While we are in the midst of an economic crisis, it can be beneficial to look back and learn from the Great Depression.
Quit using credit. If you don't have the cash to make a purchase, then don't buy it. If you have credit cards, make sure to pay the balance off every month. If you can't pay off the balance, then cut up the credit card(s) and work on paying down what you owe. One of the first lessons learned by people who survived the Great Depression was to never borrow money unless you have a clear plan for how you're going to pay it back. And when layoffs are a reality, expecting to pay for it with your Christmas bonus or your next paycheck is not a sound plan. If you don't have the money to pay for it right now, don't buy it.
Lessons Learned from the Great Depression: Part 1 of 10
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