If the past number of months have taught us anything it's that a lot of conventional wisdom is outdated in today's economy. Stocks don't always beat bonds. Real Estate may not be an an appreciating asset that never falls in price. And stocks may not produce positive returns over periods of 10 years or more.

So, it isn't a surprise that some of us have permanently changed our relationship with our hard-earned cash. The reset button has been hit!

We've made a transition to a new normal; "to live on less". Mega store Target is jumping on this and has created a new word - the "frugalista". Even Wal-Mart, with it's new slogan "Save money, Live better" is trying to appeal to a segment of consumers who have never been Wal-Mart shoppers.

Even those of us not enormously affected are still thinking twice about taking on expenses. Many who are saving are now doing it less because of having to than because it feels like the right thing to do.

Frugal today is being smart with ones money! Behaviors adopted are becoming ingrained and reflect a new normal regarding consumer shopping, dining, and eating preferences. What constitutes value is being redefined and consumers are making different choices than in years past.

All of this suggests an underlying change in our behavior. And in fact, this very seldom happens. Almost always, once some crisis or disaster is past people go back to behaving just as they did before.

Despite the far-reaching effects of recent times, people's needs do remain constant. Consumers still need cars, clothing, and health care. People still desire entertainment and information. What has changed is the motivators. Higher quality items may be bought used, a short camping trip or house exchange may be chosen over an all-inclusive getaway, and instead of looking at how to get rich quick it may feel like the better option is to look at career planning tools and resources.

Sage advice offered by the experts is not to go overboard. Small changes can make a big difference and a little penny-pinching can add up in the long run. Begin by paying attention to how much money is being spent and what it's being spent on. They promise you'll be surprised. And remember to look at how adjustments fit into your lifestyle. Be money smart, not self denying.

There are bills that are paid each month that are fixed. An example is a mortgage or rent payment, or a car payment. But thankfully there are areas where one can save money. With a little introspection and examination of your current finances, you can decide what steps you can begin to take to prepare to be fiscally fit and financially confident. Good news. Rocket science isn't involved! It can be manageable and easy.

An interesting realization for me has been that I really don't need that much. What I do have I like and make use of. I've never been as happy and life runs smoothly! And, life's luxuries seem so much better when there's no debt attached to them.