Between news shows, sale signs in shops and conversations with family and friends, I’ve heard so much about the current recession that I’m beginning to be desensitized to it.

But, the economic downturn won’t be around forever (thank goodness!)—and that means you should make sure you take advantage of it while it lasts.

Time to Part with Your Savings?

Although you definitely shouldn’t blow your nest egg on recession bargains for useless stuff, you may want to consider what kinds of major purchases you plan on making in the next few years.

If you play your cards right, you may want to make them now.

Home Improvement Items

• Furniture: Because fewer people are buying homes and the accessories that come with them, furniture prices have seen a decline in recent months – according to the Consumer Price Index, they’ve dipped 2.4 percent. But, thanks to slow traffic in stores, many retailers are offering even lower prices and are willing to bargain.

• Renovations: Similarly, many contractors and builders have seen demand for work plummet since the end of the housing boom. If you’re thinking about an addition or improvement to your home, now may be the time to get some estimates – companies may bid the price lower than they would during a busy time.

• Technology Upgrades: Prices on electronics like flat-screen televisions have reportedly dropped as much as nine percent since a year ago, but make sure you know the total cost if you plan to invest in a new TV – some of the fancier styles guzzle energy and may end up costing more than you expected in electricity bills.

Big Items

• A House: If you’re planning on buying a house soon, seriously consider purchasing one now. Between the stimulus bill’s $8,000 credit for first-time homebuyers, prices down by a quarter from three years ago and unusually low interest rates for 30-year, fixed rate mortgages (hovering around five percent), you may never get a better deal on a house than you will in the next few months.

• A Car: Demand for automobiles has dropped by a third in the last eight months, which mean that dealers have vehicles on their lots that are taking up space and possibly costing them money to hang on to. Dealer incentives are excellent and sellers are ready to bargain – buyers definitely have the upper hand. Plus, if the Cash for Clunkers bill passes into law, you could receive government money for buying an eco-friendly vehicle.

Clothing Deals

Hit any second-hand store and it’s likely to be hopping.

That’s because some people are looking for bargain prices on clothing and others are looking to get some cash in exchange for their gently worn garments.

In short: conditions are perfect to find real gems when shopping second-hand.

If you’re still struggling with recession debt and need help regaining control of your finances, then perhaps filing bankruptcy could offer you a fresh start.

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