How to earn your penny-pincher credentials

"Economic pressure to share housing is absolutely about saving dollars, but can be turned into a wonderful opportunity for families," says Elinor Ginzler, senior vice president of livable communities for AARP. "Be open in your expectations [regarding] contribution to expenses, child-rearing guidelines, and personal space."

People looking to share housing with nonfamily members can find learn more at nationalsharedhousing.org. To find a roommate, craigslist.com can be a good place to start.

Wear second-hand clothes – Both buyers and sellers are shouting the joys of consignment stores, where stylish, high-end brands and boutique labels are quickly purchased. Caitrine Callison, owner of Secondi Inc., in Washington, D.C., has seen a 15 percent increase in sales at her consignment store over the past year.

"Executive wives, political figures, and successful women executives are buying and selling," she says. "There is a very solid change in people's behavior – both the down economy and a sensibility toward recycling are spurring bargain-hunting for luxury goods."

Need some cash? Clean out your closet and bring your accessories, shoes, separates, and designer gowns to a consignment shop. After agreeing on a price, maybe even spend some of your new dollars on a previously worn version of that designer-label leather coat you have long desired.

Exchange services, not money – Willing to trade your time and talents for the skills of others? Prepare a household budget, change the oil in a car, or fix a computer. Unlimited opportunities to exchange services abound. Check in at your local grocery or coffee shop for bulletin-board listing or click on barternews.com.

Clip coupons – Some may feel awkward the first time they use coupons, but you will relish the savings. Thrift is in, so support your new talents at couponcabin.com.

Trim down on tech – Cancel your land line and use only your cellphone. Dial back the premium channels on your cable television or dare to return to relying on the public airwaves.

Rethink the travel budget – Can your household get by with just one car? Perhaps relocating nearer to a bus or subway station is worth consideration. Carpooling might turn out to be your next social network. You can also rent a car for a needed occasion, or by the hour. Try zipcar.com

• Dr. Kathleen Connell is a professor at Haas Graduate Business School, University of California, Berkeley.

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