Economy & Reader Questions Josh on 14 Jan 2009 05:02 am
Open Mic: Question from a reader
Once a week I will run an “open mic” segment where I will post a question emailed by a reader of the site and attempt to answer it to the best of my ability. I encourage everyone to also participate in the question by posting answers or additional questions in the comments.
Todays question comes from Anna Roberts in Salt Lake City, Utah.
I am a 66 year old wife, mother and grandmother of eight. Now that my husband is retired, I want to be smart about our finances, but I also want to continue doing special things for my kids and grand kids. My question is with the current financial crisis should we all be looking out for ourselves and putting as much money away as possible, or should we be doing our part to turn things around by spending money on ourselves and our loved ones to try and boost the economy.
This is a question I hear a lot lately, should you be doing your part to boost the economy by spending money, or should you be saving more than ever. The answer, as always, depends on your own situation.
If you are in great economic shape, have your debt paid off, an emergency fund saved and your retirement accounts fully funded, right now is a great time to buy almost anything. If you have been looking and saving to buy a house or car, there has rarely been a better time in US history to do it. With interest rates at historic lows and prices falling at an alarming rate, right now is a phenomenal time to purchase a big ticket item.
If you are one of the few people lucky enough to be in financial shape, right now is the time to loosen the frugal belt a bit. I’m not saying to abandon all the princepals that got you where you are, but if you find a good deal, don’t be afraid to take advantage of it. Eventually this country will have to start spending again and the financially responsible will have to lead the way.
If, on the other hand, you are not in great financial shape, you should ignore the pundits on TV advocating you to spend and continue on your frugal path. Before you can worry about the macro economy you have to get your own micro economy under control. The economy will recover at some point. By spending beyond your limits in an effort to help, your personal economy may not.
Your needs come before the economies needs. Always look out for yourself first. Be honest with yourself and assess your situation. Are you in a position to start spending a little more money than normal, or do you still have work to do with your finances?
If you have the extra money, spend it. Take advantage of the fantastic deals and get something you have always wanted. If you don’t have the extra money, let this be further motivation to become financially free so that the next time an economic crisis hits (and there will be a next time) you are prepared to take advantage.
What advice do you have for Anna? Are you changing your spending habits in this buyer friendly economy?
Please continue sending us any questions, suggestions and story tips to centsabilitytowealth@gmail.com
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