The character of Scrooge created by Charles Dickens in The Christmas Carol was nobody’s favorite. The character epitomized what it means to be a miser! For more than 100 years, no one wanted to be like Scrooge. Especially in the U.S, money savers were scarce. It was a land that defined consumerism, until the recent economic crunch.
Although many experts state that the recession has ended, the majority of people have still not recovered. Many are still jobless, and they cannot afford to keep up with the living standard they enjoyed before the devastating fiscal crunch. Due to these prevailing economic conditions, saving money and cutting back on a few bucks has now become the means of survival. It is the new trend!
For people who always believed in frugal living, they would have dealt with the recession far better than others. The majority of the people who are chronic spenders now accept frugality as the best means of using their limited resources. If they develop such habits, it is foreseen that these will be carried in the future, even in times of economic prosperity.
Believe it or not, the recession has actually proven to be a blessing in disguise. It has involuntarily taught people the benefits of frugal living. Some of these benefits are as follows:
Improvement in Health
Since you do not have extra money now, you can’t simply “call the guy” to take care of chores around the house. From the smallest repairs to gardening, from cleaning your house to shopping, you have to do everything on your own! Is it bad? It does take time, but look at the bright side. You will remain healthy! Not only will you remain fit, but you will become an ace at house jobs! Most importantly, you will save a significant amount.
You body will indirectly get the exercise it needs, which you cannot provide given your busy lifestyle. Another factor that will keep you on your feet is looking for the best deal available. Be it clothes, food, or even medicines, you want a discount on everything! The internet can help you in this regard, but nothing beats physical research and bargaining. Be street smart!
Also try to cut out fattened beef and chicken in your diet and try to include fruits and vegetables. Enjoy low cholesterol and blood pressure while saving a few bucks.
Benefits to Nature
Since people will travel less and walk more, there would be less commuting and traffic commotion on the road. Noise and air pollution will also decrease. Moreover, a decrease in consumerism is bound to limit the amount of wastage. People will use their materials as long as they can, and only dispose them when they are completely useless. Reusing and recycling will become common, and these factors will benefit nature.
There was a time when people used to rent and lease properties beyond their financial capabilities just to live the American dream. However, now there is no money to spare from the low salaries, wages, and benefits to pay additional housing expenses. This will keep people from falling prey to their desires and be realistic about their conditions.
Lower Use of Credit Cards
Reckless spending left many people under credit card debt once their jobs were lost and prices hit the sky. However, the same people cannot continue the same habits, and have to adjust. They will reduce their dependence on credit cards, and hence, reduce the monthly payments. They can also get debt relief advice. Debt relief advice will help them to manage their outstanding payments and avoid further financial liabilities.
Instead of shifting to new models, or upgrading the current one, car owners are now increasingly content with their vehicles. Moreover, they do not simply hand over their keys at a repair center and pay whatever bill is presented to them. Rather, car owners are now exhibiting not only a personal desire to take care of their cars, but the willingness to search for a reasonable mechanic.
An ancient intellectual advised his people in the following words:
“Take a lesson from the ants, you lazybones. Learn from their ways and become wise! “
This is exactly what recession has taught us. Learn to work and store for the future, just like the ant. If this attitude prevails in people even after recession, they will be more content with what they have and lead simple lives. They will be well prepared for all future economic problems.
About the Author: The above article is written by Eva K who is associated with consolidated credit group. In her free time, she writes articles related to finance and saving money tips for people of all the ages.