Chicago Weekend Fun!

Back before America went through 2 world wars and weathered the Great Depression, there was an annual National Thrift Week that people participated in. I had never heard of this trend before and none of my relatives had ever mentioned it in their stories about the times when they grew up. National Thrift Week was usually on January 17-24.

Now that the US is in an economic recession and has more unemployment and economic decline looming the idea of National Thrift Week has caught the interest of many bloggers on the Internet. I heard about it from the Get Rich Slowly Blog last week and was interested in the idea of National Thrift Week enough to peruse their website at bringbackthriftweek.org. And while I don’t know if it will ever come back as an unofficial holiday or anything, I do think that it is a compelling idea with principles to consider.

The spending that the consumers, businesses and government has been doing in the last 3 decades is astounding. I don’t think any of us can truly appreciate that much money the government or business has spent over the years or will be spending in this stimulus plan because it is so far removed from the amount of money we are personally responsible for on a daily basis. I do think we have a concept for what our own spending patterns have grown to over the last decade and seeing the current crisis makes me thing a check in on how to scale that back is needed.

National Thrift Week gives us a chance to get back to our roots so to speak and remember what it is that we really need and not focus so much on wants. The basic principles are outlined in each day’s focus of the week: Have a Bank Account Day, Invest Safely Day, Carry Life Insurance Day, Keep a Budget Day, Pay Bills Promptly Day, Own Your Home Day, and Share with Others Day. Most of these days may have also been educational in nature because we were a country going through a transition in lifestyle and money management as we changed from a rural economy to an industrial one.

Personally I think these days might be good to revisit yearly to re-examine each of these areas in your life and with your family’s budget/expenses. Having a family meeting about the bank accounts and interest, investment choices, insurance needs and adjustments, budgeting, bills, how close you are to owning the home outright and sharing with others/charity are all relevant topics today too.

I know that these National Thrift Week ideas and possibly making changes in all of our lives to spend less and save/invest more wisely won’t miraculously fix the economy or make things any better for the overall situation, but it will help you individually. Knowing what is going on in your financial life down to the details is important and re-examining the details in order to make changes is usually helpful in making you less likely to fall into the traps that land people in bankruptcy, foreclosure or serious debt. Considering how hard it is to get a job right now, none of those financial problems will be easy to fix if someone lands in them today.

So, consider participating in National Thrift Week for your familyand look at where you can streamline your budget, save more, invest it wisely, pay off our homes, have the right amount of insurance coverage and share resources with family and friends. It will make all of us less prey to the shifts in the world markets and more confident that things will be ok no matter what happens economically in America.