Well, it apparently is true that this recession, which has been particularly painful for most Americans in one way or another, has changed our spending and savings habits, at least for the time being, even as reports that the recession is just now beginning to recede, come in. That’s right, apparently this recession has just showed the first signs that it is losing momentum, thanks to a landmark spending jag by the government which is billed as the stimulus package. No matter how controversial it may be, many agree that without this type of dramatic action from the government, we’d still be in hot water with no sign of life at all.
As the government doles out money to companies, programs and individuals though in the form of pay breaks, tax breaks and other incentives, and just plain old loans and give outs, people aren’t really spending it like it was meant to be, but rather, as a precautionary aid, they are socking it away. Economists agree that this is great for the future, but we need to have consumers spending money now, so that we can put this nasty recession behind us and go on our merry, capitalistic, consumer crazy way.
I know that our spending habits have changed, and aren’t likely to go back to normal any time soon. I still have in the back of my head that we may lose our jobs, or need emergency money for something, so I’ve curbed my normally pretty “merry” spending habits. I hardly ever go shopping, except when on vacation these days, and I also make sure that we eat at home and almost never eat out unless it’s a special occasion. There are other little ways I’ve cut spending too, like buying off brand items where I’d normally buy brand name, cutting down on the grocery bill on “luxury” items, and things of that nature, and many other Americans are following suit to save their money in case of an emergency.
I think this experience has those of us that still have a job and comfortable income scared that we may also be victims of this as well, so we’re even more careful about putting money away instead of spending it, but of course by doing that, we’re not really helping the global economic meltdown at all. It’s really profoundly affected people’s spending habits. Heck, just called a contractor to do a small paint job that I normally wouldn’t have thought twice about, and have been doing things on our own to save money!