Some simple rules to living that has saved me lots of money and enables me more financial leeway than a lot of my friends:
1) Never get into credit card debt, loans or lease payments unless it will bring you a higher return at the end of the payment. A house is a good thing to lease / own; a car most certainly is not. Interest is the death of society.
2) Accept that there are services available to the public that are cheaper. Don't like public transit? Try taking it to work everyday instead for one month. I guarantee it's not as bad as everyone says it is, it's healthier for the environment, and you'll have more money in your pocket. Walking / biking is even better. And if you can't get away from the luxuries of a personal vehicle, then carpool - I bet you someone on your block is heading the same direction as you in the morning.
3) Never be afraid to use coupon books when necessary. You know those 2 for 1 deals to fast food restaurants and discounts on groceries? Do it up. Every little bit counts. Always buy food that's on sale too; it doesn't always have to be the 'freshest' food around just to sound like you're a pro at healthy eating in front of your friends.
4) You're not going to get sexed up any more with a pair of $400 jeans than you would a pair of $100 jeans. High-end merchandise for the purpose of self-gratification will drain your account faster than a surplus toilet. Quality, good looking clothes do not have to be bought at the Armani Exchange or Holt Renfrew.
5) Get in the habit of turning off lights and using minimal water. It's not just good for the environment; you'll notice small differences on your utilities bills. 10 minute showers aren't necessary. By CFL's for better long-term savings.
6) Hand-me-downs from parents and relatives in terms of house items, such as kitchen appliances that still work are a great way to save some bucks.
7) You don't need five-star hotels and luxury getaways. If you're an able, fit, young twenty-something, try hostels or camping. You're more in tune with nature, you meet more people, and you get a better experience at the minor inconvinience of having a smaller bed. Young adults from Western countries feel they need to have luxury vacations, when it's just not necessary at all. And besides - why pay for a fancy hotel if you're going to be out doing other things all day?
8) Swipe office supplies, such as stationery. A pencil works the same at your house as it does at work. I'm serious here. Besides, they probably don't pay you enough anyways, so you're just leveling the playing field.
9) Set up a daily budget. I tell myself I can spend $20 per day in fun stuff. If I spend $30, then I have $10 the next day. That way you can have a clear disposable income budget per month without going overboard. Over time, it gets easier to follow - you might even feel guilty for going your daily limit even if you're still within the monthly budget. This is a good thing.
10) Automatically deduct 10% of your paycheque and assume it's just not there anymore. Have it automatically transfered to a TFSA or an RRSP and don't touch it. You're saving for retirement even without thinking about it. When you know the bank is managing your money for you, you aren't as tempted to spend extra because you know you have to have a minimum amount in your account.
Whereas most of my friends have high levels of debt or little to no disposable income, I am debt-free, own a house and have money to enjoy with friends.
Self-discipline is the key. You have to - HAVE TO - stick to it.
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