Waning Summer Personal Finance
Fun U.S. Technical Recession Edition
Fine, you got me. There won’t be any fun at all. I declare this an official No Fun Zone. Not even Funyuns are allowed.
Preamble
In the United States, a technical recession was recently announced. That means for two quarters the economy has been shrinking. There has been a global downturn in the global economy and blah blah blah blah, who cares? Recession or no, people are struggling because the cost of housing, food, fuel, and other important things have skyrocketed in our quasi-post-pandemic society.
Personal finance discussion is often aimed squarely at the upper middle and upper classes. You may be familiar with the tiresome advice. You know, stuff like ‘rent out your leisure watercraft’ or ‘sell your and repurchase your Virginia Beach home after the market tanks’ or ‘become a Top 100 TikTok star and sell tankinis by twerking while wearing them’. All of that advice is bunk unless you already have considerable assets. No one with two or more jobs is going to do any of that, and twerking for a home audience is less demeaning.
So many people are loaded up on credit card debt. Debt which has been aggressively marketed to you by the soulless corporate managers who need you back in the office to help stimulate the economy. Is that lamp really the only thing standing between you and sheer joy?
When the economy sucks for regular people, it’s a great time to look forward to what might be done differently or better.
Let’s start with you
You’ve placated yourself well and often.
You’ve told yourself that you would pay off that Disney vacation. It’s been 7 years and all you have to show for it now is thousands of dollars of interest-bearing debt, a kid who screams ‘I hate you’ because you can’t afford a ticket for them to see BTS, and a sloppily stitched hat that is destined for a landfill.
You’ve told yourself that it doesn’t matter if your partner loads up on credit card debt because you yourself are fiscally responsible. You’ve told yourself that you keep finances separate because you trust them. That trust is impugned by the amount of cyclical debt they’re loading up on. Debt that you will ultimately still be responsible for. Perhaps there is a well-meaning, but enabling family member that bails them out whenever they fiscally overextend.
You don’t have to placate yourself, and you’re more than welcome to stop lying to yourself. You can make different and better decisions.
The System
People who can afford fancy ring lights, condenser microphones, and who were born on Third Base (no, not that third base) are telling you that you just have to work hard like them and who flaunt fake adversity as a way to project success. What they aren’t saying is that they had lots of financial help from others. Their uncle is well liked in the hyperbaric welding union shop, or they got their first car for free. Stuff like that. Not everyone has these economic advantages in life. After these vapid influencers convince you they are credible, they turn around and sell you overpriced crap you don’t need, like a new coffee mug when you have 23 in your cupboard.
What To Do
Look for the free and cheap stuff
Get outside, if you can. Take your kid to a local splash pad at a park. Go to a pond to stare at ducks or butterflies or dragonflies or swaying grass or the clouds. Go visit a friend and sit on their porch swing. Visit the beach. Find a nice shady tree, throw a blanked under it and look up. Absolutely breathtaking. What’s more beautiful than Mother Earth? Nature is mostly free, and we haven’t killed all of it just yet. So get out there and enjoy it.
If there is a local parks pass you can purchase, it is probably an incredible value. If the cost is ~$50 for a year, and you just don’t have that, get a few friends together and split the cost of the pass or borrow one from a friend who has more resources. Even a day use pass can be split depending on the circumstances. If there is a boardwalk near you, gawking at weirdos (who aren’t you) is always a fun activity.
Make food. If you’re at home, make a chocolate dipped frozen banana or do the old school orange juice pops in an ice cube tray. Make a batch of iced coffee. Try to regrow that avocado pit, onion, or that celery stock. Once again, nature is more than pulling its weight in terms of fun.
If all you have in your home is rice and beans, imagine eating said rice and beans while watching the sun rise or set. Make a plan with a friend to split the cost of some bacon and add it in to the rice and beans, then invite them along. Gazpacho is pretty darn cheap and easy to make.
Hit the library. Don’t hit it with your first, because you’ll probably hurt yourself. For kids, the perennial summer library reading program still exists. My local library offers a reading program for adults as well. Check out the “Events” section of your library’s website. My local library has 7 book clubs offered via Zoom alone. It also offers in-person author talks, virtual Zumba, a group to practice English Speaking and genealogy research classes offered. If your budget is stretched, a library makes for a great ‘cooling center’ as they are typically climate controlled.
Check out free museum days and attend cultural events. Museums are another place you can visit where the air is climate controlled. Cultural events such a Dia de los Muertos or Juneteenth provide free entertainment and learning opportunities. If there is a Sikh temple nearby, free meals from the ‘langar’ or community kitchen provide meals to all comers regardless of their “religion, caste, gender, economic status, or ethnicity”. The food is vegetarian and delicious.
Go to the farmer’s market if you have time. If you receive SNAP food benefits, your local farmer's market may let you exchange your benefits for tokens. Some vendors will also directly accept your EBT debit card at vendor stalls. Farmer’s markets are often open air, and you can get your fruits and vegetables, a bit of exercise, and some fresh air all in one go.
One last recommendation before this thing becomes a treatise: it’s absolutely free to be kind to yourself. Love you and hang tight.
