If you want to be wealthy, you need a healthy income and you must invest wisely. But neither of these are enough unless you’re saving enough.

Financial advisors often say convincing clients to save is their most challenging task. At the end of every month, even clients with six-figure incomes can find themselves short of cash to invest. So much money can walk out the door without us realizing where it’s going. Luxuries are fine, but very often we don’t distinguish between which are worthwhile and which are wasteful.

Every dollar spent now is a dollar you can’t invest toward long-term goals. And, with gas prices rising and the economy precarious, there is an added impetus to set aside more cash for a rainy day.

I’m writing a story on this topic, and I’m looking for suggestions for cheaper ways to live. What are good ways to cut back on spending? I’m not just talking about foregoing luxuries, but also avoiding unnecessary expenses, finding bargains and doing more with less.

I would love to hear what strategies you’ve employed, and whether they actually helped you to cut back spending and save more. Please send me an email — at ben_steverman [at symbol] businessweek.com — or submit your suggestions in the comments below. Thank you!

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