The question, “If the recession lasts for years, how will you cope?” is being discussed on CNN.com and I thought I’d chime in.
I plan to live like we’re always in a recession.
I will cope by getting out and staying out of debt permanently. I want to have a solid emergency fund, as well as other savings. I want to always live below my means. I want to make frugal decisions.
The economy as a whole doesn’t really change those goals of mine. When the economy is way down like it is now, it only reinforces my thoughts.
Once things start to improve (and they will), I don’t want to be tempted to “spend spend spend!” or reduce my savings contributions.
I want to remember the challenges and struggles people face in a down economy. That way, when the next recession hits, we’ll be more equipped to ride it out.