Friday, 18 September 2009 21:07
by
Andy M
I’m sure you have noticed the effect of the recession on your lifestyle. Maybe you don’t eat out as much, have curtailed vacations, and are trying to stash as much money as possible in your savings account – “just in case.”I want to share a little of my research with you to help you feel a little better about the economy.
According to the Federal Reserve, the US is in its 7th recession since 1967. Recessions are a normal part of the economic cycle. Although this one is the worst we’ve seen, we have survived before and will survive again.
This recession has helped people reel it in – it has forced us to evaluate whether or not we really need a new house, a new car, a new wardrobe. It is helping us to take control of our finances, get back into the habit of saving, and get out of the habit of overspending on our credit cards.
Consider these pointers to help you through these rough months. Save where you can. Cut back on non-essentials. Create a budget and stick with it. Spend free time doing things that don’t cost a lot of money. Shop at discount stores and buy store brands.
The best advice I can give it to maintain a positive outlook. Things will get better, and we will have acquired better spending/saving habits when they do!