Have you cut your spending due to the economic meltdown?

Discussion in 'Community Discussion' started by wordmunger, Oct 29, 2008.

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

  1. No, it's business as usual

    30 vote(s)
    33.7%
  2. I've thought about it but haven't actually done anything

    13 vote(s)
    14.6%
  3. Yes, a little

    26 vote(s)
    29.2%
  4. Yes, I've made drastic spending changes

    13 vote(s)
    14.6%
  5. I'm already broke -- there's nothing to cut

    7 vote(s)
    7.9%
  1. wordmunger macrumors 603

    wordmunger

    Joined:
    Sep 3, 2003
    Location:
    North Carolina
    #1
    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.
     
  2. sushi Moderator emeritus

    sushi

    Joined:
    Jul 19, 2002
    Location:
    キャンプスワ&#
    #2
    Cutting back on spending in some areas.

    Saving more these days. Investing more as well.
     
  3. 7on macrumors 601

    7on

    Joined:
    Nov 9, 2003
    Location:
    Dress Rosa
    #3
    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
     
  4. ucfgrad93 macrumors P6

    ucfgrad93

    Joined:
    Aug 17, 2007
    Location:
    Colorado
    #4
    My wife and I have also cut way back on our spending.
     
  5. wordmunger thread starter macrumors 603

    wordmunger

    Joined:
    Sep 3, 2003
    Location:
    North Carolina
    #5
    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!
     
  6. Abstract macrumors Penryn

    Abstract

    Joined:
    Dec 27, 2002
    Location:
    Location Location Location
    #6
    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
     
  7. dmr727 macrumors G3

    dmr727

    Joined:
    Dec 29, 2007
    Location:
    Southern California
    #7
    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. :)
     
  8. cantthinkofone macrumors 65816

    cantthinkofone

    Joined:
    Jul 25, 2004
    Location:
    Missouri, USA
    #8
    I don't know where else i could cut spending. Guess i could stop paying the utility bill, rent, or my loan. Then i would have money.
     
  9. LumbermanSVO macrumors 65816

    Joined:
    Mar 15, 2007
    Location:
    Denton, TX
    #9
    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.
     
  10. Queso macrumors G4

    Joined:
    Mar 4, 2006
    #10
    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 ;)
     
  11. wordmunger thread starter macrumors 603

    wordmunger

    Joined:
    Sep 3, 2003
    Location:
    North Carolina
    #11
    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.
     
  12. cantthinkofone macrumors 65816

    cantthinkofone

    Joined:
    Jul 25, 2004
    Location:
    Missouri, USA
    #12
    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.
     
  13. woolyback macrumors regular

    Joined:
    Feb 14, 2008
    Location:
    England
    #13
    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... ;)
     
  14. Drumjim85 macrumors 68030

    Drumjim85

    Joined:
    Oct 7, 2007
    Location:
    DFW, TX
  15. iSaint macrumors 603

    iSaint

    Joined:
    May 26, 2004
    Location:
    South Mississippi y'all, near the water!
    #15
    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.
     
  16. Toppa G's macrumors 6502

    Joined:
    Jun 19, 2003
    Location:
    The exurbs, MN
    #16
    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
     
  17. Phrasikleia macrumors 601

    Phrasikleia

    Joined:
    Feb 24, 2008
    Location:
    Over there------->
    #17
    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.
     
  18. sushi Moderator emeritus

    sushi

    Joined:
    Jul 19, 2002
    Location:
    キャンプスワ&#
    #18
    Those are some nice rates.

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

    One thing about savings. You don't loose your principle.
     
  19. thejadedmonkey macrumors 604

    thejadedmonkey

    Joined:
    May 28, 2005
    Location:
    Pa
    #19
    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".
     
  20. Abstract macrumors Penryn

    Abstract

    Joined:
    Dec 27, 2002
    Location:
    Location Location Location
    #20
    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.
     
  21. cantthinkofone macrumors 65816

    cantthinkofone

    Joined:
    Jul 25, 2004
    Location:
    Missouri, USA
    #21
    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
     
  22. aethelbert macrumors 601

    Joined:
    Jun 1, 2007
    Location:
    Chicago, IL, USA
    #22
    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.
     
  23. Rodimus Prime macrumors G4

    Rodimus Prime

    Joined:
    Oct 9, 2006
    #23
    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.
     
  24. Rodimus Prime macrumors G4

    Rodimus Prime

    Joined:
    Oct 9, 2006
    #24
    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.
     
  25. Counterfit macrumors G3

    Counterfit

    Joined:
    Aug 20, 2003
    Location:
    sitting on your shoulder
    #25
    Well, here's hoping you don't get reamed on the interest rate (assuming you're financing).
     

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