When it became unquestionably evident hard times had hit the global economy – and, in fact, had hit long ago – budget tips and guidelines for spending suddenly became a trendy topic in American media.

New York Magazine, a bastion of the glitz and glamour lifestyle, even ran a stark December cover with a bold headline that read: “Live Well, Spend Less.” And in January, the magazine’s annual “Where to eat” issue focused primarily on inexpensive gourmet dining.

Once considered a conversation faux pas, budgeting and money concerns have become a part of our daily dialogue – with good reason.

There are a slew of stories regarding the booming unemployment rate, the busting market, and the average American struggling to make ends meet.

It’s safe to say we’re all a bit unsettled by the economic crisis. Sadly, we’re all too settled in a recession, which shows no sign of slowing.

There is, however, a way to approach the precarious economy without sacrificing your quality of life, and without doing harm to local merchants who are riding out the storm alongside us.

Subscribe to this notion: Cheap is the new pink.

“Cheap” isn’t a dirty word. Sure, it is a bit rougher around the edges than its synonym, “inexpensive,” which is really just a euphemism for – you guessed it – “cheap.”

If ever, though, there was a time to discard euphemisms, it is now.

There are hundreds of ways, as New York Magazine says, to live well and spend less.

For example, nearly every restaurant or bar you can name offers a daily happy hour Monday through Friday; some slash 50 percent off what would be your average bar tab. Others offer food specials, half-priced appetizers and the like.

Happy hour was designed to be a cheap (there’s that word again!), communal way to blow off the stress of your workday. Why not take advantage? It beats a Lean Cuisine and glass of two-buck Chuck (and, in some cases, it is price comparable).

Other restaurants – a number of them in the pages of this magazine – offer coupons that lend themselves to even greater savings. So, you can dine out with little or no guilt. Drop the pretentious façade; you’d be foolish to pay full price, when clipping a coupon can save you nearly half the money on your restaurant bill.

Not one to saddle up to a bar? There are other cost-effective ways to stay entertained.

Museums, theater, opera – many offer military, senior and student discounts. Don’t fall into any of those categories? Some offer discounted tickets for the general public as special offers. We even list a few in our “Living on a Budget” feature this week.

If disposable income is scant, free it up. We’ve offered up a few tips for homeowners or renters to aid in saving on household costs, such as your electricity bill and your grocery bill. You can also look into consolidating student loans, and taking a closer look at the fees your bank assesses for online bill pay or checking. We’ve also got a few tips for trimming the unnecessary expenses.

We’ve kicked around the idea of reviving the “Living on a Budget” feature quarterly, or including tips in the magazine monthly. What we’ve compiled here is by no means comprehensive, but it’s a good start. From the obvious to the obscure, we’ve found a few ways for you to cut costs, without sacrificing your quality of life. Another benefit of living the “Cheap is the new pink” mantra: You’re supporting local businesses and organizations that need as much help as you do these days.

Have a tip you’d like to share? A cost-cutting secret you’re dying to spill? E-mail them to editor@uptownpub.com, and include “Living on a Budget Tip” in your subject line. Your tips may be published in a future issue of the Gay & Lesbian Times.