Are You Conserving Your Money ... or Not?

[Bill Cory]

These days, seeing what's potentially coming down the road, I'm becoming more conservative of my funds. I hesitate to click the "Checkout" button for things I don't need. I've sold three guitars in the last month, and two microphones. More to come.

I guess I'm saving up chips for later in the game, much more than I used to do.

Anyone else doing this kind of thing, or is it just me?

[Sprinter]

I'm doing it too. I work in the garage at a Chevrolet dealership. Our dealership has been doing very well on the sales end, but the service department is slow. I'm very concerned about the future, and have cut way back on spending. I'm only buying what I absolutely need.


Sprinter

[Brent Hutto]

No not really. We don't live particularly frugally but then again we keep our cars for ten years at a stretch and don't take cash out of our mortgage or anything else profligate either. So we're keeping to the status quo.

[unimogbert]

Sudden layoff from a formerly "no layoffs" company in 2001 reset our ideas about cash outflow. Even after over 5 years of re-employment in what ought to be a stable company we are still much more careful than before 2001.

And folks thought we were frugal THEN!

(A friend said that the way fate works is to layoff those who were ready for it. Ya, we were ready but not willing.....)

I think the entire country needed this kind of reset about 10 years ago.

[fitness1]

I've always been very careful about frivolous spending. The unknowns at this point have me doing a full inventory on what I really need.
And the answer is.....not much;)

[Coolius]

Yes, the wife & I are tightening our belts - and we have not been extravagant in the past at all!

Still, the signs of a coming storm are on the horizon, and my job is not quite as secure as I had thought - the company just let a guy go who was covering the Florida/Georgia region for sales. Morale took a nosedive on the news.

That's why I'm selling off my 414CE-L3 Maranatha guitar - trying to thin down every unnecessary item in the home.

Our cars are 9 and 18 years old, so Schwarzenegger's latest doubling of the vehicle license fee will affect me minimally. No intention of changing them for a while, that's for sure. At least they both run well, no problems.

Eating out less, cooking at home more, and only day trips for us this summer.

[jyee]

i'm not doing anything different from my normal routine, which is fairly conservative. But i did make an effort this past weekend to clean out some clutter and post most of it on ebay. The money from the sales should offset the helicon voicetone pedal, akai headrush and immersion circulator i've bought recently and still give me some extra cash.

[SMan]

We've been stimulating the economy. The sky hasn't fallen yet. :up:

[cotten]

Until about 18 months ago, I was basically unemployed for two years. Oh, I was working as hard and long as ever, just being paid about a third of my former income. My wife and I had always been thrifty, but during that time became more than just frugal. We were very creative in finding ways to earn extra income and to avoid spending it.

Things are somewhat better now, though we're still having to pay for an extra house. I doubt we will ever go back to being merely thrifty. We enjoy saving more, spending less, and avoiding getting ripped off. (To borrow a phrase from consumer guru Clark Howard.) Our economy changed a good while back!

cotten

[LindaW]

Still shopping but shopping sales, and of course Target. We don't really go on family vacations and I used miles to send my daughter and my nephew to my parents' house this year. Things like camp for the children are still on though and we'll do day trips in MA this summer and around here. There's so much to explore in the DC area as well as the Boston area I don't think the kids will feel deprived.

Business-wise we've had some really good sales in our online shop and will continue to do so. Jewelry is a luxury so we need to make it an affordable treat.

[Stixx]

Hell I ain't embarrassed to say I don't have a choice. I've been broker than a pick pocket in a nudist colony for the last year and been parting with some awfully good wood just to keep a little bit of extra dough beyond living expenses.

I have always been frugal as far as keeping a buffer pile of cash to carry as I have been self employed for like ever.

That said, we can not expect the economy to get better if we dont. So those who have some dough, buy my guitars. LOL so I can buy more motorcycle stuff. he haw.

Well it sounded good before I wrote it all down.

I actually have some work right now for the first time since I can remember so I'm going to splurge and take my gal buddy out to eat this weekend. Maybe even go for a ride on the scoot if the winter faucet shuts off long enough. But one things for sure, we wont get better if we keep it all in a bank, but we don't want to spend it all either.

All things in moderation , worked for my Dad, works for me.

[yammieplaya]

I tend to be pretty thrifty,
because I'd rather have money than crap,
and I don't like working.
I read that 70% of CEOs surveyed are "planning layoffs
in the next 6 months". That can't be good for workers.
They also expect lower revenues and expenditures.

[astrummer]

Our household is being more conservative with money, not so much so that we aren't going on a vacation trip this year. However we just got through with planning it for 2/3 the cost of last year.

[jrporter]

Planning for retirement in the next year or so has been a larger guiding force than the economy at large. Since I work in a growth industry - special education- there's always jobs out there for me, but I'd like to "retire" in the next year or so and then continue to work more flexible, part-time hours if possible.

