“We tend to forget that happiness doesn’t come as a result of getting something we don’t have, but rather of recognizing and appreciating what we do have.” ~ Frederick Keonig (1774 – 1833) (H/t to Financial Philosopher)

$300 billion this week. $700 billion last month. It sounds unfair – piles of money flying out the door of our nation’s taxes to fix a mess we hardly understand, let alone took part in.

But it’s that very point of view that’s part of the problem. Looking back upon the decade-long run-up in home prices and easy (dare I say, careless) credit, it’s hard to find a soul who didn’t contribute in some way. There were rogues and instigators – for sure. Predatory lenders deliberately targeted unsavvy borrowers who they knew could easily be wooed by the promise of a new home: the realization of the American Dream. Wall Street investors continuously pushed lenders to just keep writing loans, whatever the terms. It didn’t matter. But get real: what the hell were these borrowers thinking? Many were just as much a part of this as everyone else. Imagine actually believing that you could afford a $700,000 home on a $30,000 annual salary with no proof of income and no money down. That’s just as irresponsible as the lender who passed it through.

Now the ugly clean-up is in full swing. It’s sad, but we have to grit our teeth and continue to write these multi-bilion-dollar checks to the major institutions that screwed up – Citibank being the latest. Otherwise, our jobless numbers would be much much worse. Our economy may continue its freefall to much deeper depths for much longer than now anticipated.

There will be more. We haven’t seen the bottom yet. Taxpayers will continue to foot the bill, and we might as well just get over the bitterness and blame game now so we can focus on what each of us CAN do to not repeat this incredible period of financial irresponsibility that brought us here.

For some, it may be a matter of saving more, paying down credit cards and (gasp!) living within our means! For others, it may be losing a job, a house, and starting over. For them, I feel truly sorry.

Walking around a Target store today, I found myself amazed at all the crap we buy – myself included. Why do we need a $20 rolling pin made of silicone? Would a plain jane recycled wooden one at $7 not suffice? I understand that the buying and selling of consumer goods stands at the heart of the modern economy, but it feels like a House of Cards right now, like we bet all this money on a structure that could collapse at any moment.

If the administration starts telling me I need to shop in order to help the economy, I’ll throw a brick through my television and refuse to replace it.

This year, my resolution is to become more fiscally conservative, cut down on the amount of waste I contribute to the earth, and invest in my experiences and my future over my possessions. Great change comes from dire crises. I believe this one will be a change not only at the policy level, but at the personal level. Or at least, it will be a forced change for many.

Fiscally conservative or broke – whichever camp you happen to be in, may the times not be as bad as they could be and may we make it out having learned the valuable skill of living frugally.