CASH is king today, as they say. Of course, there are still things that money can't buy. The recession has hit us, some of us harder than the rest, especially those invested in the markets. So today, we shall look at 10 smart money-saving tips that will allow you to stretch your dollar or go the extra mile.

1. Super-marketing

When shopping for groceries, always try to take advantage when there is a sale. Buy in advance items that are not perishable. But do not buy for the sake of buying just because something is on sale. The trick here is to know what you want to buy before you enter the hypermarket, perhaps have a shopping list, so that you won't end up with bargains that you have no use for. Spend only on the items on your shopping list, and not only will you save on those purchases, you can also save yourself an extra trip in future if you buy these sale items in bulk.

2. Care-less list

Do you care about the band of the toilet paper you use? Or the band of a pack of tissue? If not, then take the house brands since it does not make a difference to your lifestyle. Write a list of such items and memorise it. The next time when you shop for these, just go straight for the house brands which are typically 5-20 per cent cheaper.

3. Use your credit card only when necessary

Never treat it as extra income because it is not. It is your money that you are spending and you have to eventually pay it back in future. If you have to, cut your spending limit to one that you can afford. Pay off your credit card debts on time and in full so that you will not incur interest. Compounding interest is your enemy in this case.

4. Avoid big-ticket items at such times

Buy the big-ticket items when you can get a big bang for your buck. Be patient and wait until you spot a bargain. The sale is in the market. Do your research, scout for second-hand deals on the Web. Never buy in a rush.

5. Give your dream holiday a peak

Yes, the holiday season is coming and you're probably itching to go for a well-deserved holiday after a whole year of hard work. But this isn't exactly the best time to take a grand vacation. If you really must take a peak, head for destinations in the region rather than that long and expensive dream holiday to Europe. BT found out that a three-day two-night trip to exotic Vietnam costs as little as $250 per person, if you are willing to fly budget and stay in a three-star hotel. A bang for your dong indeed, in such trying times.

6. Build your passive income now for the next recession

As they say, one only realises the importance of passive income in times of need, like now. A way to build one could be by buying into money-producing assets such as high dividend-yielding stocks. Many shipping trusts and Reits offer between 15 and 40 per cent yield. Dividends may be cut in future but anything above 15 per cent yield is decent enough to keep for passive income.

7. Shop using shopping sprees

Especially when you are buying famous American labels like American Eagles. There are many online shopping sprees here where consumers pool their orders together and an aggregator makes the orders from the merchandiser. This way, they enjoy privileged bulk-purchase prices and share shipping costs. Prices may be 5-30 per cent cheaper. Check them out to see if you can get a bargain while at the same time get exotic stuff not locally available.

8. Buy only what you need, don't be upsold

How often have we experienced this? Immediately after you buy something, the staff at the store will attempt to sell you something else ? "How about a cake to go with your coffee, Sir?" They are using the technique of upselling to make you buy unnecessary items, oftentimes things that give the sellers a bigger margin. Be firm if you really don't want to buy. Remember, every dollar counts these days.

9. Review

Take a look at your monthly bill and cut recurring services if you do not use them. Magazines, Internet services, cable TV premium channels ? these are common expenses that keep appearing in your bills month after month. If you don't use them, cancel them. Having plenty of TV channels would be a waste of money if you are hardly home to watch them. Super-high-speed poadband too is often unnecessary unless you are a professional gamer or need it for work. Downgrading to a medium-speed service will save you a few precious bucks from your monthly bills.

10. Pay yourself first

Opt for an automatic savings plan where part of your pay will be automatically transferred to your savings account. This should clearly be the first rule in your financial planning for nothing is more important than to reward yourself after all the hard work. You work hard to reward yourself, not to pay others in the form of debt. Having such a mentality and plan in place will force you to put some money aside for rainy days such as now and for future investment purposes.

As you see, there are big choices and small choices. Some take a little sacrifice, some changes won't be noticeable at all. The trick is to save where it doesn't hurt. Live within your means and always control your spending according to your budget. Those vested in the market should know better than the rest how precious a dollar is today.

Nothing beats having the freedom and flexibility to spend. If that is your long-term goal, you need to start saving today.

This article was first published in The Business Times on November 3, 2008.