1) Gathered my experience as a Project Manager and documenting all of the hours that I had spend on each activity. This is very time consuming, but a necessary part of the application for the exam. Go to the PMI website to get details for applying for the PMP and make sure you get these hours documented properly.
2) Being the miser (LOL) that I am, I began searching for the best place to acquire the necessary 35 contact hours (aka training) that is required in order to apply to take the PMP exam. I found a website that offered MP3 podcasts (you can listen to them on your PC or MP3 player) for only $99. Everyone else wanted a few thousand $ to do this. It is called the PrepCast and I believe they have a special running right now for $49. That is a fantastic price. If you need the 35 hours, this is a great deal. They are recognized by PMI as a provider of training.
3) I joined PMI, because you get the PMBOK guide and access to their website. Plus, you get a discount on the exam, which pays for that first year PMI membership. I printed out all of the exam application forms and began completing those on paper, so I would be prepared to enter the information on the website. The website will time you out if you are slow entering your application.
4) I submitted my hours to my former supervisors to make sure that they agreed with the hours I was reporting, in case I got audited. Plus, it gave me a chance to reconnect with them and all of them offered to be a reference for me for job applications (an extra benefit). I got this tip from having listened to one of the PrepCast sessions.
5) I began studying by listening to the PrepCast and following along in the PMBOK and making notes as I went. These notes helped me to retain, plus I had noted important definitions, formula's, etc. In the PrepCast, Cornelius Fichner simplifies and gives examples of concepts, making it easier to retain.
6) As soon as I felt that I would be ready for the exam within 2 months, I went to the PMI site and submitted my application for the exam.
7) I purchased Rita Mulcahy's PMP Exam Prep Guide, where I read each chapter, did the exercises, took the exam questions at the end, then reviewed any section where my test score was below 80, and retook the test for that chapter again.
8) I actually went through the PMBOK twice, but going through it while listening to the PrepCast was really sufficient.
9) Once my application was approved, and I felt I would be ready within 3 weeks, I went to the website provided by PMI and scheduled myself to take the test. This was a real incentive to buckle down to make sure that I passed it the first time and didn't have to incur additional fees for retaking the exam.
10) I took the test, passed it, and celebrated.
It was a tough exam and I give credit to the PrepCast for the contact hours and study tips and to the Mulcahy exam prep book for getting me prepared and both saving me a few thousand dollars.
One word of warning, to prepare using this lesser expensive method, you do need to be someone who can study on your own, or within a study group. If you are not a self starter, you probably should cough up the many extra bucks, and take an exam prep course.
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