It is hard to look past the uncertainty of financial institutions' solvency, the cost of borrowing and the economy in general but I believe the belt tightening most of us will have to do is probably a good thing.

I'll start with two obvious things – mortgages and loans. We saw how Northern Rock got into trouble in part by offering mortgages at 125 per cent of their home's value, and how people previously were able to pile on personal debt seemingly unchecked.

Firstly, I'm glad people now find it much more difficult to borrow beyond their means. Secondly, I am glad the credit crunch is the wake-up call the financial institutions we rely on needed to make sensible lending decisions that won't land them in trouble later.

I'll move on to food, and how Gordon Brown, this summer, quite rightly urged us to stop wasting food that adds £420 on to the yearly shopping bill of a typical family.

With rising food prices, we can ill-afford to do this.

The days of roast chicken leftovers on a Sunday being stretched through the week to make a pie, curry and chicken soup made with stock from simmered bones seem to be lost on many people today.

I have been learning to use cheaper cuts of meat, bulking out 'one pot' meals with pulses and beans and buying fresh fruit and vegetables in season.

I even got some free food at the weekend by picking blackberries and turning them into jam and I've also started growing vegetables in the garden – it's a lot of fun.

Our demand for cheap food – and lots of it – puts pressure on the environment and on farmers, so I hope it will now be valued more.

The economic downturn will be hard on some, but this country should be the wiser for it.