Borrow away

This is a great way to save money when it comes to needing items that will only get a limited use. Borrowing a power drill for example could save you a good deal of money rather than rushing out to buy it for the needed occasion. Borrowing things can also be a great way to meet neighbours. Likewise, things that can be rented or borrowed, like novels from the library or movies from a rental stores could save you a lot of money over time. Many of us only read a book once or watch a movie once and then stash away for a good length of time, so it doesn't make much sense cutting into your budget when you can get the same effect for less.

Negotiate

While you can't exactly barter with the associate and Wal-Mart over a price, there are still plenty of times and places where talking your way into a cheaper price is possible. In the case of blemished or damaged goods, you should be able to get a discount on the product by mentioning it, if the product hasn't already been marked down. Smaller stores being run by the owner are also good chances to barter your way to a better deal. Big ticket items are also negotiable, such as cars and houses.

Flea markets or Farmer's markets are also great places to do some wrangling. Arriving late or staying late at a Farmer's market should net you plenty of great deals on food. By this point the operator needs to get rid of whatever they have left, as it won't be re-sellable the next week. They'll likely accept large price cuts on whatever they have left at this point.

Beyond negotiating, just being a smart shopper will greatly come in handy as will keeping an expense list. Do comparison shopping at as many outlets as possible when buying something, especially a bigger ticket item. Keep an eye out for coupons before any shopping expedition, as they really can pile on the savings when all is said and done. Don't be afraid to buy things used as well. Used stores, auctions both live or over the internet, and ads in local papers can all net you products as good as new for a fraction of the price.

Another good tactic is to buy things in bulk. The savings won't hit right away, as you'll be spending slightly more money initially, but after weeks or months of not having to re-buy that item, the savings will start pouring in. Just be sure to buy things that you'll be able to use in time should they have an expiry date, or you may not benefit from the added quantity.

It's not about being frugal, it's about being smart. We only have so much money to spend, so it simply doesn't make sense to throw money around haphazardly if you don't need to, no matter your income. The money saved can be better used in other pursuits like investing where it will grow even further.