Timeless Phrase ???

There was a phrase coined during the Great Depression or Dirty Thirties that might be relevant today during our current recession.  May I stress I did not live during the 30`s but remember my mother sometimes mentioning the phrase that went like this:

"Use it up. wear it out, make it do, or do without!"

I am optimistic that our current recession will never reach the depths of the Great Depression which was worsened by a lingering drought that made it nearly impossible to live off the land.  But the phrase brought back memories when I ran across it in a magazine.