There are two sides to the savings coin. First, there are those that are willing and ready to take the drastic route. This route includes cutting out all unnecessary spending, and finding ways to invest wisely (a difficult task). Next, there are those that have devised savings plans that include cutting back on expenses conservatively, while still saving a few extra dollars each month.

Author Judith Levine recently wrote a book entitled "Not Buying It: My Year Without Shopping." There's no doubt that Levine took the drastic route. Through avoiding unnecessary spending (including spending necessary for social engagements), Levine was able to save $8000. Some of the things that she did included cutting out all forms of entertainment; clothing purchases; restaurant expenses; and daily household items that weren't really necessary (expensive air-fresheners come to mind).

Following Levine's train of thought, some additional expenses that can be eliminated include cable, satellite, and other television packages; cell phone plans; phone plans; daily beverage expenses; and various other items that really aren't crucial to existence. Then again, there is a certain quality of life that comes with attending social engagements and relieving stress through entertainment.

If you aren't willing to go the drastic route, then there are still things that you can do to save some of your hard-earned money. Nearly every utility company offers some type of bundle plan, and this is a great place to start. Call your television, phone, internet, and cell phone providers. Find out if you can get all of these services for one "bundle" price. This will likely save you at least $20 per month (if not more).

Next, take a good hard look at your debts. Would a debt-consolidation loan help your situation? Even though traditional lenders are not giving out a lot of loans these days, a private lender is a great solution. Private asset-based lenders often offer debt-consolidation loans, and they don't base your loan application upon a poor credit history - in this economy, bad credit is entirely common.

Finally, hold onto your current vehicle for a little while. Presently, it doesn't make a lot of sense to purchase a new automobile. The current job market is still hanging in the balance, which might mean that your job is no longer as secure as it once was. Instead, consider making needed repairs to your car, truck, or SUV. If you don't have the cash flow to repair your car, then you'll be happy to know that car repair loans exist.

Lenders offering car repair loans are actually becoming quite popular with many consumers. These loans work in much the same way that private debt-consolidation loans do, and they will help you to hang onto your existing car until the economy gets back on its feet.