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35% Housing — rent or mortgage, plus the cost of insurance, taxes, utilities and maintenance

15% Transportation — your car payment falls here (if you have one), but taxis, parking and insurance also do

15% Other Debt Repayment — credit card payments, student loan payments and any other debts you owe

10% Long term saving — putting money away as an emergency cushion, as well as the retirement account you should be contributing to (whether it’s at work or on your own)

25% Everything else — this is your life. Food, entertainment, clothes, cosmetics, travel and anything that doesn’t fit into the other categories.

Now, you can borrow from one category to another. Maybe you live in a small town, and don’t really pay for transportation all too often – but you have a large amount of student loan debt. You can use some of that money someone else might spend on the subway every morning to put towards that loan repayment. However, there’s one big rule of thumb – you can’t borrow from savings. So if after your fixed expenses, you find that your living expenses could be cut down – you know where to start to build that cushion. Clip coupons or take on a part-time job to balance it out, and put that extra money into a savings account with your bank. That way, you’ll get yourself on the right track to financial security.

The research – which is called The New American Pantry Study (PDF) – pointed to five different, new consumer behaviors. Take a look. Join in. You may be more satisfied with how you’re using your money if you do.

Gratification management. Say good-bye to instant gratification, and hello to delay. Some 40 percent of consumers surveyed said waiting to get what you want isn’t as much of a sacrifice as it used to be. Consumers have tuned in to the fact that many things – from cuts of meat to clothing – will eventually go on sale, so they’re willing to wait for the moment when that happens. Makes sense in the kitchen (those cookies always taste better after you smell them baking!). Makes sense in the bedroom. (No further explanation needed.) Why wouldn’t it make sense here?

Private Label Experimentation. I’d never give up my Post Raisin Bran (believe me, it’s better than Kellogg’s), but the olive oil I cook with every day is Costco’s private label brand: Kirkland. Three-quarters of consumers are more willing to try private labels – it makes them feel smart – and once they do, three-quarters are buying those things again. “In part, it’s because we believe the same manufacturers are making both,” says Doug Harrison who conducted the survey. We do it selectively. Maybe you’d never give up your Oreos. Harrison’s wife is loyal to her Vanity Fair napkins. But on other products we’re trying – and we’re liking.

Cooking From Scratch. Twenty percent of consumers are abandoning expensive prepared foods and cooking from scratch. New websites like 5dollardinners.com have shown people how they can save a ton of money by making food themselves (and save even more by taking the leftovers in the next day for lunch). Personally, Ina Garten’s original Barefoot Contessa Cookbook has become my summer bible. Last week I made the potato salad, the cold sesame noodles and the beet salad with orange zest. Took 90 minutes. We ate for five days.

Make Loyalty Cards Your BFF. Sure, you’ve been friendly with your store loyalty cards for a while, but now they’re your BFFs. At least they are for 60 percent of consumers. What’s changed here is that men and kids are getting in on the action. They are sharing in the feeling of satisfaction you get when, upon checkout, you scan to the bottom of the receipt and see that – yes! – not only did you get two-for-one-blueberries and a free baguette, you’ve saved $18.71. And – double yes! – since the beginning of the year, you’ve saved $432.23.

Extreme Couponing. Finally, these folks aren’t just clipping the occasional $1 off, they’re layering manufacturer’s coupons over store coupons to squeeze out every last dollar. They’re signed on (as I am) to couponmom.com. They’re downloading coupons to their loyalty cards so they can swipe them at checkout and save more and their PDAs so there is no paper needed.

Set a spending cap. Especially now, when families are tightening their belts, it’s important to set some spending ground rules to avoid any major fiscal repercussions. “If you can afford for your kids to try a bunch of sports, then go ahead and let them experiment!” says Pavini. But if your financial situation is a little more restricted, then you need to do some research on what a new sport or after-school activity will really cost once you add in all of the extras. If it’s too much, then you may need to cut an activity altogether – or see if there are any deals if you decide to only participate a few days a week.
 
