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The recession may or not be ending, but the effects of the recession are going to be felt for a long time. The recession has changed the way that Americans are spending money, and the ways that they are going to view money. We were living in a period of time where people were buying more and more, and using the increasing value of the things that they bought as ways to finance even more things that supposedly made us happier. However, the view of money and material wealth has changed thanks to the recession.

The recession has brought us closer to our family and friends because of the fact that spending money is becoming something we think about more. Instead of going on lavish trips, we might just go visit family nearby. This is because it is cheaper to go a few miles to your parents house for Christmas as opposed to going to Hawaii for Christmas because it is warm and sunny.

People are looking for sales, and other good deals more than ever. There are more people coming in with coupons, discount cards, and other means that they hope to use to spend money. I have noticed more people than ever before coming through with complaints about being overcharged by five cents than ever before. Customers are being more aware of every cent that they spend.

Holiday shopping is probably going to be more subdued. We realize that there might come a time where we might not have extra cash, so we need to save it. There is no need to spend more than we need to on gifts that we might have bought in previous seasons. People are still unemployed, or underemployed, and so not everyone has money to spend right now anyway.

Savings rates are going to go up, and will probably stay up for awhile too. They say that a recession typically shows a lower savings rate beforehand, and higher savings rate afterward. People are going to be aware of the fact that they need to keep money in the bank until they have a steady job, or have enough money to get by a few months before they start spending again.

The recession is going to affect the way that people are going to spend the money that they have. People are going to want to save until the worst is clearly over. We see the value of a dollar a little more clearly now, and that money isn't going to be the answer to our happiness. So there is going to be more money in the bank for now, and people are going to lay off spending more than they have to.

Learn more about this author, Cody Hodge.
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