How the Recession Can Help Your Finances

by Stacy Francis, CFP®, CDFA

A newsflash from just plopped down in my inbox. Apparently, this weekend, flight fares between New York and the West Coast run as little as $99, round trip. Now, with two little kids, spontaneous travel is not as easy for me as it once was. Still, I love that the possibility is there! Slashed airfares all over the country (and all over the world) is just one way the recession can help your finances. Below are a few others. 

  1. Mortgage payments. With interest rates at record lows, this is an excellent time to refinance. Furthermore, with landlords growing increasingly desperate, renters with outstanding payment records may be able to negotiate a discount. Or take advantage of the rare low home prices-low interest rates combo and buy!

  2. Going out of business sales. Enjoy major discounts on the items you were planning to buy anyway (a car, new carpet for your bedroom, a flat screen TV) by sweeping up all the bargains out there.

  3. New business opportunities. Old, established companies going out of business means there will be plenty of room for up-and-comers once the economy comes back around. Start out slowly, be patient, and before you know it you’ll be in a perfect position to prosper.

  4. New wisdom. Yes, the past year or two have been painful for most. That we have learned the hard way may be the understatement of the year. Still, there’s no way around it: our attitude toward money has changed for the better.

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