The focus of and lesson learned from living in this economy? Frugality. Most will want to adhere to this spending - or saving - pattern this holiday season. But what happens to budget planning when the holiday shopping rush is over? Or, what will happen when full economic recovery is underway, and the economy is faring considerably better than it is today?
According to some, frugality is a theme to stick with in any economy, no matter the conditions.
When the economy is good, the majority will spend more and save less - but that may not be the best plan of action, as far as your finances are concerned. The piece of financial - and life - advice that one blogger want us all to follow is to react slowly to economic changes, whether towards a decline or recovery.
The best way to do this? Stop following "the herd." Psychologists have proven that most people will take cues from those around them and will act accordingly. Now, economists are seeing that most poeple will take cues from other investors and will invest accordingly, even if the investment was not one that they had been planning on making.
The best advice to take away from the two articles linked to above is to think slowly and carefully about your spending and investing - in any economy.