A lot of folks have already done this. The savings rate jumped to 4.6% last year, and if Allianz is right about a persistent 6% savings rate over the next decade, it will be reminiscent of the boom years of the 1980s. The recession seems to have touched all Americans in a way that makes frugality almost chic. The percentage of people asking for help with budgeting and saving has more than doubled in two years, reports Financial Finesse, which tracks employer-based advice services. Cheap has gone global; Allianz noted a shift to thrifty in Germany, France and Italy too, which should reinforce the austere mood in the States. "The days of free spending are gone for good," says the firm's chief economist, Michael Heise. So stop looking over the fence at your neighbor's new stuff. Find friends who are a good influence, ones who will take a walk on the sidewalk, not at the mall. Downsize your car lease and cell-phone and cable bills. (Prepaid phone cards are often a prudent alternative.) Separate good debt (mortgage, student or business loans) from bad debt (consumer purchases). Pay down the bad debt, which likely carries the highest interest rate, and remove your credit cards from your wallet. Build a six-month emergency fund. Take advantage of tax-deferred investing plans, and if you are over 50, max out your additional $5,500 IRA or 401(k) "catch-up" allotment. For help setting up a budget and tracking your spending, check out Mint.com.