Here are some tips to help you become a better shopper. An important step is to shop at discount stores whenever possible, from large chain outlets to bargain "close-out" type establishments.

The best way to cut your cost of living is to start with the items that represent your greatest expense. For most people, that's rent or a house payment; a car payment; and loans or credit card debt.

There are two general types of consumer credit: fixed and revolving. Fixed, or direct, credit is a loan for a fixed sum that's used for a specific purpose, such as purchasing a home or car.

Saving money is an important habit to develop. Not only do you need to set aside money for retirement, but it's also wise to have extra funds on hand to cover unexpected expenses.