Keep that image in your head of what becoming debt free would mean, because you are about to make some hard choices. If you don’t keep the freedom image, you may want to give up when it seems that you are the only person you know who is not going on a cruise this year or who doesn’t upgrade to a 60 inch plasma television.

We live in a society where we buy now and pay later. Unfortunately, that has lead to a situation where everyone is in debt. The recent constriction in the credit markets has meant that people who used to be able to get easy credit are having to tighten their budgets.

Becoming debt free starts with taking stock of what you have and what you owe. Your first order of business is to start living within your means.

You must make the minimum payments on your debts as well as provide food, shelter, and clothing for your family. There are other essentials such as transportation and utilities.

But within each of these categories, there are ways to cut the fat out of your budget. For instance, most families could halve their food budget just by cutting out the restaurant meals and pre-packaged foods at the grocery store. Sure, this means actually cooking homemade meals. But I’ll bet you find that the meals you make at home are far more nutritious than the ones you’ve been eating. And, they’ll keep you within your budget too.

While cell phones are certainly a necessity today, having the package with unlimited calling and texts is not. Having cell phones for emergencies and quick calls is one thing, having cell phones as an appendage to the ear is another.

Even utility bills can be slashed if you are willing to open the windows, use fans, and cut the air conditioning in the summer and use space heaters and wear sweaters instead of central heat in the winter. These choices are smarter for the environment as well.

Will you feel some measure of deprivation while becoming debt free? That is inevitable. Your kids may not quickly adjust to their new, more Spartan lifestyle. They may not understand why you’re no longer handing them $20 when they want it.

But, over time, you can teach them good habits about money. You can show them with your own actions that being financially responsible is emotionally a healthier choice. By compensating for “things” with quality time, you will win them over.

So, keep in mind what becoming debt free really means to you. It will make the hard choices you are about to make seem worth it all.

Being debt free today means no mortgage, no auto loans, and no credit card bills. It means that everything you earn goes into your pocket for spending this month or for saving for the future.

In today’s consumer culture, that doesn’t seem likely for most people. In fact, most Americans dig themselves deeper in debt each and every month.

But, if the current economic slowdown has shown us anything, it is that we have to become more responsible consumers.

People bought bigger houses than they could afford assuming that the housing market would rise forever. They thought that when their interest only loans ran out and they would have to pay the principal, they would just refinance at a new, lower rate. They were wrong, and they have suffered foreclosures in massive numbers as a result.

But it is not just the home market where irrational exuberance took hold. People went out and charged up debts like there was no tomorrow. In fact, after the 9/11 attacks, President Bush even encouraged people to go out and spend to show that the terrorists couldn’t damage our economy.

He passed stimulus bills which just put the debt burden on our children. He gave us money today which our children and grandchildren will pay back with interest.

Perhaps that was necessary given the environment we were in, but now it is time to look at other options. In short, we should look at being debt free today.

The first thing you should do is make a budget on two pieces of paper. The first page “A” should include all of the things you have to pay. Be judicious on this page. The “A” page should include non-negotiable items such as your house payment, credit card loans, car loans, etc.

You will also include the things you absolutely need on the “A” page. For instance, you have to have food to live. But, how much do you have to spend on food? In reality, you probably can find ways to feed your family on a lot less money. Eating out is not an “A” item. Steaks are not an “A” item.

Clothing is another area where you can save money. While you need basic clothing, thrift store prices find their way into your “A” budget whereas designer jeans go on the “B” page.

Your “B” page includes all of the extras. You may find that there’s not a lot left over for the “B” page at first when you are trying to live debt free today. But, over time, you will find that you can afford more things on the “B” page.

When you get a bonus at work, you can add it to the items on the “B” page. When you get a tax refund, it can go to “B” items. Any increases in salary or second jobs can fund “B” projects.

If you are serious about living debt free today, you will take a careful look at your budget. You don’t have to buy into the consumer culture that plagues America. You can chart your own course. In other words, you can be debt free today.