CLARKONOMICS: Federal data now shows that consumer spending has dropped at the greatest rate since 1974. Many adult Americans have no historical frame of reference to gauge things by when it come to that. So this will be the first true belt-tightening that some of us will have to go through.
Clark’s old rule applies to today’s climate: If you’re pinched in the wallet, try to limit the amount of time you’re in a store — even for groceries. Go to a strict shopping-list system to avoid impulse purchases and buy your non-perishables only once a month. When it comes to perishables, you should only get them on an as-need basis.
You can save by not being in the grocery aisle. Also, try Amazon.com as a place to buy your non-perishables — if it proves to be a cheaper option for you. Of course, any grocery industry analyst can tell you that one of the cheapest places to buy your groceries is Aldi!
In a related arena, we can expect more unemployment in the coming months. Clark always thinks it’s particularly sad when someone is doing great on the job and they’re still canned because of larger market forces. He’s seen that happen several times over the years in the radio industry.
There’s no time like the present to trim your spending, build some savings and reduce your debt!