What have you given up because of the economy?

[Racerbvd]

More tax $$$$$$$$$$$$$$

[VINMAN]

Really havent had to give anything up as of yet. Income/ finance has pretty much been status quo for us.
On the other hand hand last year, when the gas prices where out of control , that really put a hurting on me. We cut alot of stuff out back then. Gave up on alot of day trips, unnecessary driving, Boating, joy rides, going out to eat, etc, etc... But it looks like they are gonna go sky high again this year.

[daepp]

Originally Posted by Laneco

At Casa de Lane we've given up or reduced the following:

Pulled insurance from all but 3 cars (except for fire/theft). Saved $120/month
Dumped 1 cell phone - $60 a month
Sold my Mazda6 - $400 a month
Home brewed coffee instead of $$$ kioss - $50 a month
Cancelled magazine subscriptions/stop paper when I'm on travel - $40 a month
Consolidated 3 high interest credit cards to 1 fixed rate loan. $100 a month (plus
about 3 years less payments...)
Payed off (or consolidated) and closed a total of 7 credit cards. Yeah I know FICO
who freakin' cares? FICO me when everything's paid off in two years...
Other than socks and underwear, haven't bought a new item of clothing in more
than a year. Buying used at ebay, craigslist or thriftshops.
Shop for food at discount, farmer's markets, etc., instead of Safeway/Albertsons.
How much does that save? Try close to $300 a month for the family.

We'll probably send Steve's Jeep down the road as well ($550 a month). If we could sell this house, we could move into our rental and everything would be a piece of cake. I think we can pretty much figure this house won't sell though so cutting the costs is the pre-emptive contigency plan.

I've been much much worse off than this though. Compared to past bad times, this is a walk in a flower strewn garden. I can handle it, in fact, I know perfectly well it could get a whole bunch worse and I could still handle it. So can alot of other people.
angela

I hate to ask - has someone lost a job, or is this just preemptive?

[m21sniper]

Originally Posted by cairns

Close to $100,000 in taxes.

I think that's more than enough but apparently the Democratic leadership has plans to redistibute even more of my money.

Sweet, maybe i'll get some.

Originally Posted by ruf-porsche

We just pulled the plug on our DirecTv account. Daughter wasn't very happy because now she can't WIC after school.

Tell your daughter about Hulu.com It's essentially free cable TV. It thoroughly rocks.

[gprsh924]

Me: Instead of $1000 spring break extravaganza, I am going to my cousin's cabin to ride ATV's and shoot guns and such. Watching frivolous spending as I do not know where I am going to work this summer.

Family: We really haven't given up anything. My parents were already super conservative with daily spending, so nothing has changed there. Still planning on new cabinets, floors, doors at the lake house. Depending on how things go this spring, maybe a new dock and/or a pontoon boat. All that remains to be seen.

[Dave L]

I bring my coffee from home which also has the side benifit of not getting the daily cookie or donut with my coffee order. Its also more environmentally friendly as I dont throw out a paper cup every day.

I have also been bringing my lunch most days which has greatly cut back on my consumption of garbage (fast) food.

I save about $10/day and have lost a few pounds as well. With the little bit of extra money I am paying down my used Saabaru a little faster.

[turbo6bar]

Working more and playing less, but that'll be changing soon as projects hit completion.

I never was a big spender on anything outside buying real estate, equipment, or tools, so spending habits are unchanged.

[maxnine11]

What have you given up because of the economy?

Just one thing .................. hope

[9elf]

Originally Posted by maxnine11

What have you given up because of the economy?

Just one thing .................. hope

Good call.

This is exactly the current worldwide sentiment!

When it changes, we will all rise with it. Here's hoping...

[Hugh R]

Just ordered a 52" Sony HDTV with surround sound!!! Oh, things that I gave up, a lot of $ to the IRS.

I insure my Targa through Haggerty for $250/year for 250/500K insurance.

[Porsche-O-Phile]

Just a minor counterpoint here, but you guys DO realize that the exact behaviors you're bragging about are the ones that are deepening the recession and making folks lose their jobs, right?

Not saying I disagree or agree, but it's worth mentioning.

[Laneco]

Originally Posted by daepp

I hate to ask - has someone lost a job, or is this just preemptive?

No - we are both reasonably confident of our employment (let's face it, very few people feel 100% in that department right now). This is pre-emptive. We also sold two of our rentals a year ago for a 40K loss. Had we been foolish enough to keep them, as the real estates were just SURE we should do for the little "blip" in the housing market - haha - we would be really hosed right now...

By cutting back before we get desperate we hope to build a little padding. Alot of people are waiting until it's too late to do something. Big mistake. Start doing something now. When you shrink down what you are spending, you realize there's a whole lot you can do without. You begin to prioritize. To simplify.

