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As a result, I've decided recently to tighten my belt. This has led me to really re-think what I buy while I'm shopping. For example, Karl pointed out to me that eating cereal for breakfast is actually quite a drain on the finances (in perspective). I've switched to eating oatmeal and the occasional bowl of Cream of Wheat instead.
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By contrast, a big cannister of generic brand oatmeal (traditional rolled oats, not instant) costs approximately $3 and will last you all month, if not longer. You can make it with water (though I do cut my water with some milk), which can help decrease the cost of the milk you would use for your cereal. So for a month of oatmeal (maybe more), you'll spend $3 (plus some milk if you do use it in your oatmeal; I would also add in the cost of a package of brown sugar, because I can't eat my oatmeal without a 1/2 TBSP at least!).
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I have found a cannister of prunes or raisins is a must to keep around for oatmeal. However, to shake things up, I keep a bag of frozen mango chunks from Trader Joe's on hand ($2.79): just throw a few chunks into the pot at the same time you add the oatmeal. Delicious! This works great for instant oatmeal in the microwave also. Other frozen fruits are also wonderful. If you have a Trader Joe's nearby, I highly recommend you shop there for affordable frozen fruit: the larger chain grocery stores tend to charge about twice as much for less quantity.
The best part about a hot bowl of oatmeal? I don't feel hungry in two hours like I would with a bowl of cereal. It's not just an old wive's tale: oatmeal really does stick to your ribs!
Feel free to share some "belt-tightening" strategies of your own in the comments below!