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The global financial crisis has meant that many of us (Dominicans) have had to watch the pennies and cents. We are not spending money like we used to, and buying that extra pair of shoes or must-have gadget takes a lot more consideration – well for some of us. But is this a bad thing?

Is having less money changing our small island values and our behaviour? Are we becoming less materialistic and is it possible that this financial crisis could actually be good for us?

But has these hard times made you look at what you value and have you changed your spending habit as a result? Do you think that there could be some positives to be taken from the crisis?

Have your say in the comments below

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By now we all know that we facing a global economic crisis. Similar to what the West Indies Cricket is presently going through, but that’s a whole other story by itself which I will touch on in a later post.

We need to make some serious changes (sacrifices) in our present lifestyle if we are to survive this economic crisis.

Families should start tightening their belts, revised their budgets and all small business owners should look closely at all costs involved in running their small business.

Workers across the region have felt the hardship of these troubled times. Some have had salary cuts. Some have volunteered salary cuts. Yet others have been invited to agree to a shorter work week or forgo one month’s salary.

Now is the time for leaders and workers to see this period as one of challenge, personal sacrifice and high reward if able to emerge from this unstable period with dignity and success.

Finger-pointing and assigning blame at this stage is not only too late but meaningless. What is required now is competent, confident, quiet leadership which should determine the destiny of the country. Don’t you think so?

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On my way home from work last week Friday, I stopped at the IGA (Whitchurch) supermarket to pick up some grocery and I couldn’t believe how packed the place was. It made me question if there really was a recession going on in the Caribbean.

Now, you can say everyone needs to eat but even among luxury stuff, I still see a lot of consumption happening. For example, people are still buying items like huge flat screen TV’s on hire-purchase, and Japanese re-condition vehicles are coming in by the boat loads.

All the economic reports indicate that we are spending a lot less because of the recession. But I want to know, are YOU spending less? I asked the same question to many middle income workers and the answers were enlightening to say the least.

As for me, I’ve reduced my spending just a little. If anything I will be increasing it. However, how I’m spending has changed considerably. Because the recession creates an open window of opportunities, the majority of my spending this year will be going to towards long-term investments. As Warren Buffet said, “Be fearful when everyone else is greedy and greedy when everyone else is fearful.” It’s time to get greedy! With home prices dropping slowly, I figure this would be a good opportunity to buy a home or add more real estate portfolio.

Back to the question at hand – Has the recession reduced your spending? Tell us in the comments below.

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