It won't be wrong to say that the economy is gradually recovering from the second most severe depression after the great depression of 1930's.

According to the recent study of consumer data, both personal income and consumer spending, the two main driving forces of an economy, have registered positive growth rates as compared to the significant drop of 1.3% during June last year.

Now, when we may let the economy heal at its own pace we need to evaluate what we have learnt from this experience and how can we save ourselves from slipping into another economic meltdown in the coming time. Here are some measures that can help us prevent another depression in the future.

We need credit cards wisely - The total consumer debt in USA alone stands at trillion of dollars and it has been recognized as one of the major contributing factors towards the economic slowdown. We need to learn how to leave within our means. Our greed and desire to 'live life king size' have put the economy to this jeopardy.

Practice the habit of saving - Yes, this is very important. US households were severely hit since they hadn't had enough savings to survive through the bad days. Saving is important even if it means curtailing your existing expenditure to some extent.

Investing prudently - We seriously need to consider the ways to stop waste and methods to secure our investments for the future. Taking risk is important for any investor but more risk doesn't always ensure more return. Hence, distribute risk evenly within your portfolio and if you’re not confident, don't be over aggressive.

Be thankful that you are employed - Around 6.5 million jobs were lost during this period. So, if you haven't suffered unemployment in this recession, be thankful even if you hate your job.

Buy house when you can really afford it - Yeah, owning house is known to be the 'greatest American dream' but not until you can actually afford it.