The Current Global Financial & Economic Crisis

All those little personal indulgences which we take for granted, and which in aggregate cost much more than pocket change, may have to be given up in the interest of saving for the proverbial rainy day.

In their place will be fewer trips to the shopping mall, older cars, less distance driven in the interest of fuel savings, more meals at home, fewer and more modest vacations, more saving, fewer credit card purchases, less debt and lower monthly payment obligations. This describes a lower standard of living ahead. It is guaranteed for most of us and it is likely to become permanent. Thrift will again become a value to which many will subscribe. It will become respectable, even cool, to be thrifty.

We highly recommend pinching pennies in any environment, especially the one we find ourselves in now. Regretfully, that will mean not buying the latest doodad to come down the pike and making what we have now last a little longer. Alas, I miss the good old days - it seems like they were only yesterday. Come to think of it, they were only a few weeks ago, at least that's what we were told then.