Top 10 Strategies for Stretching Your Dollar

The unemployment rate is at 6.1 percent, according to the U.S. Department of Labor; the housing market is soft; and personal investment and retirement accounts are on the decline. For many Americans, spending wisely is no longer just a choice; it has become mandatory to making ends meet. Fortunately, just a few small investments and lifestyle adjustments can save the average American thousands of dollars per year.

1) Purchase an extra freezer. An extra freezer enables bulk food purchases, which are often more economical. Purchase in bulk from member warehouses, and/or stock up when the supermarkets run exceptional sales and specials, particularly on costly meats. Upright freezers range in price from about $250 to $1700, and chest freezers cost between about $200 and $700. While that may sound expensive, a freezer is an investment that will pay dividends, especially with food prices on the rise. Since the purpose of purchasing the freezer is to save money, energy efficiency should be an important consideration when comparison shopping. Chest freezers tend to be more energy efficient than upright models, and ENERGY STAR qualified freezers use at least 10 percent less energy than required by current federal standards, according to the U.S. Environmental Protection Agency and the U.S. Department of Energy.

2) Cook large meals in order to freeze the leftovers. When stored as individual servings in plastic containers, frozen leftovers are easy to grab and go when heading to the office and help curb the urge to spend $5 or more on a less healthy fast-food lunch.

3) Prepare meals in advance and freeze them. Busy lifestyles often make fast food and/or dining out very tempting. A pre-cooked meal from the freezer can be a convenient option when time is short.

4) Invest in an inexpensive home espresso maker. Basic home espresso machines are available for as little as $30, and stovetop espresso makers are even more inexpensive. For someone who would otherwise buy a $4 latte five days a week, this purchase could save over $750 per year. Wow!

5) "Brown bag" it. Bringing lunch to work instead of eating out every day could produce savings of over $600 in a year.

6) Visit the "dollar" theater. Tickets to a traditional movie theater generally cost around $10. Watching a less current film at a "dollar" theater could save about $8 per person.

7) Be active. Walking, jogging, biking, hiking, playing basketball, throwing a frisbee, and a number of other physical activities are not only fun-they are also free!

8) Plan trips carefully, carpool, and/or take advantage of public transportation. Run multiple errands in one trip, and plan the route ahead of time to prevent unnecessary distance. Being conscious of mileage can help control gasoline expenditures significantly.

9) Control utility expenses with energy-smart home improvements. Replace traditional light bulbs with compact fluorescent lights, insulate the water heater, purchase shades for windows, plant trees strategically to block out light and heat, and/or upgrade to more energy-efficient appliances.

10) Buy used. Taking advantage of eBay, craigslist, garage sales, newspaper classifieds, consignment stores, and other avenues for second-hand purchasing can save big bucks on clothing, furniture, and other items. An added bonus- the acquired stuff is not going into a landfill.

Learning to be frugal can be freeing. Try these suggestions today and experience the joy of a life not bogged down in financial anxiety.