I loved this article on MSNBC, and I wanted to share it with you all. The main point of the article is that while the economy has showed signs of improving (adding jobs, rising stock market, and increased consumer confidence), many people are still not spending money the way they used to. And economists think this "new frugality" might stick long after the Great Recession is over. The bad part about that? Since the U.S. market is so dependent on consumer spending, the recovery could take longer than other recoveries. But I like to look at the positive side of things - what it says to me is people are putting themselves and their families first and saving instead of spending to keep up with the Joneses.
I do think the recession started a change in my life and in the lives of my friends. For me, obviously it hit home quick - Frugal Femme and I started this blog shortly after my husband was laid off last year and I needed to figure out quick how to make things work with significantly less income. It was nice to be a part of a community who made saving a priority. For my friends, I've noticed less gatherings at restaurants and fewer shopping dates - more of the home gatherings, happy hours and spending quality time together. I definitely think it's made me closer to my friends rather than spending a lot of money at a bar to barely hear what they say.
How about you? Have you taken a new approach to life since the recession hit? Do you think your new habits will stick with you long into the recovery?