For many households in 2012, tightening the belt means forgoing a holiday, brewing your own beer, ditching the Sky subscription.
An APN Media survey of 3000 online readers showed nearly 75 per cent were spending more on power than a year ago, almost 70 per cent had more set aside for rates, more than 65 per cent had noticed insurance increases and almost 45 per cent were concerned about the increase in petrol costs.
The report outlined in your paper today reveals restaurateurs are paying themselves below the minimum wage, people are putting on weight because they can't afford sports subs or the petrol to get to sporting venues, music lessons for children have been cancelled and one woman has even cut down on travel to visit her mother because she can't afford the petrol.
The Great Recession began with the sub-prime loan crisis late in 2007 but really dug in when Lehman Brothers fell in September 2008. More than three years on, times remain tough.
But two stories in today's paper should serve as a reminder to this generation of what tough times really look like.