Frugal living yields financial rewards, security

• Every dollar you spend has consequences elsewhere in your life.
• Singletary and her four brothers and sisters were raised by their grandmother, who earned a modest salary but owned her home and car and accumulated a nice savings and pension while providing well for her family.
• Cutting costs was more than a handful of tips, says Singletary.
• Her grandmother looked at potential purchases in terms of "what you could spend that money on that would put you in a position of not having to struggle," says Singletary.
• "I ask, 'What are the consequences of spending this money?'" Track what goes out That approach, save automatically and spend selectively, is exactly what money experts and consumer advocates advise.
• Bach says you do, however, need to change your thinking.
• "Without exception you have to do a written plan, called a budget," says Dave Ramsey, author of "The Total Money Makeover."
• "It varies from month to month," Ramsey says.
• "Every time somebody goes to the supermarket, I want them to try one more store brand," which Howard notes costs up to 40% less.
• After two years of depreciation, you can get a good, high-quality car at virtually half price, says Bach.
• "And if you ever do buy a new one, plan on keeping it five to 10 years," he says.
• If you must use a credit card, make sure it's one that gives you something.
• Look for a no-fee card with a rewards program.
• Your cell phone certainly comes in handy, but is your plan really worth what you pay?
• You don't change the amount; simply send in half a payment every two weeks.
• Automatically transfer part of each paycheck to a retirement account before you get your take-home pay.