Surviving a Recession with Aplomb

Will you survive the recession with aplomb, or will you react as if hit by a bomb? Before answering, consider some of the benefits-yes, benefits-of a recession.

There's no need to wait until Halloween to scare the wits out of yourself. All you need to do is read the latest financial news. Your knees will start to shake, your teeth will chatter. The news of a recession has everyone clutching his billfold and hoping the economy will make one of those nice, soft Alan Greenspan-inspired landings.

Even though recent GNP figures don't technically qualify as recessionary, it's hard to deny that there's an economic slowdown. Gas prices and the ongoing war in Iraq have everyone spooked. These developments are salt in the wounds of a plummeting housing market. No wonder fingernail biting is so much in vogue these days.

But there are silver linings to be found in all this stormy weather. Consider some of the benefits of the recession, and start thinking about how you can use them to your advantage.

More time with the family

Back when money grew on trees and $4 lattes were a given, it was all too easy to plunk the kids in the car and head out to dinner and a movie. However, when a family outing costs $100 or more every time you walk out the door, the alternative of enjoying a home-cooked dinner and a round of Monopoly can really help your bank account. You'll also get to enjoy something people too often take for granted: family time.

Bargain prices

Providing that inflation doesn't take hold, a slowdown in the economy can be a great time to go shopping. The slumping home values have created a true buyer's market, and soaring gas prices have made SUVs less expensive. Retailers will soon begin dropping prices to entice more and more consumers. If your bank account can take it, this would be a good time to do some shopping.

Less pollution

The rise in gas prices and the reduction in leisure activities should mean less pollution. Expect fewer exhaust-spewing cars on the road, and a decrease in Big Mac packages in our landfills. As advertisers cut back their direct mail budgets, your mailbox won't be as crammed with junk mail.

Innovation on the increase

As painful as times can be, they can also lead to dazzling new innovations. Instead of making easy profits, businesses must learn to be increasingly more creative and reinvent their models for success. It should be noted, for example, that the iPod was introduced several weeks after 9/11.

Recession is a tough pill to swallow, but every economy goes through cycles. Take advantage of all the benefits and bargains that a recession has to offer, and you may discover bold new avenues of opportunity. Things may not be as bad as they seem-in fact, if you look hard enough, you're going to find some things that are better than ever.