Every day we watch tv and read news that a company is retrenching its employees or winding down from operating to prevent further losses. Breadwinners with young kids to feed are finding it hard to make ends meet. This problem is compounded further by job losses by the millions around the world and the global recession is not going to end anytime soon. The global financial meltdown was precipitated by problems in the USA which spread to Europe, then to Asia as these economies are major trading partners.
Hence, it is time to save money and not to spend frivolously. Instead of eating out, you can save some money by preparing food at home and save on gasoline. From buying new clothes, you can use hand-me-downs for your kids and they will learn to appreciate the value of money. In this economic downturn, every penny that you save is a penny earned. And I might just consider selling all my stamp collection and gold coins that I got for Chinese New Year from my uncle in eBay and put the cash in the bank. Besides, it save some storage space as my 12 big stamp albums take up quite a lot of space.
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