Where were you in the recession of 1980-81? What about the one in 1991-1993? If you’re like many of the FrugalPod blog readers, you were young enough that you weren’t affected too much by the downturns. You didn’t lose a job because you probably weren’t working.
Since this may be the first real downturn you’ve experienced, you may be facing feelings and thoughts you haven’t felt before. In particular, this may be the first time you’ve had to tighten your belt and cut spending.
If this is your first downturn, there are a couple of things that may be helpful to remember.
First, recessions are temporary in the United States. The U.S. economy has shown itself to be incredibly resilient and recessions usually don’t last more than a couple of years.
Second, recessions can be an excellent time to re-think your career path. If you find yourself laid off, it may be a time to think about starting a business or trying something new. Look at growth industries that boom when the economy turns around. Technology, and personal or professional services fit this category. Environmental technology or services to help people live “greener” lifestyles may take off as well.
Third, as difficult as it is, try to be thankful for what you do have. I encourage you to write five things each day that you’re thankful for. I’ve done this exercise in the past and it’s been helpful.
Finally, as Dr. Dilley mentioned in the most recent FrugalPod podcast, don’t dwell on your finances if it’s a tough subject for you.
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