How has your budget been affected due to the economic downturn or reduced income?
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 All Forums >> [Life] >> Finances >> How has your budget been affected due to the economic downturn or reduced income? | Page: [1] |
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How has your budget been affected due to the economic d... - 3/11/2010 7:36:36 PM
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crazedmom
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Most people I know have been affected one way or another by the current economic conditions.
My dh's income is half of what it used to be, so we've had to make some adjustments. We obviously don't shop at the same places we used to. We've re-discovered the fine art of thrift store shopping and have shopped at discount grocers. We have less "wants" in general. :)
I have also started clipping coupons again, and buy more store brands now. Dh takes leftovers for lunch every day. I shop clearance racks, etc. I'm getting my hair cut and colored at a beauty school vs. paying salon prices. The kids are taking a break from getting an allowance for a while. We use the library a lot.
Just thought we could all share and get some insights from one another.
Have you changed any spending habits in the last year or so? What items are no longer in your budget that once were? How have you adapted?
What item is the last "hold out" that you'd like to zap out of your budget?
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RE: How has your budget been affected due to the econom... - 3/12/2010 8:51:23 AM
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wretched1
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Our income has also been cut by about 50%, but there was not much fat to be trimmed from our spending habits - so not much change there. The amount set aside towards retirement has taken the biggest hit. We have not had to drop those that we support, but we have not been able to add anyone for a while now.
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RE: How has your budget been affected due to the econom... - 3/15/2010 3:17:34 PM
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crazedmom
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^ I can so identify with you about the fast food deal. That is one of my weaknesses if I'm out running errands. It's a tough habit to break. I was doing good on this for a while, but now I'm in a slump again. One thing I've found that helps is to pack drinks & snacks in a small cooler/bag to keep in the car. If you're ravenous, the pretzels or granola bar can tide you over.
Oatmeal is a very filling breakfast food that can easily be taken in the car on the run in the mornings. My dh often does this. Pop it in the microwave w/ raisins or nuts & brown sugar (or whatever) for one minute & you're set. McDonald's even sells oatmeal now. They're trying to be more healthy, I guess. (although theirs is loaded w/sugar) At least if you make it yourself, you know what you're putting in it.
Oh, I love books too! If you have a family member or friend that has a good library, maybe you could swap books too. I'm doing this with my sister with DVD's. Whenever she comes to visit, we return ones we've borrowed and start the cycle over again.
I'm still adjusting to our new life. I guess I never realized how much leisure shopping I used to do before. I kind of like "treasure hunting" at the thrift store, though. I don't always find what I'm looking for, but the hunt is interesting. When I do find what I'm looking for, I love the price tag!
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RE: How has your budget been affected due to the econom... - 3/19/2010 12:22:15 PM
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GregandJenny
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I think the economic down turn has really helped our budget!
First we got a budget. We actually know where all of our money is going.
Second We stopped spending on crazy stuff just to have it.
Third, we got to focus on what's more important, friends family each other.
And lastly I think the economic down turn helped us be honest about our debts and what we owe. We have paid off 2 credit cards during the down turn and almost done paying off one more. This is all on making 25% less then the previous years.
Praise God!
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RE: How has your budget been affected due to the econom... - 3/19/2010 6:44:44 PM
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crazedmom
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Yes, I think the current national economic situation has caused many to re-focus on what's important and get back to the basics. It has definitely done that for us also.
We pay cash for everything and are in the process of building up our savings. We love Dave Ramsey and his 7 Baby Steps; and highly recommend them!!
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RE: How has your budget been affected due to the econom... - 3/20/2010 4:11:12 AM
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GregandJenny
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quote:
We love Dave Ramsey and his 7 Baby Steps; and highly recommend them!!
We love Dave Ramsey too!
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RE: How has your budget been affected due to the econom... - 3/20/2010 11:25:18 AM
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crazedmom
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^He has such old fashioned, down to earth wisdom, doesn't he? He's helped so many people and it's awesome!
I think the crux of the matter is how we view money. (i.e. Do we think in terms of how much car can I afford -monthly payments - or what is the least amount I can spend on a reliable car?) Like Dave Ramsey says, "Does money tell you what to do or do you tell your money what to do?" I want to be in charge here! :)
No wonder companies spend so much money on advertising... Because it works! If we can somehow step off the commercialism and materialistic hamster wheel; we can realize how unnecessary most of that stuff is and how it holds us in bondage so much of the time! (particularly when it's on credit)
It is an adjustment, though, going from xxx income to xx mentally. Life is so mental, isn't it? So, now that we've somewhat gotten past the, "Okay, this is the new normal" phase...we can move on to being better stewards of our money, identifying areas we can save in, and enjoying life.
Anyone else identify with this?
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RE: How has your budget been affected due to the econom... - 3/22/2010 1:47:36 PM
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crazedmom
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^I've been thinking about doing something different with my cell phone. I hate how much I'm paying and dh has one through his job now, which is great. I'll have to check into what you posted. That could be a viable option. Thanks.
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) and I always make it last. Good thing I get good gas mileage. 
I know it all adds up and I always hit myself afterwards for letting my stomach rule my brain on these matters. 
RE: How has your budget been affected due to the econom... - 