[JDM814]

My wife and I have always "lived beneath our means." Having a partner with a similar mindset is critical to a happy marriage. :) Dealing with some aging parent issues really drives home the point that you don't need much. While my Dad was in rehab at a skilled care facility, he had a nightstand, 1/2 a closet, and 4 pull out drawers...that's it. Some people sell their houses and move into a few drawers and a closet....it really drives the point home for me.

[Stixx]

My wife and I have always "lived beneath our means." Having a partner with a similar mindset is critical to a happy marriage. :) Dealing with some aging parent issues really drives home the point that you don't need much. While my Dad was in rehab at a skilled care facility, he had a nightstand, 1/2 a closet, and 4 pull out drawers...that's it. Some people sell their houses and move into a few drawers and a closet....it really drives the point home for me.

you bring up an excellent point, i.e. you can't take it with you. My Dad is 87 and still got a lot of toys but is thinking of downsizing and seeing how simple he lives on the every day things has given me hope for retirement . We all worry too much about money because we think we need so much and the GAS we talk about here is a good example. How many guitars do we really need, or want for that matter. This thread is thought provoking

[mikelhenry]

We have learned to live tight over the past 5-1/2 years since I was laid off. I could see it coming, and planned for it so we wouldn't be in trouble. Paid off our debts (except the mortgage) and put some money away. Fortunately, I was blessed to find work right away when the layoff came, but we have tried to live debt free ever since, all while putting three kids through college! It has been very freeing.

This year my wife has had to take a 10% pay cut, but thankfully she still has a job. Benefits were just taken away, too, and we feel the end is near for this company because the work just isn't coming in (high-end decorative brick and stone masonry). This has taken our economization to another level.

During the gas price heights, we learned to combine all our trips into one single trip, which required planning ahead or waiting until the next trip. With the prices creeping up again, we are glad we kept this good habit in force.

We are eating out less, and doing without when it is not a necessity. Plus, by the way, I haven't bought a new guitar in a year and three months... I think I'm finally getting over the withdrawal.

[PorkPieGuy]

We aren't saving, but we are paying off debt. Every time we watch one of those segments on the news on how to save money, I find that we are doing 99% of what they are telling us to do anyways. Once we pay something off, we hit another bill pretty hard.

However, my wife (who is a stay-at-home mom) has had to go back to work a few days a month to make this happen. We are also investing in my education, which I hope to graduate next year...and with that graduation comes an automatic 5%-10% raise next year.

[EverythingMusic]

I just took a pay cut, so yeah. I've always lived beneath my means and have other ways I can cut, so I’ll be okay.

[mapletrees]

finally scraped together the last couple hundred bucks to get our 2008 IRAs maxed out...

went to the post office but found Mrs Trees' Newport News Swim 2009 catalog before I put the envelopes in the slot...

they really shouldn't send that out so close to April 15th...

[Bill Cory]

So, most of us responding to this thread are cutting back, conserving.

Like others, I've been thinking lately about how little we really need. I fondly remember working in a gas station in Silverton CO in 1981, owning just a motorcycle and living in a 5x8 trailer. Going into the hills and (unsuccessfully) panning for gold almost every evening.

Makes me wonder why we begin to gather so much around us -- I look around and see a zillion books, couple of little brass doves, some Hummel-copy figurines, brass candlesticks, an antique sword and battle-axe from the middle ages, and more ... all things we're selling piece by piece and won't miss at all. Sold 3 guitars in the last month ... more to come.

GIANT garage sale coming up ... come on down! :) There's so much "stuff" ... maybe I'll start an online garage sale of my own. Craig's List, here I come!

[RustyAxe]

I've done that all my life ... it's what my "old school" working class family taught me. Now facing forced retirement at age 55, I have no worries, no debt whatsoever, no fear ... and bucks in the bank. With the recent announcement of my company axing another 1100 professional positions I can see the panic and fear in the faces of many of my co-workers. Like so many today, they banked on the system built on an irrational faith in ever-increasing, never-ending prosperity.

Along the way I bought and paid for my house, my kids' educations, dealt with serious illnesses, and gave away a good percentage of my income every year. I don't consider myself better or wiser than anyone else ... not by any means! We were fortunate, came from similar economic backgrounds (we knew what it was not to have everything we wanted) and we thank God always for his many blessings, even amidst the difficulties. But we remained always mindful that life comes at you fast, and things change over night.

