Things are getting tight in the economy. Most kids in school don't pay too much attention to the news about the stock market or companies in trouble, but this bad spot is getting more serious that many people anticipated. If it hasn't already, it might soon reach out and affect your life.
Less Spending Money
The first implication is that you might have less spending money. Many families are tightening up the budget to try and save more money during the rough spots. This translates to less money to throw around at the mall or even at lunch. While it might be frustrating to have your allowance disappear, if you consider it from your parents' perspective ‚Äď it is far better to lose an allowance and keep money in savings than wind up without any money if someone unexpectedly loses a job.
You can help save a bit of money for your family by packing your own lunches every day instead of buying more expensive cafeteria items. This might save more than you expect during the course of a month, and if you pack your lunch well, you'll be eating healthier, too.
If things are getting tight around your house, you might be making do with things just a bit longer than you would have a few years ago. This might mean you have to put off your big birthday party or delay the purchase of a car, even a relatively inexpensive one, for a few years to allow the economy time to get itself back in gear. For families concerned about the possibility of job losses and wage reductions, this is a bad time to buy. But for those individuals who have the means, this is actually a great time to buy.
More New Stuff
While the economy is definitely suffering as a whole, there are certain areas that seem to be doing just fine. If your family is lucky enough to have a perfectly steady career or has been saving up for a new car or house, this is the perfect time to buy. As more and more people stop buying, you are able to get a much better deal on virtually anything you are willing to buy. In fact, some might even encourage you to buy more if you have the means. If we all are able to spend just a bit more, the economy might start to improve more quickly.
More Family Time
Hard economic times tend to be times when families come together. If your family winds up with less money or is trying to save money, the more expensive hobbies and activities might be put on hold for a while. Suddenly you're renting movies as a family instead of heading to the movies with friends. Getting to spend time playing board games and simply learning to get along is an unexpected perk of hard times. It gives a new meaning to your home being your sanctuary.