Creative Ways to Cut Costs

Cutting insurance and prescription costs will increase your savings.

(ABC News)

Negotiate and Barter

We all know we can negotiate at the car dealerships. But you can negotiate on just about everything else, too -- from physician's fees to cable TV bills and clothing. Always ask for a discount. You'll often get it.

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The other side of this is bartering. On Craig's list bartering is up nearly 100 percent from a year ago. And there are even popular Web sites out there dedicated just to bartering. Swapthing.com has more than 162,000 members and is great for individuals looking to barter. And for businesses there's imsbarter.com.

Mellody Hobson, president of Ariel Investments in Chicago, is "Good Morning America's" personal finance expert. Click here to visit her Web site, www.arielinvestments.com. Amar Parikh contributed to this report.