This recession has actually improved most aspects of our lives. Tracy and I had a goal (when we married ten years ago) for her to be able to stay home with our children when we eventually had them. Even when times were good and we had two incomes coming in, we lived very frugally and paid-off as much debt as we could and boosted our savings. This was difficult at times. Most of our friends were eating out a lot and buying like there was no tomorrow whereas we planned for the major purchases we made, carried a calculator around the grocery store so we would not spend too much, bought a smaller 2-bedroom house and even had only one car for three years – sometimes I would ride my bike to work and get made fun of by some co-workers. Tracy and I lived like we were in a recession even though times were great for many.
Now with the economy being what it is, our sacrifices and long-term planning have enabled us to have the same lifestyle we always have had. We never argue about money and have not had to make any major changes. I get to go to a job that I love and Tracy gets to stay home and raise our daughters – that is PRICELESS! Those same people that used to mock us and think we were crazy are now envious of us.
Many people thought that having a lot of money and nice things made you rich. I think if there is a silver lining to this recession, it is that people are starting to think differently. They are beginning to place importance on things that are really important to them – their spouse, children, passions – and not just materialistic stuff. I feel this is a great lesson and hope many will continue to live this way once the economy improves.
Note from Jason: Danny makes a couple of good points here I thought I would highlight: Even when times were good and we had two incomes coming in, we lived very frugally and paid-off as much debt as we could and boosted our savings. Economic swings, or outside forces such as financial emergencies aren’t as a big of an impact on a family when following a spending plan each month. I think the other thing Danny points out is paying off debt. The debt certainly gets heavier during a recession or in financial emergencies. The key to long-term financial peace is getting out of debt and having enough left after expenses each month to have a 3-6 month cash safety net.
How has the recession impacted your family?
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