If we think of the economy like the tide, we know that for every flow there is an ebb. Although we can’t predict the size or timing of each ebb and flow, we are better prepared to weather financial ups and downs when we anticipate both and plan accordingly.
When the economy tightens, we might live without some personal luxuries. Maybe we give up dining out, have staycations instead of vacations, and rent movies instead of going to the theater. We might shop for lower-cost services that still provide the necessities to get our must-dos done right. In business, some companies might even go through hiring freezes or discontinue low-selling products or services. Pulling back on expenditures makes sense (and dollars and cents) when the economy ebbs. Except, that is, when it comes to safety.