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Financial lessons from the Great Depression

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Despite fears of a deep recession…or worse— eased a bit, but no one can agree on how US economy actually healthy teeth. Numbers are everywhere. the stock market bear marketinflation has eased a bit, but is still painfully high, and consumer spending is declining. But unemployment is still surprisingly low, employment is booming, and the ratio of debt to savings for overall Americans is…Pretty good?

Although the situation is far from the global economic crisis seen during the Great Depression,, there is no doubt that we are heading into turbulent economic times.or this is our Grandparents and great-grandparents survived the Great DepressionAnd their experience has some eternal financial lessons that we can use today to get us through whatever happens.We all know the basics like avoiding debt and saving just in case, but those who have actually faced the global financial collapse offer some less common advice. did.

be prepared to move as needed

As the economy contracted in the 1930s, drought hit the Midwest, creating what is known as the t.he’s a dust bowl.Farmers joined and encouraged the desperate and insolvent One of the largest population movements in American history, when desperate people packed up and fled and sought work wherever they could find it.

Things are different today, remote work to be Much more common, but that doesn’t necessarily mean you have to stay where you are. , In fact, metropolitan areas still offer many job opportunities and services. Finding the right balance between rent and economic potential in a city is difficult, but well worth your time.

see all pennies

Suppose your grandparents carried a coin purse and used it. That was perhaps a lesson from the Great Depression: Spare change piles up and even small amounts can make a difference.today, Your preliminary change is more powerful than you think.

Use banking and other app tools and services Acorn, the change from purchases can be automatically invested.apps like changed Receive reserve changes and automatically apply them to your student loan debt.The change from rounding up the transaction may only be a few pennies at the momentbut when applied on a constant basis, It can make a real difference in your financial life.

learn to cook

Some people are not good at cooking, and it can be a daunting task.But you can know your way around the kitchen dramatically keep food costs down.Not only can you get multiple meals from the ingredients you purchase, but you can literally make thousands of Depression-era recipes It teaches you how to stretch those ingredients to make just about anything amazingly delicious and nutritious meal.

Cooking at home saves you more money than eating out, food preparation— which includes cooking in bulk and then storing meals for future use — can cut those food costs down to the bone. garden installationlearn the basics of canningis doing, Using scrap can increase food costs even further.

fix everything

For a long time, most of us lived in a world where we simply replaced what no longer worked.And there are some products design become irreparable Or forced to abolish long before it should have been inevitable.

But many things can be fixed with a little work. Clothes can be sewn, shoes can be resoleed, furniture can I reupholstered it. DIY projects still cost a lot, but most It’s always cheaper to fix something or live with a less-than-perfect user experience than to buy something new.Especially if you need to finance your purchase.

save everything

From electricity usage to water bills, reducing and paying attention to your utility bills can make a big difference. It may seem like you’re nibbling on everything that makes life more comfortable (and therefore more tolerable), but you can set your thermostat lower in the winter and higher in the summer, turn off lights and gadgets when you’re not using them. Turn off (and unplug). if you don’t use the appliance for a long time), Big difference in monthly bills.

None of these Depression-era tips are silver bullets, but when combined with strategy, They make your money go further and last longer while insulating you somewhat from future shocks.

Financial lessons from the Great Depression

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