Right now, it is clear that things need to change in many people’s financial situations — especially with regard to how they spend their money. For most of us, it means that it is time to live within our means. For the last couple of decades, consumers have been driving the economy. And, unfortunately for most people, they’ve been fueling their spending with debt.

Now that party is over. It is time to stop using consumer debt to buy things, and it is time to live within your means. No more credit cards to fund purchases. If you can’t pay it off immediately, it is better not to buy it. When it comes to buying a home, it is best to buy one that you can afford, keeping your mortgage payment to 28% of your income (I prefer net income, but some people go with gross).

The time has come to make substantial changes. If everyone starts making better financial decisions now, eventually our economy will come to rely on things other than debt-fueled consumer spending.