In today's economic climate most of us are cutting back our on our expenses. If you're anything like me, in addition to your expenses, you also have debt, way too much debt. Pity the US federal government whose debt now exceeds $10 trillion (that's TRILLION, which is one million million or $1,000,000,000,000 multiplied by 10). Even for our spend it now pay for it later society this number is absolutely staggering. And pay for it we will, there's no doubt about that.

It's time to get back to basics. It's time to start living within our means. Simply put this means you can't spend more money than you bring home. Sounds straightforward and uncomplicated doesn't it?

And it is. Ask your grandparents. Chances are they never bought anything on credit, never used credit cards, paid cash for everything they bought, and didn't buy anything until they actually needed it AND had the cash to pay for it.

Yes, they lived within their means, and did without, something that very few of us are willing to do these days. What a novel concept. Don't buy it unless you need it.

It's easier said than done though. Everyday we're under tremendous pressure from the Jones's next door to the ever present advertisements in media such as TV, radio, the internet and magazines to buy, buy, buy.

We're being conditioned from cradle to grave that we must have it all NOW, and with the XYZ credit company willing to lend us the money, there's no need to wait. Mastercard's latest commercial "for everything else there's Mastercard', should be replaced with "Cash is King".

We're the computer generation of consumers where instant gratification is the norm. It is that norm that is coming home to haunt us.

There is NO NEED for a family of four to live in a 4,000 square foot home with a pool, a hot tub, a boat and two cars in the driveway, a flat 60" plasma TV, and computers in every room of the house. There is NO NEED to take two vacations out of the country every single year. There is NO NEED to buy an entire new wardrobe every single season.

There's simply no need, if you're buying all this stuff on credit, with a credit card that you don't have the cash to pay off! It doesn't make sense. If you do have the cash, then good for you, spend away, but most of us don't.

So think about it the next time you get out your credit card to buy something. Ask yourself "Do I need it, or do I want it?" If you need it, pay cash. If you don't, put it back.

And if you're single and on the lookout for a significant other, it's nice to know that internet dating doesn't have to cost you a penny!