-- Your health. Blue Cross Blue Shield of Minnesota just completed a study that found that people who go to the gym at least eight times a month have significantly lower health care costs than those who don't. But guess what? You'll get those same benefits by going for a run or walk outside, taking a bike ride, or spending less than the cost of a monthly gym membership on a pair of dumbbells to strength-train in your own living room.
What you eat, of course, has a similar, if not more substantial, impact on your health. "Keep buying quality food, and cut back on going out to restaurants. Keeping your energy up when you're under pressure will increase your quality of life," explains Kennedy. This, too, can be inexpensive: Frozen fruits and vegetables can be just as healthy as fresh ones, and many grains like brown rice and oatmeal can be purchased in bulk from health food stores for under a dollar a pound.
-- Health care. Some cutbacks are fine -- switching to generic instead of name-brand drugs, for instance. But skipping doctor's visits or doses is a huge no-no, and so is cutting off your health insurance policy. "I've seen so many people go through horrendous financial nightmares and even bankruptcy because they don't have health insurance. This is just not one you want to mess with," says Jonni McCoy, author of Miserly Moms: Living Well On Less in a Tough Economy. She's right: Unexpected medical costs are the biggest cause of bankruptcy in the U.S. If your plan gets too pricey -- and more companies are putting the burden of paying for policies on the employees than ever before -- shop around for individual coverage. If you're fairly healthy, you should be able to get a decent rate. (The exception to this is if you live in Maine, Massachusetts, New Jersey, New York or Vermont. In these states, everyone must be issued coverage, regardless of health, which brings the prices up across the board.) If you can't afford individual coverage, get a high-deductible policy. You may be out the first $2,000, but then the insurer can step in and prevent total financial ruin.
-- Charity. Giving to others can make you feel better about yourself and your own financial situation, and you don't even have to hand over your hard-earned cash. Instead, donate items you no longer use; give canned goods, shop at thrift stores that benefit a charity, or simply share some of your time. The value of your time isn't tax-deductible, but some out-of-pocket expenses directly related to volunteering, like transportation costs, may be.