jQuery script to clear input fields

I've been trying to write a jQuery script where when someone clicks on the input the space clears and then if they don't type anything in, it reappears.

This is what I came up with. Is there a better way to do this? If so why is it better?

$(document).ready(function() {
            // set all input.text default value according to alt attribute
            $("input.contactStyle").each(function(){
                $(this).val($(this).attr("alt"));
            });

            // clear input.text on focus, if still in default
            $("input.contactStyle").focus(function() {

                if($(this).val()==$(this).attr("alt")) {
                    $(this).val("");
                }
            });

            // if field is empty afterward, add text again
            $("input.contactStyle").blur(function() {
                if($(this).val()=="") {
                    $(this).val($(this).attr("alt"));
                }
            });

            // set all input.text default value according to alt attribute
            $("textarea.contactStyle").each(function(){
                $(this).val($(this).attr("title"));
            });

            // clear input.text on focus, if still in default
            $("textarea.contactStyle").focus(function() {

                if($(this).val()==$(this).attr("title")) {
                    $(this).val("");
                }
            });

            // if field is empty afterward, add text again
            $("textarea.contactStyle").blur(function() {
                if($(this).val()=="") {
                    $(this).val($(this).attr("title"));
                }
            });
});