The Recession is Over...What Have You Learned?

According to the Bank of Canada, the recession has now ended (check out the Monetary Policy Report that says so here). So what does that mean to consumers? Well, not a whole lot if you’ve learned your recession lessons. Here are the top five habits you should have picked up during the short-lived recession. Just because the crisis is over does not mean you should stop practicing these good habits!

Recession Lesson #1

Avoid credit card candy. If you think about it, credit cards are a lot like candy. Those plastic goodies tempt and tempt until you finally give in. The only problem is paying that large bill at the end of the month tends to leave a sour taste in your mouth.

Recession Lesson #2

Save, silly, save! The next time a recession hits, make sure that you have enough funds in your bank account to cover your expenses for at least one month. Nobody enjoys skipping a breakfast latte in order to save a few bucks, so be prepared!

 Recession Lesson #3

Stop unnecessary spending. Ask yourself: do you really need to buy that item that you have your eye on? Will the world simply dissolve if you don’t have the latest pair of pumps? If you can live without that one object of desire, you’ll be far better off. Think of it this way: if you avoid all of those temptations, you’ll now know what to tell people when they ask what you want for your birthday!

 Recession Lesson #4

Track and trace your expenses. Wouldn’t it be great if they had GPS tracking for all your spending needs? Well, there are many different computer programs and free online applications out there that will help you track all of your spending habits. It might hurt to acknowledge all of those frivolous expenses, but it will be worth it in the long run!

Recession Lesson #5

Dig those deals. Most of us headed straight to the back of stores in search of sale items during the recession. Now that the recession is over, why start paying full price again? Look for coupons, bargains, sample sales, and discounts wherever you go.

Lessons can be learned from even the hardest situations. If you always look for a lesson, then you’ll be prepared the next time that you are confronted with the same problem. The recession might be over according to the Bank of Canada, but that doesn’t mean that you should regress. Instead, figure out what your recession lessons are, and stick to them!