There are many different methods to avoid spending money on unnecessary items, from freezing your credit card in a block of ice to saving up the necessary cash first before making a purchase. There is also a simple way to limit the number of luxury items you a planning to spend money on.

The basic idea is to keep a running list of any wants items that you would like to purchase. By setting a strict limit on the number of items on your list, you’ll also limit your spending. I find that 3 items is sufficient. If you see a new item that you can’t live without, you may reconsider when you realize that you’ll have to remove another item from your list to add the new one.

You can add time limits to the list as well. For example, you might decide that you can only purchase one item from the list each month, quarter, or year. That way you won’t be tempted to simply purchase one of the items on your list to make room for a new want item. Dollar limits can work as well. If you allow yourself $100 a month for want items, then more expensive items would have to remain on your list for a longer period of time. If they are still on the list when you’ve saved sufficient cash, you will have demonstrated that you truly want these items.

If you use Amazon.com for price comparisons, you can keep your want list online. Their “Wish List” feature lets you add items that you hope to purchase. By sharing the list, you can inspire others to buy the items for you when they are looking for gift ideas.

A want list works really well for people who diligently save for their purchases. Allowing your list to contain multiple items will inspire you to keep saving. Limiting the number of items on the list will focus your efforts and help to prioritize your discretionary spending. Even those who abuse their credit cards can benefit from this method. By adding an extra step to the purchasing process, you can break the See-Buy-Regret cycle that you’re accustomed to.

One of the items on my want list is a set of lenses for my camera. What would you put on yours?

We are happy to report 2 more state clearances came through last week, with South Carolina and Idaho joining the ranks of "Orange" states (i.e., states where Lending Club’s offering has been cleared).

What a perfect opportunity to mention that Idaho is home of the deepest river gorge in North America (Hells Canyon - 7,900 ft deep) and South Carolina saw the first engagement of the American Civil War at Fort Sumter in 1861. Learn more about Idaho and South Carolina at inidaho.com/Fun_Facts_List.asp and thingstodo.com/states/SC/facts.htm.

This brings the total tally to 23 states, namely Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Hawaii, Louisiana, Minnesota, Mississippi, Montana, Nevada, New Hampshire, New York, Rhode Island, South Carolina, South Dakota, Utah, West Virginia, Washington, Wisconsin and Wyoming.

See below our updated states map:

More to come…

With the sudden change in the state of the economy, everyone is worried about their financial futures (especially these guys). I'm sure you've been hearing advice from every side about what to do. Should you take out all your money and invest it in gold, or buy Euros with all of your soon to be worthless American currency? Or should you just stock up on canned goods for a potential nuclear winter? Who knows.

The people who are giving you advice now are the same people who were advising you before the crash – the same guys that were wrong just a few weeks ago (case in point: Mad Money's Jim Cramer recommended Bear Stearns just a week before it collapsed). The advisers who continually change their advice are doing so for ratings, not because they have the answers. They don't.

However, the fundamentals always stay the same. When you can't predict the future – and you can't, with this market – it's important to look at what you can do regardless of the future. Paul Graham said it best when he described what new startups should do in a struggling economy:

"If you want to improve your chances, you should think far more about who you can recruit as a cofounder than the state of the economy. And if you're worried about threats to the survival of your company, don't look for them in the news. Look in the mirror." - Paul Graham

If you are worried about the economy, focus on what you can change: yourself. Go back to the basics: set some goals, make a plan, and make sure you are safe enough to have an emergency fund in case of disaster. But, the things you can't change – don't worry about them too much. Just work on what you can.

Discussions about frugal living and cutting back unnecessary expenses often question whether cable television is a want or a need. While the case for basic cable, particularly in rural areas, being a need is sometimes conceded, the premium services and add-ons are almost always categorized as wants. You might find it strange that while I still categorize a Digital Video Recorder (DVR) as a want, the financial benefits of owning one may leave you better off than if you passed by this apparent luxury item.

Having a DVR can save you both time and money. The time aspect is two-fold. First, you can watch television on your own schedule. If your favorite show airs on a night when you could really use some sleep to recover from a hectic day, you can rest assured that it will be waiting for you. Second, you can watch programs in roughly 2/3 the time by skipping the commercials. Depending on the number of hours of television you watch per week and the value of your time, this can quickly add up to a significant amount of money. For me, the nominal monthly cost of a DVR pays for itself in saved time well within the first hour of using it.

While skipping over commercials saves you time, it also limits the marketing messages that reach your brain and drive your impulse to spend. By keeping commercials out of sight and out of mind, you limit their influence on your entire household. Even if you can resist the temptations of broadcast advertising, your children may not be as able to. How often were your kids getting along just fine until they discovered the latest toy that they couldn’t live without? Even if messages only reach you and your family on a subconscious level, reducing that exposure may help to reduce your spending.

A DVR can be one of those items whose small costs permit significant savings in time and money. Few electronic devices have added so much to my life and profoundly improved my normal behavior. It may not have the same effect for everyone, but I suspect that most people would find a DVR beneficial to their lives and their finances.

What are your experiences with DVRs? Do you prefer a generic DVR from the cable company, or a branded one, such as a TiVo?

Sometimes it pays to be a little crazy. I went through a period of extreme frugality in my life (living in my office, showering at a gym, no bank account, etc). It's not something I want to repeat again. Group showers aren't exactly my thing. That being said, for the truly ambitious penny pincher, these 7 tips could come in handy.

Oh, a note to single guys: this list could also be titled, "7 ways to make sure you never get a date". So, you've been warned.

1. The 60 second shower

It's just like being in the military again, only you get to now shower in the comfort of your own home! Lather up, rinse, enjoy the last 10 seconds. Done! Not only do you save on hot water, you just freed up 9 more minutes in your morning routine.

2. Flush less

"If it's brown, flush it down. If it’s yellow, let it mellow" - I think I first saw this phrase in an episode of "Six Feet Under". If you haven't gotten what I'm talking about here... just keep thinking about it. Or not. Let’s move on...

3. Become a "freegan"

The freegan movement has become more and more popular in the last decade. The word itself comes from "free" (duh) and "vegan". It's like a super hard core really cheap vegan. Basically, living as a freegan, you try to consume what other people waste. Dumpster diving, um, er, I mean "Waste Reclamation" is popular among freegans. Wedding crashing (for the food) or attending a lecture at your local college where food is served (for free) could work as well.

4. Live in your car

Want a truly mobile lifestyle? Ditch your overpriced apartment and live in your car. Make sure to move your car at least every few nights to a different part of town. Staying too long in one place will arouse suspicion and perhaps a call from a not so happy home-dweller to the police

5. Unplug everything

Not using the fridge? Unplug it. TV? Unplug. Computer? Unplug. Nearly all electronic devices drain small amounts of electricity even when plugged in. So go unplug everything.

6. Move off the grid

Do you think Adam and Eve had to buy groceries? Of course not. Living off the grid could eliminate your housing bill, electricity, cell phone, internet, cable, Netflix, gas, car... the list goes on and on. You can even pick up a home for your off-grid lifestyle for $500. And that's the nicer version.

7. Sell your car

Do you really need it? Really? No car equals no insurance bill, no more complaining about gas prices. And plus, the bus can be a fun (aka, crazy) way to meet new people. Note, if you're living in your car, unless you want to go off grid, don't do this one!

As I said, these are all slightly crazy ways to be frugal. There are plenty of more practical ways to save money, but they aren't nearly as fun. When you have grandkids, don't you want to tell them your crazy stories about how you saved money?