Many extreme savers embrace the simple life, which means either forgoing the latest toys and services or waiting until they're no longer "hot ticket" items.
In addition to saving cash, Jay says "you may find happiness in being less connected to the virtual world and more engaged in the real one."
Erin Schneider, who writes the Cheap Chick blog, also recommends cutting out unnecessary services -- "cut down on cell minutes, cancel your home phone, cancel your gym membership" -- and opting for the least expensive options that present themselves.
"Cut out Netflix and get your movies from the library," she says. "Cancel your lawn service and either mow your own, or hire that kid from across the street for less."
If you can't give up high-tech toys, at least wait to purchase them, Yeager says. The price will drop over time, and kinks in the original product likely will be worked out in subsequent generations.
"It's like the old Elvis song, 'Only fools rush in' when it comes to buying tech gadgets the day they're released," says Yeager, who has never owned a cell phone and refers to them as "electronic tethers."