Last week, Wall Street had it's worst week in 3 years which prompted protesters to swarm the Financial District in droves. And now there's talk that another recession is approaching. So, like me, many people are having the same dilemma: should I be spending to help boost the economy or should I be saving and bracing myself for the months ahead?
I think the answer is a little bit of both...a balancing act, if you will. Life is short, so I don't think one can totally halt their goals and dreams just because they are afraid of a recession. If you've made plans and have a list of things you want to accomplish, you should still try to stay on track. On the other hand, I don't recommend frivolously spending. Tighten your spending where you can and try to increase your emergency reserves. I found this great video on CBS that provides tips on how you can increase your cash reserves.
Happy balancing!
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