ABC News March 12, 2010

Tip of the Day: Living on a Budget

GMA
GMA

In tough economic times, everyone is looking for new ways to save money.

One easy way to trim your budget is to avoid unnecessary spending, such as paying late fees on bills. By setting payment reminders, you'll always be on time with your bills.

Other budget-cutting solutions aren't quite that simple, but every family can find ways to save.

"GMA's" Savings Makeover found $188,852 in savings for one family. CLICK HERE to learn how they did it.

CLICK HERE to learn how to cut your budget with creative couponing.

"GMA's" personal finance contributor Mellody Hobson has advice on how budgeting and cutting back can be a valuable lesson, especially for children. CLICK HERE for more.

Two frugal moms from Chicago cut thousands of dollars from their budgets, using strategies such as cooking from scratch, purchasing used cars, shopping at thrift stores and finding freebies. CLICK HERE to get all their advice.

"GMA's" consumer correspondent Elisabeth Leamy has great advice on how to save on all your monthly bills, from car costs to cell phones. CLICK HERE for her tips.

Once you start reducing your expenses, you can make the most of your savings by investing it properly. CLICK HERE for Mellody Hobson's top five financial tips for 2010.