The Great Depression was a difficult time for many families. The people who survived the Depression learned valuable financial lessons which can still help people today, regardless of whether they are experiencing good economic times, a recession or a depression.
Borrowing Money
Many people found themselves in a difficult situation because they borrowed money to pay for their home or to get through a difficult time. When they lost their jobs or their income decreased, they had a hard time making payments and they lost their homes. People learned to limit what they borrowed, and to pay cash as they went for things they needed.
Budgeting
During the Depression people could no longer shop on credit. They learned to save up for items and to pay as they went. Instead of going through any money they got quickly, people learned to make their money last a lot longer. During the Depression the difference between necessities and wants became much clearer, and wants were often put aside. For example new clothes each year was a want, and could be put off, while putting food on the table was a necessity. Saving became a priority during the Depression. Putting money aside when you had it, made it possible to survive when you did not have any money coming in.
Make It, Make Do or Do Without
One of the biggest lessons learned was self-reliance. People came up with inventive ways to do the things they needed with what they had. They made clothes from material they already had on hand. They learned to save all the items they had and to find ways to reuse them, rather than throwing things away. People used items for more than one purpose. Additionally communities came together and lent items to each other when they needed to, which meant that not every item needed to be purchased by everyone.
Gardening/Cooking from Scratch
Gardening and cooking from scratch helped families to survive during difficult times. Today a large vegetable garden can decrease your food bill by a significant amount, and allow you to grow food in a chemical-free environment. People during the Depression cooked with the items they had on hand and did not buy ready-made items. Following this example can lead to savings at the grocery store, and help people to stretch their grocery budget. Finding Depression era cookbooks and using those recipes may also help to decrease your grocery bill.
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