Many have seen this as a call to cut back on wants and focus on needs in an effort to resolve financial problems. Today bankruptcies, house foreclosures and job losses have hit historic highs nationwide.

Tent cities are springing up in every state, occupied by folks just like the family next door. Through no fault of their own, they have lost their jobs and then their homes. In some cases, crushing debt leads to tragedy. I am reminded of the news story about a dad in Middletown, Md., who had about $460,000 in mortgage and credit-card debt. In April, he killed his family, then committed suicide. In one of several suicide notes, he made reference to his financial difficulties and depression.

Overspending and borrowing huge sums has made consumers slaves of interest payments. Eliminating debt is a bitter pill but good medicine. The charging of high interest rates, known as "usury" in the Abrahamic faiths, is prohibited in Islam.

My parents' generation worked hard and prospered while enjoying a lifestyle focused on saving and living simply. They used to tell me, "a simple life is a good life; but only if you can enjoy it." I understand the relevance of those words more today.

Being more frugal allows people to opt out of a high-stress lifestyle and leads ultimately to contentment, depth of experience and even joy. Frugality doesn't mean poverty; it means enjoying what's really important in life while getting a good value for the things you need.

Money management is one of the most important life disciplines today. The concept is not complicated. Make a list of wants and a list of needs. Recognize which is which. Spend no more than you have coming in. If you can, spend less, and save some for emergencies.

Finding ways to limit major expenses and cut costs at home can be as easy as turning out a light or lowering the thermostat on the hot-water heater - especially during the summer. Cutting food costs doesn't mean slashing nutrition. It helps to make a weekly menu for dinners at home together and to brown-bag it for lunch.

Islam has always discouraged living beyond one's means, because it can lead to excessive borrowing. In a perfect world, financial systems would be based on values such as honesty, credibility and transparency rather than greed and excess.

I do not advocate that everybody take scissors to their credit cards, but I do believe it's best to avoid extravagance - an idea many faiths espouse.

Being aware of how we live, making good use of our resources and expressing concern for those less fortunate is paramount today as we work to rebuild our nation and give meaning and purpose to our lives.