Decide what’s a passion, and what’s a whim. Kids often want to try something new because their friends are doing it – whether it’s football or dance classes, you should always give your kids the chance to try it out. “Until you’re convinced that this is something they’ll commit to,” warns Pavini, “don’t make any big investments.” Many retailers like Play it Again Sports will rent used equipment, and often group lessons will come at a discounted rate.

Visit msnbc.com for breaking news, world news, and news about the economy

Visit msnbc.com for breaking news, world news, and news about the economy

Visit msnbc.com for breaking news, world news, and news about the economy

“Sure, we could afford to spend more, but why would we? It wouldn’t make us any happier.”

Those are the words I’ve spent the last two and a half years traveling the country to hear. It’s a simple but rare statement, given that nearly half of all Americans say that they literally live paycheck-to-paycheck and have little if any savings. How can some people live not only within their means, but substantially below their means, even when their incomes are often less than the national average? And here’s the biggest question of all: How can some of those same people insist that they are happier – joyous really – because of their thrift and frugality?

I traveled thousands of miles – nearly 3,000 of them by bicycle! – and surveyed more than 300 of my beloved “Miser Advisers” to find the answers. In my new book, The Cheapskate Next Door: The Surprising Secrets of Americans Living Happily below Their Means, I share what I discovered about people and families – many of them just like you – who not only know how to stretch their money, but who are more content and happier because of it. The book also includes hundreds of their practical, money saving tips — unique ideas that anyone can use every day.

Some of what I found may not surprise you: they despise debt and have found creative ways to eliminate it from their lives; they differentiate between “needs” and “wants,” and between “affordability” and “borrow-ability;” and, yes, most of them own and still wear at least one article of clothing dating back to the Carter administration (or earlier).

But other findings surprised even me, The Ultimate Cheapskate: only about 10% have a written household budget (“we live our budget – it’s second nature – we don’t waste time writing about it,” one cheapskate said); while they have savings in the bank, less than 15% have a formal “emergency fund” (“an emergency fund is for people who don’t have their financial house in order otherwise,” another cheapskate said); and more than nine out of ten say that they think, worry, and stress-out about money less – not more – than their non-cheapskate peers. They are 100+ times more likely to have a dog or cat adopted from a shelter than one purchased from a pet store; far more likely to own a crock-pot (or several) than an iPod or flat-screen TV; and they divorce at less than half the national average.

These aren’t your miserable, Scrooge-like cheapskates. These are folks who know what’s important in life, and they skip the rest. Here’s a glimpse inside the mind of the Cheapskates Next Door:

• Cheapskates Say “The Joneses Can Kiss Our Assets”: Cheapskates are highly self-confident and proud of their frugal lifestyles, caring very little about what others think of them and even less about things like buying designer brand names and keeping up appearances with the Joneses.

• Cheapskates Are Immune from Buyer’s Remorse: Most shoppers eventually regret nearly 80% of the discretionary items they buy; but cheapskates are “premeditated shoppers” and, because of it, are largely immune from buyer’s remorse. Nearly 90% of the cheapskates surveyed say they “never” or “rarely” regret a purchase. And they don’t shop for “recreation” or “therapy,” which is one reason they prefer shopping at thrift stores (with a more certain selection of merchandise) than wasting time shopping at yard sales.

• Cheapskates Appreciate Appreciation (and depreciation, too): Other than when buying a house, most people usually don’t think about whether something will increase or decrease in value after they buy it. Cheapskates are tuned into appreciation/depreciation, often preferring to buy antique furniture (like the Amish do) that will retain/increase in value, and buying everything from cars to computers to clothing used, rather than new, so that the first owner pays for most of the depreciation.

• Cheapskates Know That The Best Things in Life Aren’t Things: Social science has shown that “stuff” tends to disappoint us over time, but “experiences” – how we spend our time – is what adds true value and meaning to life. Cheapskates value their time, and the things they can do with it, more than money, and the things they can buy with it.

