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A recent headline in Time magazine caught our eye: "The New Austerity. Get ready for something truly unheard of: an era of living within our means."
The article describes the last half-decade as a period "that will go down as one of the most reckless borrowing-and-lending binges ever." According to one expert, "the parabolic credit growth of the last five years is going to be bursting in the next decade." Americans simply don't have enough money to pay back the debt they've incurred.
Is it possible American consumers may actually be on the verge of rediscovering what it means to be frugal and thrifty - that a penny saved really is a penny earned?
KSL hopes so!
Indeed, with the nation in the throes of a threatening financial crisis, it only makes sense for consumers to take stock of their own circumstances. If not already doing so, begin now to live within a specific budget. Avoid excessive and mostly unnecessary consumer debt. Where debt has been incurred, reduce spending and accelerate payments. Especially, get in the habit of saving.
For many, changing long established patterns of fiscal behavior will be difficult. Still, living within one's means shouldn't be "unheard of." The "new austerity" should become the new norm.