How has the bad economy affected your spending habits?
I am working on an article for a personal finance newsletter. I was wondering what real people are doing to brave the economy. Do you have any money-saving tips that may help other people. I’d prefer if your Yahoo preferences are set up to accept email. I may want to contact you for more information if i choose to use your answer. I’d appreciate your help. Thanks.
I’ve quit spending altogether on non-essentials: eating out, gym memberships, unnecessary insurance, premium coffee, clothes, etc. For entertainment, I’ve switched to "indoor versions" wherever possible – using Netflix instead of the movie theater, cooking-in instead of eating-out. I now turn off lights I’m not using, and replace my home-phone with Skype while also reducing the plan on my cell phone. I make sure grocery shopping is more organized so I only have one trip per week, and I’m quitting all Christmas cards this year (replacing with e-cards). No gifts to my family (except for the kids, since the adults understand).
I also have started using a spreadsheet (Google Docs) to track my bank account and all expenses. Even though things are tight, I still want to move forward every month and pay off outstanding cards, even though it means we’re eating a lot of pasta! We have a crapload of card debt so I canceled all the cards and aim to pay everything off by the end of next year. We talked about replacing our car, but I’m pushing that to 2010 (at least).
I think things will get uglier before we turn the corner, so I’m preparing to make sure my family’s ok!
jbeswick <,AT.> yahoo.com
well. the worse the economy is, happens to be better for my dad’s business. he’s in the movie business and he has a sports agency. but.. it does make things more expensive and such.
I haven’t been buying as many clothes, (luckily vintage is in right now).
umm.. i guess we might not go out to eat quite as much.
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I’ve quit spending altogether on non-essentials: eating out, gym memberships, unnecessary insurance, premium coffee, clothes, etc. For entertainment, I’ve switched to "indoor versions" wherever possible – using Netflix instead of the movie theater, cooking-in instead of eating-out. I now turn off lights I’m not using, and replace my home-phone with Skype while also reducing the plan on my cell phone. I make sure grocery shopping is more organized so I only have one trip per week, and I’m quitting all Christmas cards this year (replacing with e-cards). No gifts to my family (except for the kids, since the adults understand).
I also have started using a spreadsheet (Google Docs) to track my bank account and all expenses. Even though things are tight, I still want to move forward every month and pay off outstanding cards, even though it means we’re eating a lot of pasta! We have a crapload of card debt so I canceled all the cards and aim to pay everything off by the end of next year. We talked about replacing our car, but I’m pushing that to 2010 (at least).
I think things will get uglier before we turn the corner, so I’m preparing to make sure my family’s ok!
jbeswick <,AT.> yahoo.com
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I drive less, eat out less, no more starbucks in the morning… 🙁
I’m trying to consolidate CC debt too.
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I’m spending all my excess cash scooping up stocks on the cheap, I’ve cut down on convenience shopping (i.e. bringing lunch to work instead of buying from the deli there). I also continue to stash away cash at multiple online banks (I one gets caught up in a bankruptcy I’ll still have access to emergency funds). I’ve added a little silver to my cache, in case things go really really bad. I’m spending most of my time & free money getting additional education… increases earning potential & takes up all my time so I’m not spending on frivolities.
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Well, I changed my habits several years ago because I predicted this calamity.
1 – I am at work. The only things plugged in at my apt are my refrigirator and maybe microwave. I have power strips. I unplug everything when I leave. Sure, it takes an extra 30 seconds, but i have cut my electric bill in half. Last electric bill was 15.96 for the month.
2 – I ride the bus as often as possible. It is tough because I work two jobs, and one is full-time overnights and I have to drive my daughter to school in mornings. But, the bus is awesome. i have a card through work that is 36 dollars a month all you can ride and uses pretax money. I save miles on my car, gasoline and its actually a lot less stressful. Istead of rushing in and out of traffic, I have 20-25 min bus ride. I can read, socialize with the familiars or just people watch. It is a good stress reliever.
3 -I know it is obvious, but stay out of debt. I have no credit card or auto loan debt. And,I have never been happier. It took 2 long hard years of paying everything off – no going out, no movies, no fun… But, now, I have 500-700 extra spending money every check. I save most of it.
4 – enjoy the small things in life. iphones, xbox360s, wiis, giant tvs and super computers are nothing more than traps to get you to buy the next best thing. Its a revolving door. I still play my original xbox. Not because I need super hi-def games. But, because they are just games. And, I never get to involved in them. Because, there is too much cool real sh|t in the world to detach from.
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