One of the problems that led to the subprime mortgage mess and the consequent housing market crash and credit market crunch is the fact that many people were living beyond their means. Resetting mortgages are tapping already stretched budgets, and that is leading — in some cases — to foreclosures.

Are you living beyond your means?

When you live beyond your means, you risk losing it all when you are finally stretched too thin to continue in your financial rut. Here are four warning signs that you might be overstretching yourself financially:

1. 1. You save less than 5% of your income. If you are living within your means,you should have some money available that you can set aside for a rainy day.
2. 2. Your mortgage (or rent) accounts for more than 28% of your monthly income. This is a sign that you could be "house poor," with a high debt to income ratio.
3. 3. You notice that your credit card balances are rising. It seems as though you need to use credit cards in order to "make ends meet."
4. 4. Your credit score is below 600. This is an indication that you have a lot of debt, and that you may not be making payments on time.

If you are living beyond your means, it is time to take stock and do what you can to get back on track and reduce your debt while starting some kind of savings plan.