Recession: 1 Year Later
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September 18, 2009
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)It's been one year since the stock market took a dive, the housing market bubble burst, and the economy slipped into the worse recession in decades. Have we learned anything from this recession? How has daily life changed for the average American? Looking back over the past year, here are just a few things that we've learned and that we should try to remember once the economy turns around:
It Pays to Save
Mamma always said to save our pennies, and she was right. Having a savings account is important in times of financial distress. But having a savings is important anytime--what if someday you'd like to buy a home, or a new car? Having some money tucked away will help with those bigger purchases.
Curbing Spending
You really want that new flat screen TV, Coach bag, iPod, gas grill, Learjet, whatever. If there is one thing the recession has taught us it's that we are not Tony Stark. As much as we think we may deserve the latest gadget or luxury, we now understand how important it is to think of necessities first, fun stuff second.
Frugal Chic
Another thing we've all developed from the recession it is an eye for a bargain. Whether it's a sale on peanut butter, coupons for shampoo, or a store brand cereal that tastes the same as the name brand, saving a little here and there has become both practical and chic. Walking into the bargain grocer with a handful of coupons is trendy and makes financial sense--why pay double? And frugality is a mentality that will serve us well after the recession has ended.
When it Rains it Pours
Do you cringe when you hear people say "it can't get any worse?" Me too. It's almost as if they are inviting fate to sucker-punch them. Things can always get worse. You get laid off from your job and suddenly need $500 worth of repairs on your car. And then you get called in to bail your estranged cousin out of jail. Then your mother tries to set you up with a friend's son who only wears plaid and drives a pinto.
It can always get worse.
Every Cloud has a Silver Lining
Then again, things can always look up. No, I'm not trying to channel Pollyanna, but seeing the bright side of things can help our state of mind. Throughout this past year, people have attempted to use the recession as a new beginning and a second chance. Some have started home businesses, decided to go back to school or looked into new fields for employment opportunities. While it isn't easy, financial distress may just be the push people need to start improving their lives.
It can always get better!
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Another thing I know I learned- not to rely on credit. If you don't have the cash, don't buy it. You will only pay more for it in the long run.
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