The Best (Free and Cheap) Sources for Tips on Frugal Living

It never hurts to review the basics, and when you're ready for more lessons in frugality, there's a wealth of other websites that can help. 'Frugal living isn't about sacrifice and deprivation," says Erin Huffstetler, an About.com site guide. "It's about living smarter, so that you can afford to live the life that you want to live-the life that you dream of living."

Before the downturn in the U.S. economy, many people would not have considered a frugal life a dream life, but the costs of even the most basic daily necessities have risen dramatically (the cost of milk has risen more than 23%; eggs, 35%; and flour, 37% over the past year), and more people want to know how they can live as cheaply as possible.

Huffstetler's site (http://frugalliving.about.com) offers advice that ranges from how to create a monthly spending plan to how to beat a traffic ticket. You'll also find a great deal of do-it- yourself and make-it-yourself info, including how to change your own oil and how to whip up a batch of your own deodorant. And you know those watermelon rinds you were going to just throw away? (Are you made of money?) You'll find out how to turn them into pickles.

The site also offers free tools, such as PDF work sheets to help you create a household budget or set financial goals, and you'll find links to tools and information on other websites. These resources are listed in such categories as Frugal Living 101, Money Management, Household Savings, Clothing, Beauty and Health Care, Bargain Shopping, Affordable Transportation, Frugal Family, Frugal Seniors, and Frugal Fun.

Overall, Huffstetler's site offers solid advice, but much of it is just common sense, and you've probably heard many of the money- saving tips before (e.g., eat out less often, clip coupons, and turn off lights when they aren't in use). So the advice is going to be most useful to those who are new to the frugal lifestyle, the type of person who would find it disorienting to start the day with home- brewed, store-brand coffee instead of an organic Sumatra-Peru blend from Starbucks.

Still, the About.com site is a good place to start an online quest for information on how to live more cheaply. It never hurts to review the basics, and when you're ready for more lessons in frugality, there are a wealth of other websites that can help.

Managing Debt

Revolving debt in the U.S., which consists mostly of credit card debt, totaled about $800 billion 5 years ago. According to a report from the Federal Reserve, revolving debt grew to nearly $1 trillion through April of this year.

You'll find strategies for managing credit cards and other loans at DebtSmart.com, a site created by Scott Bilker, author of several books including Talk Your Way Out of Credit Card Debt.

Bilker believes mastering math is key to mastering money. "It is essential to know how to calculate, in advance, all the terms of a loan," he says. 'You need this information to compare different credit agreements and determine which is best for your unique situation." His website includes many Household Math quizzes with solutions and tips.

But Bilker also follows a strategy that goes against the grain of other financial experts. He's a proponent of "punishing" uncooperative credit card companies by signing up for several cards and moving your debt around. 'You shouldn't accept being treated poorly by any bank," he says. "I let them know that they will give me that low-rate deal, they will treat me right, or I'll just use one of my other 79 credit cards instead."

DebtSmart.com provides dozens of articles by Bilker and other authors in such categories as Balance Transfers, Credit Counseling, Credit Reports, Debt Collection, and Personal Stories. You also can sign up for a free email newsletter and watch videos of Bilker giving advice on various television programs.

Stretching Every Dollar

"Living better ... for less" is the motto at The Dollar Stretcher (www.stretcher.com). If you don't mind weeding through three lengthy columns of minimally organized headlines on the site's homepage, you're sure to find one or two tips that could save you at least a few bucks.

For instance, besides getting advice on insurance, paying for college, and investing, you'll learn how to make an inexpensive "Hot Brown Sugar Body Scrub" that "is designed to exfoliate and moisturize you from head to toe, and it feels wonderful!"

If your idea of feeling wonderful leans more toward riding fast machines than setting up a home spa, it may have occurred to you that high gas prices are a good excuse to start riding a motorcycle to work. This thought occurred to me, but I know almost nothing about the bikes, so I was happy to find a primer on the Dollar Stretcher called "Get 100 miles per gallon-cheap!" (This article, like several others on the site, actually originates on Bankrate.com, which is another good place to look for personal finance information.)

The motorcycle article explains the difference between various types of bikes and scooters. It points out that "naked bikes" (aka, "street bikes") such as the Yamaha FZl, which is priced at $9,299, are "the best all-around motorcycles for commuting more than a couple of miles." The article also mentions some concerns you might not have thought of when you pictured yourself showing up at work in a leather jacket, such as insurance, a motorcycle license, and the need for riding lessons.

Categories of information on the Dollar Stretcher include Baby Boomers, Family, Green, Home and Auto, Just Starting Out, and In Critical Condition. The site also offers various free email newsletters, including The Dollar Stretcher for Parents, Inflation Fighters, and Simple Times. Visit the Dollar Stretcher Community to ask questions and trade tips with the site's users.

Tips in the Mass Media

You can find more sites focusing on frugality by doing a simple Google search or consulting the Thrift section of the Yahoo! Directory. But don't forget to also look for advice on newspaper and magazine websites, even on those that don't concentrate on personal finance information.

For example, The New York Times offers a Your Money section (www.nytimes.com/pages/business/yourmoney/index.html). One article focuses on the pros and cons of borrowing against a retirement fund. Another offers "Food-Shopping Tips Direct From the Store Manager." Some of the tips you'll find are counter-intuitive. For example, buying prepared foods such as sausage-stuffed Hungarian peppers might be a good deal if you'd waste peppers or sausage preparing the dish yourself.

The Times also offers an article called "'Two for One'...'Free Delivery' ... Hooked Yet?" Focusing on shopping psychology and the ways in which consumers are manipulated, the article points out that "not only do we often con ourselves that we're not spending as much as we really are, we often feel virtuous while doing so." For instance, using a debit card helps us "feel like we're getting away with something," says Mary Hunt, founder and editor of Debtproofliving.com. "We pretend that a debit card is the same as cash. But in reality, it has a hidden danger, which is that we will spend more when we use plastic than when we have cash."

Another good place to find advice is CNNMoney.com, a site sponsored by three media organizations: the CNN cable TV network and Fortune and Money magazines. Besides tips on such topics as managing debt, investing, and handling stagflation, the site's personal finance section offers an Ask the Expert feature and a collection of online financial calculators.

If you're looking for information that will help you build a healthy long-term relationship with your finances instead of a few quick tips for navigating today's rocky financial landscape, consult the site's Money 101 section. It offers "a step-by-step guide to gaining control of your financial life."

Lesson 1 points out that "you probably won't be able to achieve every financial goal you've ever dreamed of. So identify your goals clearly and why they matter to you, and decide which are most important. By concentrating your efforts, you have a better chance of achieving what matters most."

That sounds like good advice no matter how the economy is going.

Thomas Pack is a freelance writer who lives near Louisville, Ky. Send your comments about this article to itletters@infotoday.com.

Copyright Information Today, Inc. Sep 2008

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