We must learn from what’s happening with our dire economic situation. Current events are great ways to learn about the world and how to become a cheapness guru.
Cheapness Lessons from the Bailout:
1. Don’t put off fixing something. Because fixing something when it’s in dire shape (like a falling economy or a flat tire) usually takes [...]

The economy goes through cycles. However, cheapness gurus always adapt to their surroundings. Cheap business individuals adapt and think about a key business cheapness term, arbitrage (the practice of taking advantage of a price differential between 2+ markets, capitalizing upon the imbalance, Wiki).
Take advantage of the economy you’re in. You can gain even in a recession. Here’s one tip:

With [...]

 Substitute Goods: when 2 goods can be used in place of each other.
Perfect Substitutes: when 2 goods can be substituted for the other without changing the resulting utility. The result in the same value.
The goal of being cheap is to choose a product, (overall, a lifestyle), that keeps the same utility and value, but has a lower cost. Thus, knowing what [...]

The biggest downfall for those striving to be cheap, is being too cheap. Oh, the irony.
The most important law to cheapness is obtaining total cheapness, not just short term or partial cheapness. Cheapness is all about knowing your options and overall value (and thus costs) in your decisions. Don’t be too cheap happy. This is a [...]