When it comes to the current "economic crisis," how can we help in curtailing expenditure at our end as individuals??When it comes to the current "economic crisis," how can we help...
When it comes to the current "economic crisis," how can we help in curtailing expenditure at our end as individuals??
When considering the current "economic crisis," we mostly think about government finances (and debt), lack of employment opportunity, and the rising costs of energy. Unfortunately, individuals can have very little immediate impact on government spending and the employment crisis. In the long run, as individuals we should be educated about what we want the government to do for us and our country, and vote wisely. We can also write to our congressman and senators concerning specific financial issues in which we wish to see change.
As far as employment opportunity goes, there are many who believe that buying American made products is one of the best ways to boost the economy here in America. Consumers show the most support of anything by how they spend money. Imagine if entire towns or cities completely stopped shopping at Walmart, Target, and Kmart, for example, and spent their grocery budgets at only local grocery stores and farmers markets. Though this is a highly unlikely scenario, it could result in the closing of such "big box" supermarkets, thereby curtailing international spending and stimulating local economies.
Probably the best way for individuals to cut spending is to look energy (and other) consumption and determine where logical cuts can be made. Many are opting for more fuel-efficient vehicles. Others are carpooling, grouping errands into single outings, and taking fewer vacations. Most Americans have cut back on frivolous spending by reducing eating out, new purchases, and cutting cable and other "entertainment" bills. Additionally, "extreme couponing" has stimulated many people to look again at ways they can save more in their everyday needs budget. Certainly staying educated on personal finances as well as global finances is one step not to be forgotten. Also, as history shows (through the Great Depression), low economic seasons are prime time for helping others and pooling resources.