Family first. The rest of the stuff falls in behind. If you keep that focus, no matter what does happen, you will make it through this. Maybe sans alot of stuff, but hey, it will make it easier to relocate - LOL!

angela

[Scuba Steve]

I haven't really given up anything - a month ago I spent a lot getting a couple of really big trees planted in the front yard, but I save up to pay for all big things like that in advance rather than borrow for it. I'm getting married in another three months so other spending has been cut back a lot. We're financially compatible and has no debt either so I'm not worrying about that.

[jyl]

That is called the paradox of thrift. Individuals doing what is rational individually can collectively create the very result they each wish to avoid. Well, no way to avoid it. Those of you who continue spending, we salute you.

Just a minor counterpoint here, but you guys DO realize that the exact behaviors you're bragging about are the ones that are deepening the recession and making folks lose their jobs, right?



Not saying I disagree or agree, but it's worth mentioning.

[ruf-porsche]

Originally Posted by Porsche-O-Phile

Just a minor counterpoint here, but you guys DO realize that the exact behaviors you're bragging about are the ones that are deepening the recession and making folks lose their jobs, right?

Not saying I disagree or agree, but it's worth mentioning.

I don't think anyone is bragging, except for that guy down under and the guy that just brought a 52 inch TV, but when money is tight you have to give up something. We haven't lost our house and lucky for us I have a pension that provide us with a monthly income and health insurance for the family, but if I was still working as an Architect I would have signed up for my annual ski vacation (this year the group is spending a week in Vail) and I would have already plan our summer vacation. If I was still working I would have look at replacing the BMW Touring with maybe a minivan. I would have look forward to the summer driving season and driving up to Road America in the Porsche or Lotus and having a Beer and Brat with Slo-Bob.

Our only debt is our house. We do not carry a balance on any of our credit cards. For the pass 6 years I have been putting the max into my 401k accounts, which probably have lost 40% of their value since this time last year. I don't think we started the recession, but we are just doing everything to survive it.

[Born2bwild1191]

Originally Posted by cairns

Close to $100,000 in taxes.

I think that's more than enough but apparently the Democratic leadership has plans to redistibute even more of my money.

Amen to that...It's utterly ridiculous.

[turbo6bar]

Originally Posted by Porsche-O-Phile

Just a minor counterpoint here, but you guys DO realize that the exact behaviors you're bragging about are the ones that are deepening the recession and making folks lose their jobs, right?

Not saying I disagree or agree, but it's worth mentioning.

You're beginning to sound like tabs, man. One minute you're ranting about how this country is heading to hell and the other minute you're head cheerleader.

Not saying I disagree or agree, but it's worth mentioning.

Seems to me a lot of folks are reevaluating needs and wants. We might come out the other side on better footing, a better "foundation" as our president suggests.

[Jims5543]

I'll play.

In October 2007 I decided things were going to go down hill hard, bad, and fast.

I put my 911 and my vacation home up for sale. The 911 sold in 4 weeks and I closed on the vacation home exactly 1 year later the same week the stock market dived horribly.

I did not pay off the mortgage I had, instead I payed off every other bill I had in the world, I cashed out my 2007 FJ cruiser, and bought a E46, putting the balance of cash in the bank, I then paid down my mortgage a whole bunch leaving a good chunk of money in the bank. Enough to live for 2 years with no income.

Since I own my own company I went to task cutting expenses everywhere I could, my operating expenses are nill now, I took a personal 50% paycut and laid off everyone except for 1 employee.

Business has been bad, like I am doing about 20% the business I was doing 3 years ago. But, I am so lean and mean right now I am in good shape. I can still go on vacation, go out to dinner, take the kids away for a weekend of fun if I wanted but I choose not to right now until I see the other side of this.

The last month or so has been crazy, all we seem to be surveying now is foreclosed homes. One after the other. Which is scary because 2 years ago when I said that the banks would be in trouble I am saying its FAR from over, I am seeing millions each week in losses for banks, in my little corner of this earth I am seeing millions a week in losses. This is far from over.

I fear that the 2 years of money I have in reserve will not be enough. We are trying to build on that while we can. Every good month I have at work I try to build on my reserve.

This was all depressing me, I gained 20 lbs was drinking like a fish, then drinking red bull like a fish to wake back up each day. I cut out all booze, all red bull (those 2 thinks alone save me hundreds a month) and put myself on a healthy diet and joined a 24 hour gym. I have lost 16 lbs so far, I am saving a ton of money, I spend zero all week long as I bring all my food to work with me. Same goes for at home we eat in all the time maybe going out once or twice a month.

I think I calculated this change alone is saving me close to $400 a month.

We have gone back to basics as a family, we go to parks, bike rides, hiking do projects around the house etc... If its free we are all about it.

[Rot 911]

We are in about the same boat as Jims5543. Due to involuntary drastic job changes our income is half what it was a year ago. Fortunately, when we times werr fat I paid off everything but the house and built up the savings. Hopefully that will carry us through what I see as a couple of lean years ahead.

[Shadetree930]

Originally Posted by 911Rob

About half my net worth.

I hear ya brother.

In my case ... enough to arm a small 3rd world nation.

But it gets better .... I suspect what is left will get redistributed.