I am not a 'crunch' denier. I am not the David Irving of the economics world. I am fully aware that a recession is well and truly under way and now know (courtesy of a work sponsored 'coping with the crunch' course) that it will probably be another eight months until things are back to normal.

But in the mean time, for people like me that don't earn much, don't rely on borrowing much, and don't own any property – it's great news. Companies everywhere are offering better and better deals in an attempt to up waning custom, meaning that normally overpriced stuff is actually now affordable. Hurrah!

The major supermarkets are all clambering to offer their customers more reasons to shop where they do or to remind them that every little helps. Morrisons has recently launched it's very own 'Price Crunch' promotion where each week eight reasonably desirable products (i.e. not just scurvy-inducing items, but proper food stuffs) are all sold for a mere 50p a pop. Meanwhile Sainsbury's and the chorizo-loving Jamie Oliver continue their crusade to educate the scoffing masses with their 'feed a family for a fiver' drive.

The summer sales currently all over the High Street seem to be better than they have been in years, with clothes you would actually wear bearing genuine discounts. And restaurants? Well, this is the best news of the lot. Restaurants throughout the land are now serving food at a price-point somewhere near to what it should have been in the first place. Some of the most notable being Yo Sushi's current 50 per cent off all food and Loch Fyne's incredible £11.00 offer which includes starter, main, side dish and a glass of wine – good times. Details on how to claim later...

There are also couple of less obvious (but almost as lovely as the cheapo restaurant result) side effects of The Crunch. Firstly, TV channels have been under pressure to cut down the number of 'buying houses and doing them up is good and is an easy way to get rich' programmes. Sadly, it has taken a recession for someone to notice that this is not a particularly responsible idea to plug, but the result is still the same – less insipid house programmes on the box.

Secondly, whether it's necessary or not, people have come over all thrifty. I am thrifty. I had it drummed into me by my Mother as did she and her Mother before her. And I am sure that any child of mine will equally be taught the importance of re-using wrapping paper (and string), keeping hold of stamps that haven't been properly franked and never, ever, under any circumstances, buying treats from a cinema foyer.

All these things were previously seen as being either a bit batty, a bit tight or just a bit Yorkshire. But now, like some ugly white jeans in Scope, I have suddenly made the leap from slightly wrong to thrifty chic.

The Credit Crunch makes me feel normal – it's no longer embarrassing to say 'sorry, I can't afford it' to social invitations, as even the rich people are now saying this. In fact, it's the rich people who are saying it all the more as for the property-less paupers, going out has never been so cheap.

Long Live the Credit Crunch!

The 50 per cent off YoSushi Offer is available on Mondays and Tuesdays only until 19 August. Visit http://www.yosushi.com/summer_passport_offer.php  to sign up

The Loch Fyne £11.00 deal is available every day until 7pm, and ends September 30. To claim, print this voucher http://www.lochfyne.com/getdoc/06418d1a-e20b-4d67-a94f-9668669709cd/summerpromo08a5.aspx

By Gemma Hughes/MOLI