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Have you cut your spending due to the economic meltdown?

Have you cut back spending in response to the financial crisis?

  • No, it's business as usual

    Votes: 30 33.7%

  • I've thought about it but haven't actually done anything

    Votes: 13 14.6%

  • Yes, a little

    Votes: 26 29.2%

  • Yes, I've made drastic spending changes

    Votes: 13 14.6%

  • I'm already broke -- there's nothing to cut

    Votes: 7 7.9%
  • Total voters
    89
wordmunger

wordmunger

macrumors 603
Original poster
Sep 3, 2003
5,124
3
North Carolina
After seeing our net worth reduced by over 40 percent, my wife and I decided to seriously reconsider our budget. We've cut out over 30 percent of our spending and will be extremely careful until the financial crisis is resolved. Neither of us lost a job, and our house isn't being foreclosed -- we just thought it would make sense to be more careful with our money, with hard times possibly looming.

This made me curious: have other MacRumors members cut back due to the meltdown? Have you put off purchases? Cut up your credit cards? Seems like plenty of us are still buying new computers. I was just curious if it's business as usual for most people or if folks are making real changes.
 
I've actually just bought a HDTV and a new laptop (gift)...

And am planning to buy a car before Thanksgiving :eek:

So my spending has increased... everything is just getting so cheap with the economic downturn :D
 
7on said:
I've actually just bought a HDTV and a new laptop (gift)...

And am planning to buy a car before Thanksgiving :eek:

So my spending has increased... everything is just getting so cheap with the economic downturn :D
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Good... someone needs to spend money or all the money I've been saving/investing lately will never amount to anything. Businesses can't have profits if people don't buy their products!
 
No, I'll just keep my money in my bank account. It earns 6.1% per year, while everything above my account balance at the end of April 2008 has been earning interest at a special promotional rate of around 8%. This offer is still going until October 31st. :eek:

My savings have weathered the storm with ease. :p
 
We started reducing our spending during the Summer. The higher gas prices at the time essentially cost my wife her job (although she's still employed, and will be at least through February). We didn't cut back like crazy - just the really obvious stuff, and made a list of areas we can cut further if she does actually lose her job. We have been saving a lot - but we're working towards buying a house too. A down payment these days needs six figures, so we still have a number of months to go.

Incidentally, I just bought a MBP last week, and over the weekend we spent a few hundred on tickets to a play in Hollywood - so we're not completely shut down in the spending department. :)
 
I started cutting way back about 4 months ago, but it had nothing to do with the economy and everything to do with my desire to buy the truck I drive. Once I buy it (with cash) my ability to save will increase dramatically.
 
My spending has increased. Not intentionally, but with petrol, bread, cheese et al. now costing an absolute fortune I didn't get much choice in the matter.

And life without wine is no life at all ;)
 
Queso said:
My spending has increased. Not intentionally, but with petrol, bread, cheese et al. now costing an absolute fortune I didn't get much choice in the matter.

And life without wine is no life at all ;)
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Agreed. We cut a lot, but we didn't cut wine. We're trying to cut down on food spending, but we're finding that quite difficult. Food prices have risen so much it's hard to find much savings there.
 
wordmunger said:
Agreed. We cut a lot, but we didn't cut wine. We're trying to cut down on food spending, but we're finding that quite difficult. Food prices have risen so much it's hard to find much savings there.
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I stopped shopping at wally world and the local grocery stores. There is another store here in town (aldis) that i started shopping at. I can go in there and spend $50-60 and get enough food to last two people a week if not longer. They carry some name brand stuff, but most is off brand.

I would be spending around $150 if i went to any other place for the same food.

Only thing i I don't buy from aldis is meat. Make me sick when i first started going there.

I also ride into work with a co-worker in the mornings. This has saved a lot of driving.

Before i would go to work. leave around noon to take my fiancée to class, pick her up around 1:30. Drive back to work. Then drive home around 5.
 
Just cut back on some of the more impulse-type buys I normally make around pay-day :D

Plus saving for a house (loving the UK housing market at the moment) tends to focus the attention when looking for a deposit.

