November 24th, 2009
When most people hear of a recession, they tend to think of it as a negative. Not everything about it is negative though. In recessions, people tend to make the most of their money.
For people who see a drop in their income due to the recession, they are forced to find ways to spend more efficiently because they have to.
For people who’s income level were not affected, they tend to spend more sparingly since there is a fear that their job may be next to go.
Will you maintain the frugal habits that are picked up during the recessionary times and use them when the good times come? If you start putting 10% of your paycheck into savings because you are scared that you may lose your job, then there is no reason why you can’t save 10% when your job stability improves.