when you add it up. Your $4 lattes, $4 beer or twice a day $2 soda or $2 bottled waters add up to $120 a month alone. Tap water is free and healthier for you.

20 – Use coupons. As goofy and “grandma” as it sounds, clipping coupons still works. Sunday newspapers or popular coupon sites are still great sources for coupons.

21 – Change you supermarket. As recent Wall Street Journal article compared several well-known supermarkets chains to a Wal-Mart Supercenter on the exact same food items, and found Wal-Mart to be significantly cheaper. Savings: $15 or more on full grocery shop.

22 – Haircuts. While Supercuts and Hair Cuttery are a great start for cheap haircuts, I can usually find a local barber charging even less. Since they don’t need to pay royalty fees or franchise fees, they can charge a few bucks less. If you are brave enough to do it on your own, go for it.

23 – Dog food. It may be tempting to go for the cheaper brand, but changing a dog’s diet is not healthy for them. Instead, buy the “Costco” size and store in a cool, dry and bug free place.

24 – Pet Medications. I use heartworm and flea medication every month for my dog, Rudy. I order from an Australian company, Petshed.com. They are cheaper for the flea medication and they also offer a generic medication for heartworm prevention. Here are also other things you can do for Fido.

25 – Skip Lotto. In tough times, more people play the lotto lowering your odds of winning, which is pretty low to begin with. If you must, once is enough.

26 – Dental Care. Teeth cleanings are a must, especially if I have to look at you. But taking properly taking care of your teeth will help to keep future costs and recommended visits down. Keep in mind; most times cleaning are done by the hygienist, not the dentist, so your costs shouldn’t be more than $50. I can usually find some specials in the local paper.

27 – Gift cards or cash, instead of gifts. Give a gift card instead of a gift, or better yet, give cash and avoid the transaction fee. You will keep yourself from spending more than you should. If you do decide to buy a gift card, make sure the gift cards aren’t store specific either. While Uncle Fred loves Home Depot, he may need to pay some bills or get food instead.

28 – Canceling certain newspapers. Think about canceling the daily paper, and just have the Sunday paper delivered. The Sunday newspaper can be a goldmine for coupons, and use the online version for the rest of the week.

29 – Downsize the department store. Target, Wal-Mart and other stores can offer substantial savings to those who are in need of clothes. You would be surprised what great stuff they have, but pay attention to those return policies. Goodwill or other consignment shops can also provide some valuable treasures. But, purchase only what you need. Cheap doesn’t mean free for all.

30 – Spend time with the kids. If you don’t spend time with the kids, they will want to spend time with their friends at the mall spending your money.

31 – Washer/Dryer. Use cold only for washing clothes, and hang dry what you can. The hot water and the dryer can get pretty expensive to run.

32 – Electronics. Shut down your computer and unplug electronics when they are not in use. Surprisingly, electronics still drain electricity even when they are off. This includes cell phone chargers, too.

33 – Car Repairs. Having to repair your car when you are already tight on money is no fun. Here are some things I have done to bring down the cost: (1) most mechanics will offer a free diagnostic, (2) call at least 3 other mechanics with the specifics of the problem and ask for a quote on the labor (you’d be surprised the difference in price), (3) ask about using after market parts or bring your own parts and (4) don’t be forced into doing something you don’t want.

34 – Be aware of ATM fees. A recent trip to an ATM machine costs $3, plus what my bank charges me. Fortunately, I use a discount broker that covers this cost on both ends. If you are not so lucky, find convenient banks to where you normally get funds or just draw out a little more than usual and keep most hidden at home. Replenish as needed.

35 – Pricing out gas. Be cognizant of the differences in gas prices. While a penny may not make a difference, 20 cents for a 20 gallon tank saves $4 every time. Use Costco, Wal-Mart, and sites like Gas Price Watch to help spot the lowest cost stations.

36 – Need to do some traveling? Use price aggregators sites like Kayak or Trax.com (my favorite) to find lower fares for flights, hotels and car rentals.

37 – Negotiate. When was the last time you tried to negotiate on price? Start with smaller objects, and graduate to hotel rooms and other services or products you buy. If you talk to the right person, you can negotiate almost anything.

38 – Watch the “stupid” fees. These can come from returning videos late to overdrawing your balance to overdue books. Take a moment to figure out what you normally do wrong to cause fees and setup a simple system like using “Post Its” to correct your habits.

39 – Stop the Catalogs. Junk mail, like catalogs, can entice even the ever meager into a full-blown impulse purchase; get rid of the temptations.

40 – Quite Smoking. What a great reason to kick the habit! It costs too much, and your insurance premiums go up because of it.

41 – Re-examine last year’s taxes. If you have the time and gumption, there may have been a few deductions you may have missed. If they are large enough, the government may owe you money.

42 – Walk-In Clinic. For less serious emergencies or injuries, a Walk-In Clinic may offer the same service as a hospital with less cost. But first, see what the local clinic is able to do and not do. Then, take notice of their hours of operation so when an emergency comes up, you can make the right choice. Some pharmacy chains like CVS now have nurse practitioners who can diagnose and prescribe, at lower rates.

43 – Challenge your property assessment. Since the values of homes have gone down in the last few years, you may be able to challenge the city or county on your property taxes. Do some research to see if this is plausible, and then contact your municipality. Weigh your options.

44 – Moving can be a headache, but it doesn’t have to be expensive. You may want to consider alternatives like U-Haul, Penske or Budget Truck. Call all three and negotiate between them. Once a quote is secured, contact a local personnel service that specializes in manual labor to help with the move.

45 – Re-shop for car insurance and homeowner’s insurance. Consider switching carriers. I switched to Geico and didn’t have to change my deductible at all. I saved $40 a month. In addition, talk to your agent about alternatives to your current homeowner’s insurance.

46 – Larger grocery shops. Going to the grocery store once or twice a month will force you to buy only what you need and reduce your urge for impulse buys (outside of dairy, of course). Always make a list before you go.

47 – Use the library. Depending on your location, this can be a great place for books, DVDs and CDs. Some smaller libraries are able to broaden their reach and thereby your selection with other regional libraries. Keep that in mind to find more of what your want.

48 – Go on a diet. I am not talking about joining an expensive diet program, but check a few books out of the library and educate yourself. Diets usually mean less costly food, or sometimes just less food consumption in general, which translates to less out of your pocket.

49 – If you must buy something, use a site that compares prices, like Pricegrabber, Pricescan, Bizrate, Nextag, Shopping.com, eBay and Froogle. One neat site I like is Priceprotectr.com. This site helps you make sure you made a great deal by informing you if your item drops in price up to 30 days after purchase. Price adjustments are good not only for online items, but brick and motor retailers often offer adjustments for many items they sell like clothes or tools for a limited period of time.

50 – Try to fix it yourself first. I never started out being great a something, like fixing the computer, changing the spark plugs, or a number of other things I picked up along the way. But I surprise myself when I first learn how to do these things from a “How To” book or YouTube video. Obviously, you want to start small and simple to help build your skills and confidence. Whenever an opportunity presents itself, always take a moment to consider the possibility.

Can you think you of anything (outside of selling your house or car) that can save you money right away? Please let me know so I can grow the list. And if you have saved some money from some things on this list, let me know as well.

By: Lee M Hall

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