With the changing economic conditions and the job market going kaput, frugality has been making a comeback. People have decided that they need to only spend what they already have. What a novel idea! Don't spend what you don't have! Too bad it took an economic crisis to help us realize that that is the only way to live life.

Our grandparents wisely understood the principle of living within ones means and not spending what you don't have. Not surprisingly, they or their parents were fresh out of the economic dark ages of American history. And yet, not even three generations later, we're learning that we can't live lavishly forever. Those who grew up learning to say no paved the way for a generation of financially successful parents whose kids had to have their own rooms and whatever else they wanted. Now we're back here again.

Frugality is reemerging, according to a recent article, because it's once again chic to be thrifty. Frugality is taking the form of clipping coupons and repairing possessions, instead of buying new ones. "It is a whole reassessment of values," says Candace Corlett, president of WSL Strategic Retail. "People are learning to say, 'No, not today.'"

Hopefully we can remember these handy hints for good living when we (if we ever get the chance again) find ourselves again in a time of plenty. And then, keep it that way.