Now surely is the time to examine one's cost of living. For the past year or so, Hongkongers have seen price rises in almost every aspect of life. Supermarkets routinely raise their prices. Taxi and tram fares have been increased. And have we mentioned soaring rents? The only thing that seemingly remains unchanged is one's monthly salary.

But you can live cheaply in this town. Tapping local experts, Money Post assembled a guide to frugal living in one of the world's most expensive cities. Read and learn.

Lease for less

No doubt about it, rent is the big expense that relentlessly confronts Hongkongers. But it is precisely in this sphere of grossly pumped-up charges that people find the best opportunity for saving.

Property prices have risen threefold in the past eight years, according to the Centaline Property Index, thanks to record-low mortgage rates and an influx of homebuyers from the mainland.

To find cheaper housing, location is the key. Money-saving expert Simon Lee Siu-po, senior instructor in accounting and finance at Chinese University, says cheapskate tenants must unburden themselves of some illusions.

First, they should realise that walking 10 minutes to their main transit stop is not that bad. Hongkongers are addicted to commuter convenience, but this comes at a steep cost.

'Hong Kong people don't like walking, but a 10-minute walk can mean a 10 per cent difference in rental costs, and it's good for one's health,' says Lee.

'This is better than living next to an MTR station. With railway access may come shopping malls and footbridges, which push up the general price level in the area.'

Lee saved his first million dollars at age 30, largely through thrift. The author of several Chinese books on smart saving, including How to Save Your First Barrel of Gold, he says many people tend to focus only on the rent without considering the expense of shopping in an area.

He advises against living in areas where there are malls run by The Link real estate investment trust, which has been accused of driving small businesses out of shopping centres through hefty rent rises.

'Living in such areas is likely to bring up your shopping and dining expenses. It's better to choose a district where there's a wet market, which translates into cheaper rent and lower expenses,' he says.

Lee also advises avoiding areas where an MTR station is under construction, as property speculation is rife in such zones. And, even if you find a flat at a reasonable rent in such a neighbourhood, be prepared to move. The landlord likely bought it as a punt on property appreciation and may be looking shortly to sell.

Low-rise homes on outlying islands and in areas such as Sai Kung obviously offer cheaper options than on Hong Kong Island. But if you must stay in the city, Tung Wah Group of Hospitals has a property division that offers decent properties for rent in areas such as Sheung Wan, Western district and Wan Chai. The lease terms are flexible, the rent is slightly lower than market price, and there is no agency fee.

To bargain for a lower rent, one can offer to pay a landlord several months of rent in advance.

To avoid an agency fee,try renting directly from the owner. Websites such as AsiaXPAT.com and GeoExpat.com run classified ads. Lee says both parties must clearly lay out the contract terms.

Home economics

Unlike rent or a mortgage, which takes the form of a chunky one-off payment every month, food and utilities entail a patchwork of expenses, leading people to underestimate their impact.

But groceries and utilities account for about 13.4 per cent of Hongkongers' monthly expenditures, according to a Census and Statistics Department survey.

RTHK radio host Kwai Fa-tin has devised many ways to tackle such outgoings. A self-proclaimed epic saver, Kwai likes to offer money-saving tips on her morning show Crazy and Happy.

She switches off her Wi-fi router at home when it's not in use and recycles used water where possible. Except for very hot days, she ditches the air conditioner in favour of a fan. On average, the monthly electricity bill for her family of five comes to just HK$200.

For groceries, the mother of two is always ready to shop around for the best bargains, which she says is the cardinal rule for cheapskates.

'For fresh food, the wet market is always cheaper than supermarkets. But for packaged products, prices at small grocery stores are not always lower than supermarkets,' Kwai says.

'Small chains like Kai Bo often have bargains. If you want to scrimp and save, you have to be willing to walk a lot and shop around.'

But Kwai never compromises on quality just to economise. She insists on buying the best food, which, among other things, means avoiding items from the mainland.

'I don't buy Chinese salt that costs HK$1 a packet. You never know how it's processed. From my research for my radio show, I've read too many terrible things about food products from mainland China. I don't trust them,' she says.

'But for vegetables, it's hard to avoid Chinese imports. The solution is to soak them in water with salt for an hour and a half. This will drain out much of the pesticides.'

To ensure low cost and high quality, she suggests bulk shopping.

'When my favourite oyster sauce is on sale, I buy three to four bottles in one go,' Kwai says. 'I also like to do bulk shopping when I travel. Things can be much cheaper when bought in the country of origin. Last time I was in Japan - before the nuclear leak - I bought a lot of salt. When I travelled to the UK, I bought loads of organic food products.'

A word of warning for bulk shoppers: bigger is not always better.

