Without a doubt, we are in some very tough economic times.
Unemployment is at a 26 year high and expected to get worse before it gets better. Despite recent signs of stabilization, housing is likely still years away from returning to normal. Consumers are nervous about money and have cut back on spending, which is putting even more pressure on jobs, and subsequently, the housing market. As you can see, this is kind of a vicious circle.
Long story short, it’s a good time to be concerned about your money.
Despite the bleak outlook, there is certainly a silverlining on these dark economic clouds.
Consumers have figured out it’s ok to be frugal and not feel the need to keep up with the Jones. Many of us have gone from being net spenders to net savers, started budgets, and track them to the penny. We clip coupons, buy things when they’re on sale, and only buy things we need, not things we simply want.
In short, we’ve become much more aware of our finances and have started taking a more active role in shaping our financial futures.
I’ve started The Personal Finance Program to help people interested in living a frugal lifestyle and saving money for a rainy day.
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