Sometimes that's true, says Armold, a freelance photographer in Dayton, Ohio, who writes books on collectibles. And sometimes you're better off figuring out how to use what you already have in a new way.

Here's what we found when we went out to talk with consumers about how they are choosing between spending now and saving big in the future, or just hunkering down with the gear they already have.

Talk Time

One of the most talked-about ways to save concerns how you do your talking. Many Americans have already ditched the traditional phone in favor of mobile phones, which offer unlimited evening and weekend calling.

If you're still tied to the notion of having a landline, however, there are options. If you buy an Xlink device, Xtreme Technologies offers users the ability to keep your existing home phones and have your mobile phone services automatically routed to your landlines. That can save on your long-distance bill. The catch: you could burn your daytime minutes and end up spending too much if you talk during the day a lot. And there is the one-time price of the Xlink device (about $110).

Voice over Internet Protocol (VoIP) services, which allow you to chat for low rates--sometimes even free--through the computer offer another cost-cutting alternative.

Armold took a different tack. "I purchased a Magic Jack to reduce my telephone costs," says Armold, who notes that this simple switch has saved him about $360 a year. Now he makes most of his long-distance calls through his high-speed Internet connection instead, and with major savings.

"Because of that little creature I was able to terminate my home telephone account," he says. "I can call all over the place for nothing, and it also saves me a ton of cell minutes as well." (MagicJack plugs into a phone and your computer. The device itself costs about $40, and it has a yearly fee of $20.)