Many of us are still in doubt whether the recession has ended are not and it had greatly affected the minds of people are over the world. It shattered the economy very much and in fact many people lost their jobs, houses, money and lives too. The only advice I would give to the people are over the world is to open a savings account in a reputed bank so that it may come in handy at any point of time. It is very shameful to see many educated persons are not having any savings account with them and barely live on credit cards alone. Credit cards are indeed very useful on all occasions but according to my experience, a savings account is more powerful and useful in today’ s economic situation.  Many people are still affected by the recession and they are yet to overcome from its trauma. Many financially backward families suffered a lot in the global economic meltdown and it could have been avoided if they had a savings account to protect them.  Money saved is equal to money earned and we must develop a habit to save lots and lots of money so that we can face any type of recession.