html How to Apply Lessons Learned from the Great Depression How to Apply Lessons Learned from the Great Depression

Recent economic times may mirror what American grandparents or great-grandparents went through in the Great Depression. While this time may be a challenge, it may be an opportunity to look back and learn how previous generations coped with tough economic times. Hopefully, we'll never need to relive their lessons learned, but at the very least we can appreciate their resourcefulness and gain perspective on our own situations.

Steps 1. Quit using credit

If you don't have the cash to make a purchase, then don't buy it. One of the first lessons learned by people who survived the Great Depression was the importance of living within their means.

2. Save for emergencies

Building an emergency fund can provide a safety net during tough times, just as families during the Great Depression had to be resourceful and save for unexpected expenses.

3. Be resourceful

Finding ways to make do with what you have can help you navigate financial difficulties. This was a key survival strategy during the Great Depression.

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