The economy is bad because people aren't spending money, but the economy being bad means you should be saving money to prepare for a recession. So ???
Posted Mar 19, 2020, 7:53 PM UTC
If you have enough money that you aren't worried about having enough of anything, go ahead and spend. Otherwise you should probably try to save some.
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Unless you've got a trust fund or a secure cash flow that won't be disturbed by a recession, I'd say save money. If not and if you're willing to sacrifice your own security to have an imperceptible and negligible impact on the economy, then spend your money.
Answer: It's good for society if you spend money, it's good for you if you save.
Base your decision on your circumstances. If you have enough money that you can spend some and still have plenty saved for emergencies, go ahead. If you don't have enough savings for hard times, save what you can.
Individually you should save money and not buy things that are extra to your needs. However, its supposed to be a good time to invest in safe markets because the market is going through such turbulence. I don't really have that kind of money, but thats just what I've read.