While we all certainly hope that the current recession does not become a depression, there is something we can learn from the Great Depression.

There was a wonderful Depression-era motto that can teach us a lot even today:

Make it do.  Do without.  Use it up.

This short motto reminds us to make the best possible use of what we have and to avoid all unnecessary purchases.  When you decide to make a purchase, you need to evaluate whether it's something you really need.  You also need to decide whether it's something you will use often enough to make the purchase worthwhile.  For example, why buy an appliance that you will use a few time a year or a special ingredient needed in only one recipe.

Even in times of prosperity, a cautious stance toward purchases is a good policy.