Bad economic times have been a nightmare for millions of Americans who've lost jobs, homes and big chunks of their retirement funds.
If you have disposable income and the willingness to spend it, though, the flip side of the recession has been sometimes-amazing bargains as hard-hit businesses have become more willing to wheel, deal and discount.
I queried some of my fellow personal-finance writers as well as posters on the Your Money message board for their best recession bargains. These are their stories.
Retail heaven
Jean Chatzky, the financial editor of NBC's "Today" show and author of "Money 911," has become a fan of online sample-sale sites. These sites, which have sprouted like mushrooms in the past couple of years, offer designer duds at steep, steep discounts in lightning-fast sales that sometimes last only a few hours. To get access, you often have to be "sponsored in" by an existing site member.Two of Chatzky's favorites: Rue La La and Gilt Groupe.
"My best (bargain)? The designer dress I'm planning to wear to my daughter's bat mitzvah," Chatzky said. "It was less than $100!"
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Houses (and mortgages) on sale
Plunging home prices have proved a bonanza for homebuyers and investors. Your Money poster "PatrioticStablest," who owns several rentals, scooped up a foreclosed home for $38,000."(It) was in bad shape (and we) spent about $30,000 on it but now have it rented for $900 a month," PatrioticStablest wrote. That's a "good return on our investment (and we) wish we could find more at that price even if it was in poor condition."
Fellow poster "not_a_crook" counts a home loan as the best recession bargain: a 15-year fixed-rate mortgage at 4.25% (with a quarter-point).
Elisabeth Leamy, the consumer correspondent for ABC's "Good Morning America," is equally proud of the rate she nabbed on a refinance.
"My husband and I already had a great rate (5.875%), but we watched and waited to pounce on an even better deal. Sure enough, over the summer, we locked in a new rate a full point lower," said Leamy, the author of "Save Big: Cut Your Top 5 Costs and Save Thousands." "With just a couple weeks' worth of planning and paperwork, our new mortgage will save us approximately $7,000 a year. Now that's what I mean when I say 'save big!'"
Cruising through a remodel
J.D. Roth, who authors the Get Rich Slowly blog, is fixing up the home he shares with his wife and has been impressed by how eager contractors seem to be for the work."We got good deals, quick service and attention to detail we haven't got in the past," said Roth, who also has written a book, "Your Money: The Missing Manual." "We own a hundred-year-old house, and, as you can imagine, there's a lot of stuff that needs done. For example, we hired a carpenter to fix all of our windows, which were caulked shut. He did awesome work and for a lower price than we could have got two years ago."
Roth also noted all the travel bargains out there, particularly with cruises. Although he says he's "not a big cruise guy," the prices he's seeing on sites such as VacationsToGo.com are "mighty tempting."
"My wife and I rarely go on vacation, but we booked two trips for 2010 because we got great prices," Roth said. "And I know it sounds crazy, but I'm actually considering a 2011 repositioning cruise from China to Japan to Alaska because the prices are so good."
I'll second that. Our family took a seven-day cruise to Alaska with my in-laws on Holland America that set us back just under $500 a person for a relatively spacious interior cabin. Although tips and excursions increased the cost, that rate made me the envy of my Alaska buddies, who are used to seeing trips that cost at least twice that.
Continued: It's like getting paid to go to Vegas