• Cheapskates Answer to a Higher Authority: For most of the cheapskates polled, it’s truly not about the money. Nine out of ten cheapskates say that their decision to live a more frugal life isn’t about trying to amass a big savings account; rather it’s primarily grounded in some higher ideals, such as religious beliefs or environmentalism. That’s why, of the cheapskates polled, they donate nearly twice as much to charity as the average American.

Jeff Yeager spent 24 years managing national nonprofit organizations in Washington, DC before launching his current career as a freelance writer, public speaker, and media personality in 2004. He is the author of two books, The Ultimate Cheapskate’s Road Map to True Riches and The Cheapskate Next Door, both published by Random House/Broadway Books. Dubbed the “Ultimate Cheapskate” by Matt Lauer on the NBC Today show, Yeager specializes in an offbeat blend of original humor and practical advice for living a better life by spending and consuming less. He is also the author of the popular blog The Green Cheapskate, which is syndicated through Hearst Publishing’s environmental website www.TheDailyGreen.com. His website is www.UltimateCheapskate.com. Jeff lives in Accokeek, MD with his wife, Denise, and his beloved compost pile, Gomer.

But at some point before you drop your freshman off, I encourage you to sit down, together, and make a budget. Whether she’s getting a job, you’re providing her with spending cash, or a combination of the two, you want to make sure that the well hasn’t run dry come October. Here’s a crash course in how to do it, as well as some sample budgets and a worksheet to get you started.Leave things a bit fluid. Before we go through the steps of coming up with that budget, I want to be clear about one thing – for all to go smoothly, you both need to be flexible here. Neither of you know what to expect, so setting a strict limit in each category – groceries, entertainment, laundry – just won’t work. Instead, you need to set a reasonable limit on the total amount she can spend, based on how much she’s bringing in –  from you, a part-time job, scholarships or grants. Add all of those up, throw in any savings she’s accumulated over the summer, and you’ll have a nice framework for your budget.

Estimate fixed expenses. Some of these are easy – if she’s going to have the same car, you know how much her car insurance  or payments will cost. If she’s living off campus, you can add rent and utilities in here. A cell phone payment and any other monthly bills will be tacked on as well. Other school-related costs, like books, campus room and board, and tuition, should come out of the money you’ve saved for college, loans, or scholarships.  You can use a worksheet like this one to tally up her individual expenses, and here’s a sample budget for an entire semester, to guide you:

Tally up flexible expenses. These are things like the aforementioned laundry, entertainment and groceries, but also clothing, toiletries, food outside of her meal plan, gas and other transportation costs. Basically anything that will vary from month to month. The best way to get a handle on these is by calling your school’s financial aid office – often they will have a sample budget or list of common expenses for incoming students that can help you make these estimations.

Break it down into months. I find budgets much easier to manage in small pieces, because you’re allowed to start over before you get too out of control. If she has a chunk of money for an entire semester, it’s easy to blow it all in the first month – especially as a first-year college student, away from home for the first time. But if instead, she gets a set amount each month, if the first month goes awry, she’s able to start over the next month and learn from her mistake.  You can take this even further, breaking months into weeks, as well – sample budgets for both are below:

Set up a system of organization. My advice is to keep the bulk of her money for the semester in a savings account, and set up automatic transfers at the beginning of each month (or week, if you decided to go that direction). That way, the cash in savings will earn a little interest – not much, mind you, but every little bit helps – and she’ll be giving herself a paycheck. If she gets an actual paycheck, from a part-time job, she can deposit that in savings and then pay herself from the pot.

Lastly, be careful of those ATM fees, which can really throw a wrench in any budget. Encourage her to only use in-network ATMs, or, if that’s not possible, to make one trip to the ATM each week for all of her cash (do a little research – she should keep her money at a bank that is convenient, with a couple locations and ATMs in the college’s town or city).