The U.S. may not technically be in a recession. After all, the U.S. Commerce Department says the economy grew at a 0.6% pace in the first quarter.
But most people look at things more like legendary investor Warren Buffett, who defined a recession as when "people are doing less well than they were three months, six months or eight months earlier."
For most economists it is no longer whether there is going to be a recession, but what type of recession it is going to be: short recessions like the one from 1990 to 1991 and the one from March to November 2001, or something like the Great Depression.
No matter which it ends up being, one of the best places to look for sound advice is from those people who have survived the worst of economic times - namely your grandparents.
Here are 10 ideas you may want to take from them:
1. Frugality Is Not a Bad Word
There was a time when a person who was frugal was looked upon with esteem rather than someone without the means to buy more. Many people seem to equate frugality with "cheapness," but that couldn't be further from the truth. Being frugal is simply getting the most out of what you have and purchase, and not purchasing things that you really don't need.
While your grandparents learned frugality during the hard times, many of them continued to practice it even when times got better, which helped them build wealth. Learning to be frugal could help a lot of people who haven't learned to live within their means.
In a consumer society, whatever problem you may have can always be solved by buying something else. If something breaks, go out and buy a new one. If something isn't exactly right, go buy something that is. In your grandparents' time, when something broke, they first took a look to see if it could be fixed.
If it couldn't be fixed, before it ended up in the trash can, they would consider whether it could still be useful for something else. There is no reason to go out and spend money on something new if you can get the same thing accomplished with the things that you already have.