Times View: Saving is a start when prepping for a recession

Whether a recession is coming or not, being financially prepared is a partial solution.

Recessions are inevitable.

Every other business headline, every other talking head with a degree in economics has something to say about the possibility of a recession in 2019.

It will definitely happen, it won’t happen, it might happen but we can’t say for sure. It might be because of China, or Trump’s trade wars, or the simple fact that every boom time eventually stops booming and goes bust.

The blame usually gets thrown around shortly after, and often at the average working (or newly unemployed) stiffs in society.

People are spendthrift, they took out too many loans, they racked up credit card debt, they bought a house bigger than they could afford.

That may be true. But the reverse is also true – before each recession, there are financial institutions eager to sell mortgages for little to nothing down, to hand out new credit cards to anyone with an active pulse, to add to the ever-expanding realm of debt.

It takes two to tango. The debtor can’t exist without the lender.

Forget blame for a moment. It is better to save than to borrow. If you can manage to live within your means and put away some money for tomorrow, you absolutely should do so.

Sadly, that’s about the best advice we’ve got. We’re 11 years away from “the Great Recession,” the one that knocked thousands of people around the world out of work, blighted banks, humbled car makers, and wiped out vast sums of wealth.

And we’re on the verge of another crash, though hopefully not as bad as last time.

And for all the recession talk – it definitely hasn’t started yet. Unemployment remains low, wages are actually going up. So while times are still good, save what you can, pay off those credit cards, and make some plans for the days ahead, which might not be so rosy.

Just Posted

Season over for Tier 1 Langley Thunder

Victoria wins best-of-three quarter final

VIDEO: Wet weather kicks off Langley toad migration

Thousands of small western toads were making the trek from pond to woods

New Aldergrove playground opens fully to public – once and for all

Admission to Otter Co-op Outdoor Experience water park no longer necessary for Pacific Park access

PHOTOS: Whippets take a whirl at championships

Aldergrove Regional Park hosts national, regional and local specialty dog shows

Chili cook-off competition heats up

Aldergrove Legion enters yet another team into Sunday event

Joaquin ‘El Chapo’ Guzman sentenced to life in prison

Experts say he will likely wind up at the federal government’s Supermax prison in Florence, Colorado

Olympic softball qualifier gets $150K boost from provincial government

2019 Americas Qualifier to be held in Surrey from Aug. 25-Sept. 1

Gas price inquiry questions Trans Mountain capacity, company denies collusion

The first of up to four days of oral hearings in the inquiry continue in Vancouver

Serious police incident unfolding at Sts’ailes near Agassiz

Small reserve near Agassiz surrounded by police vehicles, helicopter, ERT

‘Benzos’ and fentanyl a deadly cocktail causing a growing concern on B.C. streets

Overdoses caused by benzodiazepines can’t be reversed with opioid-overdose antidote naloxone

RCMP release sketch of suspect in SFU assault, appeal to witnesses who helped woman

The RCMP want to talk to two women who helped the victim after she got to the parking lot

Will you be celebrating national hotdog day with any of these crazy flavours?

The popularity of hotdogs spans generations, cultures

Former home of accused Penticton shooter vandalized

Ex-wife of man who is accused of murdering four people had her house vandalized

Survivor of near-drowning in B.C. lake viewing life through new eyes

“If I died that day, the baby wouldn’t know his dad,” said 31-year-old Mariano Santander-Melo.

Most Read