Recession continues to hit hard

By Morgan Miller
April 23, 2009

Economic times are hard, that is no secret. Hopefully I can shed some guidance on how to deal with personal money issues during this time.

For some, jobs are being cut, homes are being lost and education is taking a back seat.

While President Obama is trying to fix this current situation, a whole other topic in society is still experiencing the effects of the recession.

Finance for a Freelance Life explains that from late 2004 to early 2008, the average American was saving 1 percent. Now, in the midst of financial woes, Americans appear to be increasing the average savings rate to 3 percent.

This concept might seem a little confusing.

The news continuously depicts how the presence of money in American households is decreasing, yet people managed to save more now than in the past, financially secure years.

Yes, although strange, it is feasible.

Now, one must make the personal decision to buy a brand new car or stick with the old vehicle and save money.

Obviously, there are two sides to this issue and the economic recession.

On one hand, there will be those people that ignore their pay decrease and spend money freely.

On the other hand, the more cautious crew will save their hard earned money for a rainy day or a day when the economy gets even worse.

Honestly, it has to be a personal choice that you make on your own. I, personally, tend to be on the fence for the whole issue.

While I do save a little more than I use to, I also do not deny myself occasional treats, which I think helps me from binge shopping.

I will say, though, that people should be saving more than they previously use to, make sure that in the future they will be financially secure.

Times are hard; they could either get better or even worse. Personally, I do not want to be stuck in a rut if the economy gets even worse because I thought I did not need to save any money.

It might be kind of difficult to get one shirt as opposed to five or six, but that extra cash in your pocket could help your bank account.

The increase in the price of food is a prime example of why you should save.

Healthy food costs more than junky, fast food. But even the price of cheap fast food is on the rise.

So, maybe you should rethink buying lots of clothes or other things that might not be as important.

Instead, it might be worth your while to save that money for the future or for important things, such as healthy food.

I mean what do you want to weigh more, your bank account or yourself?

Want another quick tip to save money? Maybe if you want to buy new decorative objects or something of the like, simply clean your room and this will help add a new feel to any living space.

Another similar option is to rearrange your current belongings to switch things up. These options don’t include spending unneccessary money and ultimately help increase your bank account.

I think that working with what you already have and saving the cash instead is a smart technique in respect to today’s economic rollercoaster, which is currently taking us down the largest drop in the ride.

Morgan Miller

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