1. Get Out of Hot Water

Before the recession, expert advice on saving money frequently revolved around giving up luxuries—from $4 lattes to $4,000 ski vacations. But these days, many of us already have cut the fat, and are still struggling to make ends meet. Fortunately, Jeff Yeager, author of The Ultimate Cheapskate's Road Map to True Riches, says there are many frequently overlooked strategies for holding on to your cash.

Yeager says lowering the cost of heating your hot water—which accounts for about 15 percent of the average heating bill—is easy and cheap. By taking a few simple steps, homeowners can cut the cost of heating their water in half, lopping 7.5 percent off their total heating bill. Yeager's suggestions: Wash clothes in cold water only; install a more efficient showerhead; insulate your hot water heater and turn the temperature down to 110 degrees; and install a timer that shuts the heat off completely at night.

—Sara Eckel

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