The data is in, and it's not pretty. The average American is spending $1.22 for each $1 of income. If you're one of the overspending average, you're in trouble. You are digging yourself into a horrible pit of debt.

Let's say you're below the average spender and spend $1 for every $1 you earn. That's a lot better. But you're still living from paycheck to paycheck. If one thing goes wrong, you'll be in trouble.

The key to achieving financial freedom is to live below your means. Limit your spending to 80 cents for each $1 you earn. That leaves 10 cents to spend and 10 cents to save for the future. That's called balance, and I promise that if you live by that formula you will never be broke. Is it impossible? No. But it takes skill, effort and determination. It takes desire and commitment to live below your means without giving up your lifestyle or your quality of life.

The first step is to adopt a new attitude, a simple personal standard: I do not pay full price for anything. It is not realistic to think you will never pay full price for anything, or that everything is available somewhere for just pennies on the dollar. But if your goal is to exclusively buy half-priced items, it will average out over time. This is a mindset and an attitude.

Don't worry about losing your dignity and being plunged into a life of poverty if you live below your means. In fact, no one will know how you spend your money unless you write "I'm Cheap!" on your forehead. Instead, write this in your mind: Wherever I am, whatever I do, there is a way to do it for less.

Living below your means doesn't require you to give up the things that bring you joy and add to your quality of life. It just means that you find a way to have things for less. Or, you decide to be happy by choosing to want what you already have.

Here's one example of how to cut the cost of an act that millions of people do every day:

Let's say you are hooked on caffe lattes or other pricey Starbucks beverages. With a slight adjustment, you can cut the price tag for a tall (which means small) Caffe Latte nearly in half without sacrificing your Starbucks experience. Near me, a caffe latte costs around $3.39. Instead, order a strong freshly brewed coffee for about $1.75. Request that it be made extra hot. Then, step to the side counter, where you will find a lovely assortment of creams, sweeteners and flavorings for no additional charge. Add milk or cream until your drink reasonably resembles a Caffe Latte. It won't be exactly the same (a true caffe latte is made with espresso and steamed milk), but I can no longer tell the difference, and that says a lot because I am not one to be fooled easy. What makes it taste even better is knowing I paid half the price.

Living below your means doesn't equate to deprivation and misery. Actually, it's just the opposite. Spending more than you earn is a surefire way to plunge yourself into deprivation and financial misery. By living below your means, you, too, will know the secret shared by many who have learned how to live extraordinary lives on an ordinary income.

Mary invites questions, comments and tips at mary@everydaycheapskate.com, or c/o Everyday Cheapskate, 12340 Seal Beach Blvd., Suite B-416, Seal Beach, CA 90740. This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of www.DebtProofLiving.com, a personal finance member website and the author of "Debt-Proof Living," released in 2014. To find out more about Mary and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.