SENTINEL WATCH May 3, 2010 Issue

A RETURN TO BALANCE

GINGER MACK

Some say we're climbing out of "The Great Recession," others a mini-depression. Regardless of what you call it, millions are still tightening their financial belts.

In my own life, I can remember spending time with my grandmother, a child of the Great Depression. She was on a budget, and a resourceful cook, making most things from scratch. I picked up some of her culinary and general life wisdom that centered on the principles "Less is more" and "Waste not, want not." Yet, for all of the virtues of being thrifty, I remember a college friend recounting stories about her grandparents, who also lived during the Depression. She told how their frugality led to pack rat tendencies that nearly crowded them out of their house!

Now that the demand of the day is to rein in spending, the question of "necessity" seems more relevant than ever. It's become popular to be increasingly conscious about resources. But in such a variable economy, we may ask, What's the best way to be prepared? And how do we strike a balance between spending wisely and hiding our money under the mattress?