Ahh, flashbacks to my childhood and the ubiquitous "rabbit ear" antennas on everyones TV. There was interference from weather and you needed to adjust them frequently, but (the big BUT) it was free.
My cable costs are minimal in this area of Florida, approximately $21 for basic cable service, but for my brother in California basic cable is over $100. Even at $21 a month my yearly cable costs are $252 about $100 over the cost of a good quality, digital antenna.
The New York Times had an informative article on the new popularity of digital antennas. Free TV, now that's frugal. The only thing more frugal is no TV, but that is another post.