But then I am heading over to NYC soon where I can't possibly be held responsible for my spending actions... ;)
 
My wife lost a great job because of Ted Kennedy's investigation in to her employer's industry. The government would rather give money away for people to go to college, or make the interest themselves, than allow the private sector to be in business for themselves. Not sure if this plays in to the economic crisis, but it certainly is because of government mandates.
 
With a new job and the pay increase that went with it, I find myself spending a little bit more...just bought a new TV this week. I've decided to start buying some new clothes and picking up some of the other non-essential items that I've been waiting to buy...someone's gotta spend some money. :D
 
Yes, I've changed grocery stores (now shopping at a cheaper one instead of the nice upscale store with great produce and great service), I've cut my usual new clothing purchases, I'm no longer eating out as often, and I decided against purchasing a new MBP. My husband and I will probably nix our usual winter vacation as well. However, I did allow myself the purchase of a used camera lens that I found on Craigslist for a terrific price.
 
Abstract said:
No, I'll just keep my money in my bank account. It earns 6.1% per year, while everything above my account balance at the end of April 2008 has been earning interest at a special promotional rate of around 8%. This offer is still going until October 31st. :eek:
Click to expand...
Those are some nice rates.

What bank, if you don't mind my asking?

Abstract said:
My savings have weathered the storm with ease. :p
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One thing about savings. You don't loose your principle.
 
I haven't cut back at all on recreational spending. I have, however, significantly slowed down the rate that I put money aside for a new computer, and significantly increased the rate that I save money for a "rainy day".
 
sushi said:
Those are some nice rates.

What bank, if you don't mind my asking?
Click to expand...

ING in Australia. The rates have always been insane. There are also no bank fees.

There are times where I have made $100 a month, for several months, just by having money in this bank. ;)


Now I'm moving, so I'll go back to the typical rates offered to the rest of the world. :rolleyes: It's not worth keeping my money in this account because currency values are so volatile, and there's a chance you'd lose more than 8% if you were to transfer your money to Australia, waited a year.
 
I have an ING checking account. I owe then $50 :eek:. I plan to take care of that soon and start up my original plan of putting away $50 a month into it and watching it grow.

Hell, i still get 3 cents a month, even with a negative balance of $50 lol.

Wonder what i would get if i had a positive balance? :D
 
I've held a well-paying job for quite a long while with Lufthansa, so my pay is based on the Euro and it's been increasing over the last few years. With the weak dollar, I'm making even more, so the recession is great. There are a lot of bargains to be had here so I'm trying to scoop some up.
 
akonradi said:
I've held a well-paying job for quite a long while with Lufthansa, so my pay is based on the Euro and it's been increasing over the last few years. With the weak dollar, I'm making even more, so the recession is great. There are a lot of bargains to be had here so I'm trying to scoop some up.
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and yet we are watching currently the Euro Drop like a Rock. It was over $1.60 per 1 Euro just a few months ago and now it is already dropped in less than 2 months down to about $1.30 per Euro and still dropping.

The Yen and the Dollar are still considered the safe currency when recession hits the entire world. Everyone flocks to those 2 as the resent drop in everything but the Yen and the Dollar shows.

As for me I have not cut back my spending because of the Economy but more the fact that I am trying to build a savings and not waste my money. Only reason my spending has cut back a lot was because I am not currently traveling and I am working on building up my savings because I want to replace my car next year with out draining all my savings.
 
It does shock me to see so many people panick over the melt down since a vast majority of people jobs are not at risk. Most people have some type of savings so they can go about everything as normal yet many of these people see the news and think OMG I am in trouble I can not spend anything... It is that though of following what the news was saying about the economy that help get us in this mess. Thing are going great it means I can SPEND SPEND SPEND...

It is nice to see this be a wake up call and for many people build up a real savings. It is a huge stress relief for me personally having a healthy savings built up.

For example last week I wreck my car and I am going to have to pay 500 for the insurance deductible. I am not going to stress out over where that money is going to come from or how I am going to pay my bills. More it is damn that sucks I have to spend it out of savings and even then I still will have a healthy amount. I feel sorry for people who get a bill like that and would panic. Me I just complain a little about it and at most see if there are a few things I could cut back on a little to put the money back in and stay on track for my savings goal which might be I can not buy a new video game this money or for a little while and try to cut back the fun money.
 
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