Tip of the Day: Real Estate Savings

Advice on getting the best deal when it comes to real estate.

March 17, 2010— -- In tough economic times, everyone looks for new ways to save money, especially when it comes to real estate.

If you think you're paying too much for rent, try renegotiating your lease. Many landlords are willing to be flexible for good tenants.

There are other ways to save money, or even make money, on your residence.

If you're a homeowner, renting out your extra room could bring in cash. CLICK HERE to learn more.

Looking to buy a home? Make sure to avoid these common mistakes .

If you aren't sure whether you should be renting or buying, CLICK HERE to get advice on whether or not home-ownership is right for you.

CLICK HERE for "GMA" consumer correspondent Elisabeth Leamy's advice on how to save money on your home, and cut costs on your other biggest expenses such as your car, health care and grocery bill.

Other budget-cutting solutions:

"GMA's" Savings Makeover found $188,852 in savings for one family. CLICK HERE to learn how they did it.

CLICK HERE to learn how to cut your budget with creative couponing.

"GMA's" personal finance contributor Mellody Hobson has advice on how budgeting and cutting back can be a valuable lesson, especially for children. CLICK HERE for more.

Two frugal moms from Chicago cut thousands of dollars from their budgets, using strategies such as cooking from scratch, purchasing used cars, shopping at thrift stores and finding freebies. CLICK HERE to get all their advice.

"GMA's" consumer correspondent Elisabeth Leamy has great advice on how to save on all your monthly bills, from car costs to cell phones. CLICK HERE for her tips.

Once you start reducing your expenses, you can make the most of your savings by investing it properly. CLICK HERE for Mellody Hobson's top five financial tips for 2010.