Taking a pair of sharp scissors to credit cards can help plug a big hole in your wallet or purse.
Jay advocates paying with cash only.
"This strategy saves you a bundle in finance charges and puts the brakes on your shopping habit; because without credit, you can't spend more than the money you have," Jay says.
Jay says paying with plastic "is far too painless," making it easier to spend.
"It almost feels like you're getting something for free," she says. "When you have to hand over cold, hard cash, you'll probably think twice about making the purchase."
Yeager urges consumers to go cash-only for at least a month.
"If you don't have the cash on you, it might give you reason to stop and think (before buying)," he says.
"I always think spending procrastination is a virtue, not a vice. Put off buying until tomorrow what you want today, and maybe you'll change your mind about whether you really want it."
However, Yeager acknowledges there is "much dispute in the cheapskate community" over whether it's better to never use credit cards or to always use them so you can "rack up frequent flier miles and other bonus points."