If the current recession in the uk gets worse or lasts for a long time, would it be better to spend now?

Question

Would we be best advised to keep ploughing money into our meagre savings or enjoy spending them before prices increase?

Answer 1

It is always wise to save, but only about a quarter of earnings.  What happens when we all stop spending and start saving, is we collectively make the situation worse.

This next video link explains all any of us need to know about money.

http://www.youtube.com/watch?v=rkRIbUT6u...

Keep spending, but sensibly and save as you go.

Good luck.

Answer 2

Spending is not way out on a recession unless you are thinking about getting supplies for a long period so you don't pay their prices on the future (which is a 50/50 situation).

I agree that letting it into a savings account it's the not best solution, but investing into high risk applications is also a not so good solution (even knowing that sometimes it is a profitable solution), so you could consider investing into a CDC. It pays more than a savings account and it's not so high risk.

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Answer 3

Save whatever you can!

Answer 4

I am sick and tired of people telling us what to do with our money now that this so called 'recession' is almost upon us. I  look at it in this way, if you were stranded at sea with only enough water to last for a few days do you A) only take small sips to eke it out and prolong the agony for a few days more or B) Drink it all in one go and quench your thirst?  We know the 'recession' won't last forever, if it happens at all so enjoy yourself NOW.

Bloody h**l, you've worked hard enough for it.

Answer 5

do not be spending! if you spend your money and the recession continues, you will encounter some trouble.

Answer 6

The rule is simple, do not spend what you do not have.

Answer 7

It's that sort of thinking that got us in this mess in the first place.