'You would think a bigger packet of rice would cost less per kilogram than a small packet,' Kwai says.

'But it's not always the case. I've seen the opposite in a Hong Kong supermarket. So I do the arithmetic when buying big items.'

Labels for less

In Hong Kong, it is possible to be cheap and stylish, so long as, like Hung Kin, you have excellent local knowledge.

The 33-year-old copywriter's sophisticated taste in fashion earned him the nickname of 'The Prince' when he worked at an advertising firm a few years ago. He once spent HK$20,000 on a leather jacket. These days he is much thriftier, but no less stylish. Hung's first source of fashion bargains is the internet.

'First I'll window shop, try on things and decide which items I want to buy. Then I go online to search for them on websites like the Japanese Yahoo auction website. They can be 30 per cent cheaper there. When I don't wear them any more, I resell them online at a 40 to 50 per cent discount,' he says.

Hung also likes a good rummage at shops run by local charity groups, such as the Oxfam shop at Jardine House, where second-hand designer gear can be found for a pittance. Another good source of cheap designer items is the celebrity second-hand clothes sale held every Friday by Joyful (Mental Health) Foundation in San Po Kong. There, exquisite designer items donated by local celebrities can be had for discounts of up to 80 per cent.

For first-hand quality clothing, Hung suggests Horizon Plaza in Ap Lei Chau, which houses a variety of cut-price outlets featuring brands like Helmut Lang, Yohji Yamamoto and Max Mara. Lane Crawford's only cut-price outlet, with discounts of 10 to 90 per cent, is also there.

Some shops in town offer 10 per cent off to VIP customers. If you're not one, you may still enjoy the reduction by using the names of friends who are VIPs.

'Places like Armani Exchange, Lane Crawford and j.f. lazartigue require the shopper to provide only the VIP customer's phone number and name. Then you can get 10 per cent off,' Hung says.

'Your friends should be happy to let you use their identity, because they earn points with every purchase. But make sure you pay with cash, not by credit card, which would give away your real identity. Sometimes the shops check; sometimes they don't.'

Fare value

Broadcaster-scriptwriter-columnist Lam Chiu-wing believes timing is a major factor in deciding how much a cheapskate can save on entertainment and eating out.

The host of RTHK's satirical political programme The Headliner, Lam prefers dining out with his family between Monday and Thursday at restaurants that offer reductions during those days.

'Sometimes the bill can be HK$500 cheaper than it would be if you dined between Friday and Sunday. Likewise, for lunch, there are places that give discounts to diners eating before 1pm or after 2pm. You just have to check,' he says.

Cheapskate moviegoers should bear in mind that many cinemas in Hong Kong offer discount tickets every Tuesday. Lam says some telecommunications companies offer subscribers free cinema tickets every week, but bookings must be made by phone.

The author of the best-selling The Secrets to Saving Money, Lam has written extensively on the subject. He has about 1,000 money-saving tips under his belt - which include obtaining tickets for a table at a popular sushi restaurant and then selling them to customers at the back of the queue.

'This was written more for a laugh. I've never tried it, but in theory it should work,' he says.

Otherwise, Lam practises what he preaches. He collects unused packets of sugar at restaurants or from takeaway meals ordered by his colleagues, and never has to buy sugar for his home.

If he is pressed for time and needs to take a taxi, he prefers calling for a discounted cab to flagging one down on the street.

'I know discounted taxis are banned, but they are totally moral. They offer a double advantage: save time and save money,' he says.

Lam is also au fait with tactics for pressuring credit card companies to waive annual fees.

'You call them two months before the billing date and tell them you want to cancel the card. Once they called me the next day to persuade me to stay ... and they backed down [on the fee].

'If the fee has already been charged, you can ask them to reimburse you with some dining or shopping coupons. It often works,' he says. 'There are many offers around. You just have to pay attention and ask for them.'

More for less

Essential resources for the aspiring skinflint

The HKFYG Organic Farm

This group grows different seasonal organic vegetables in Hong Kong and can deliver products to your doorstep.

TradeDuck.com

A popular barter website where users can trade practically any type of goods, from household products to cars to holiday homes.

Joyful (Mental Health) Foundation

Second-hand clothes and accessories donated by local celebrities go on sale every Friday.

Hong Kong Second-hand Exchange

A service provided by the Environmental Protection Department to facilitate exchange of unwanted but reusable items arranged under 14 categories, with a view to cutting waste in the city.

Website: wasteexchange.wastereduction.gov.hk

AsiaXPAT

Where you can find flats to rent, buy or share, and all manner of second-hand goods to buy, sell or acquire for free. Reasonably priced second-hand furniture is particularly easy to sell through this site. This will save you the cost of removing bulky old furniture.