How much are you spending?

Yes, to cut costs, aim to eat out 2 times per week or less. Food is one of your biggest expenses, so savings here can really add up. By always packing a lunch and cooking meals at home you potentially can cut your food bill in half, saving you several hundred dollars per month.

Yes, the difference between name brand and generic medications is the price and the label. Generic versions include the same FDA-approved active ingredients as name brand medications.

Yes, space heating uses the most energy, accounting for almost a third of the energy bill for the typical home, according to the Department of Energy. If you want to lower your monthly energy bill, an energy audit can help you identify areas of your home that are not sufficiently insulated. Simple changes, like lowering your thermostat a few degrees in the winter and raising it a few degrees in the summer, can also help you save money and energy.

Yes, you should aim to spend less than 10% of your income on clothing—and perhaps a lot less. If you are a clotheshorse, you may be surprised to know that in 2008 the average household spent just $1,801 on apparel and services—less than 3% of their income.

Yes, you can save money by opting for just a haircut most of the time. While it's fun to treat yourself occasionally, the high cost of spa treatments and expensive hairstyles may cut into your savings.

Yes, the correct answer is all of the above. Improved fuel efficiency, lower insurance rates, and using cheaper forms of commuting are all good ways to reduce your transportation costs.

Yes, the correct answer is more than 10%. Most people need a high savings rate to ensure a comfortable retirement and to build an emergency fund for protection in case of job loss or illness. Add savings to your budget, and set up automatic transfers to your savings account to make sure you save.

Yes, the correct answer is to enjoy a concert with friends. Your budget should allocate some money for fun, but by going out less frequently you will save money on entertainment that you can then put towards other expenses and savings.  

Yes, the correct answer is all of the above. The energy usage of flat-screen TVs varies substantially—plasma TVs in particular tend to use a lot of energy—so factor this in when shopping. Used or older model devices can be almost as good as new. And bundling services such as home phone, Internet and cable from one provider can also help you save. Always compare prices and review manufacturer’s warranties and the fine print to be sure you’re getting the best deal.

Yes, the best answer is none—you should pay it off in full every month. Paying off your credit card is one of the best ways to spend your money because it eliminates expensive interest fees. If you have a small balance, look for ways to trim your expenses so you can pay it off quickly. If your credit card debt is too high for you to manage, talk to a credit counselor.