My formative years were spent in the great depression. It may be hard to believe, but back then, we were lucky to just get an orange for Christmas! Needless to say, I did not grow up as the consumer that most people are raised to be in this day and age. I was taught to conserve food (due to rations) and I learned at a young age how to have a lot of fun with very little (or no) money.
I got married in college and started a family of my own. I applied many of the same principles to my own family and learned to provide for my family by whatever means possible. However, living through the great depression, I was always afraid that something similar might happen again in the future. While my children were growing up, I found myself buying more food/clothes/toys than I had to because I feared that we would need a stockpile for a future financial collapse. This didn’t stop after my children had all moved out.
I had entire rooms in our house devoted to storing goods. Not only that, but after a while, it was all bought using credit cards – I know, big mistake. My husband took on a second job and I started to get my spending under control. We still have a substantial amount of debt, don’t get me wrong. But it’s less than it was before, and to me, that’s all that matters. I know better now and have put my fears of “the next great depression” to rest.
Have you paid off your debt? Managed to save for your dream home? Had an awesome investment pan out? Share your personal finance success stories here.
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