The key to effectively save money is not to spend it on stuff that you really don't need. As long as you have food, clothing, and shelter, those would be the necessary things to live. If you already have something which is working, (such as a smartphone) don't waste your hard-earned money on the latest upgrade. Just be happy with what you already have. 
Take advantage of deals. Oh, the savings. Oh, the price cuts. I always try to look for discounts. Remember to be smart, though. It doesn't take much more than common sense to save money. Being stupid with purchases... well, you're helping the economy I guess.