[sayheyjeff]

We have been told we live beneath our means for years. Very fortunate, we have been able to live debt free since we were married, and at the same time, have most anything and everything we really wanted. Were thinking of retiring in about 2 years at a young enough age to spend a lot of time trying new things we didn't have time for (like learning to play my guitar) and spending more time with family and friends. The hit taken on savings combined with increased cost of living (primarily health care for us) has pushed retirement plans back first and foremost. Spending on vacations, home improvements and going out have become far less "frivolous" as well. The next step for us is to take a hard look at our budget and get a good handle on it so we can make adjustments rather than just "stress".

jeff

[kev2225]

I'm lucky I guess that a lot of the 'toys' people seem to can't live without, I have no interest in them. Take cell phones for example. It seems like 99% of the people have them and can't imagine life without one. Oh really? What did we do before cell phones? I live fine without one, even with a family and kids we keep in touch just fine. Amazing.

I think as whole, the people in this country feel 'deprived' if they don't have all the latest and greatest of everything. Where did all this sense of 'entitlement' come from anyway? I just don't get it. I love being a 'simple' man...LOL

[Brent Hutto]

I live a simple life
I work all day I sleep all night
A couple kids that need a nap
Big dog and a little cat
Wife that barks but rarely bites
So I live the simple life

I live a simple life
A good coat when the cold winds bite
Leather boots for my bare feet
Now and then a steak to eat
I pick with the boys on Friday night
So I live a simple life

My favorite book was wrote about a man that died to save my soul
And my favorite thing to hear is Daddy, I m so glad you home
And my favorite woman is 5 3 with long black hair and green eyes
Still I live a simple life

Instrumental

I live a simple life
Couple of friends I really like
A little house outside of town
An old car that gets me around
Complications may arise
But I live a simple life

And I live a simple life
Cell phone when my old car dies
The Internet to show me where
GPS to get me there
Everywhere there's satellites
Oh I live a simple life


Ricky Skaggs had a big hit off this one several years ago.

[Bill Cory]

I've done that all my life ... it's what my "old school" working class family taught me. Now facing forced retirement at age 55, I have no worries, no debt whatsoever, no fear ... and bucks in the bank. With the recent announcement of my company axing another 1100 professional positions I can see the panic and fear in the faces of many of my co-workers. Like so many today, they banked on the system built on an irrational faith in ever-increasing, never-ending prosperity.

Along the way I bought and paid for my house, my kids' educations, dealt with serious illnesses, and gave away a good percentage of my income every year. I don't consider myself better or wiser than anyone else ... not by any means! We were fortunate, came from similar economic backgrounds (we knew what it was not to have everything we wanted) and we thank God always for his many blessings, even amidst the difficulties. But we remained always mindful that life comes at you fast, and things change over night.

I have to respectfully disagree ... You are, in fact, wiser than many others.

[COWriter]

Laid off over a year ago. Knew it was coming and prepared accordingly. Living within your means is not always easy, but it's definitely worth it. :up:

[Nelson]

Planning for retirement in the next year or so has been a larger guiding force than the economy at large. Since I work in a growth industry - special education- there's always jobs out there for me, but I'd like to "retire" in the next year or so and then continue to work more flexible, part-time hours if possible.


Education in general is recession and depression proof. THjere will always be students in school.

If we can't pay for it with cash, we don't need it therefore we don't buy it.

[jyee]

If we can't pay for it with cash, we don't need it therefore we don't buy it.

That's a good philosophy, but if you don't have a temptation to overspend with a credit card, then i suggest using them. People often overlook cards that give serious rewards or cash back. E.g. I have an Amex with no annual fee that gives 3% on gas and restaurants. I have a citi mastercard that gives 3% back on groceries. Between the two, I usually get a couple hundred dollars back every year.

You just have to do a little looking to see what cards are available, but they're giving you money, so it's worth a bit of time to find something that works for you. (and again, only if you don't have a temptation to abuse it or have the self control to stay in your budget).

p.s. - the amex is a Costco amex, so the amex annual fee is waived for your normal costco membership fee. 3% on gas and restaurants, 2% on travel (air, hotel, car rental), 1% on everything else.

[Nelson]

That's a good philosophy, but if you don't have a temptation to overspend with a credit card, then i suggest using them.

You always overspend with a credit card. Statistics show that consumers spend 18-21% more when using a credit or debit card than when paying with cash. Even if they pay their balance off at the end of the month. There's no immediate pain involved. You feel the pain at the end of the month when you realize "Holy Cow! Did I spend that much this month?". And then, as statistics show, the average consumer will delay the full payment with the rationale "I'll make it up next month". That's when the snowball starts to roll.

It hurts like the dickens to count out that money and realize that there is an immediate reduction in the amount I have. It causes me to be much more careful of what I buy and to spend less. If I want something bad enough, I'll wait until I have the cash. It's not like they're never going to make another Toyota Camry or a Taylor guitar.

I'm not giving those trailer trash credit card sharks any opportunity to make a dime off of me.