Spending money during recession?

Question

I live in New Zealand and apparently we're in recession/ close to recession. If you go to the mall pretty much every store has huge discounts and all. I'm 15 years old and interested in economics, investing etc.. I'm just wondering, as a teenager with a small job, Would it be best for me to save as much money as possible if in recession? Or just spend money as normal on sales and all...

Thanks.

Answer 1

That depends on you, really. If you have something big that you want to save up for in the future, e.g. a durable good such as a car, etc, then you should save up since prices are likely to rise.

However, if you're not saving up for anything in particular, you should get the things you want while they are at low prices. Thinking like an economist, a lot of people buy things while they're cheap, before prices rise again.

I think also that these stores have huge discounts BECAUSE people generally don't spend as much and want to get rid of their stock. So, the recession affects these stores' business as well as consumers.

Answer 2

Well, no.

The same rules apply.

Spend only on what returns a profit.

Now it really becomes a beggar's game after that.

What to invest in.

Old tech like oil, or new Tech like computers that totally reley on oil.

Guess what?

My answer is to  ignore all the fashions hype and just wear whatever is comfortable.

Answer 3

White T's,koolaid,ramen noodles, and 40 ounces to freedom.

Answer 4

It depends on individual.

Do u like to shop for new clothes? Do u really hope that u can invest some days in the near future? Do u prefer to make money grow or safeguard your money? If you like to shop for new clothes, by all means spend it. Like what you say you can a 15% ddiscount at shops and that is a lot.

But on the contrary, if you don't like to shop, my advice to you is don't ever pick up shopping. I once when out with a female friends of mine and she spent 200 dollars on shopping during the great Singapore sales. I was like wow, u spent a lot of money when u can do a lot of better things than it!