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What have you changed about how you spend money since the Recession began?

I saw a blurb on the news and the economists seemed divided when it came to predicting how Americans will spend money after the Recession is lifted. Half thought that Americans have permanently gone from free spenders to frugal savers, and the other half thinks that Americans will go right back to spend, spend, spend. My family and I were a part of the spend, spend, spend culture before the Recession, but have since cut WAAAAAAY back and we now cut coupons. We have our spending down to a science. What have you done, and will you go back to your old ways after the Recession?

 
kenzie07

Asked by kenzie07 at 10:31 AM on Oct. 26, 2009 in Politics & Current Events

Level 18 (6,259 Credits)
This question is closed.
Answers (35)
  • We are saving more. We were good savers to begin with, but we have really started squirreling it away.

    We have laid out a good sum of money on emergency supplies, food, toilet paper, batteries...a long list!

    My career was in finance. I spent several years as a trust officer before becoming a sahm. We are no longer investing in the stock market. It is dangerously inflated right now. The gains we have seen are false ones. We are not yet in recovery. I expect the market to implode again in the not to distant future.

    We are cutting way back for Christmas as well.

    I think it is possible for Americans to go forward more frugally, but the government is going to need to encourage this, not the spend spend they have encouraged in the past. They will also need to lead by example.
    yourspecialkid

    Answer by yourspecialkid at 10:42 AM on Oct. 26, 2009

  • We really haven't changed anything. We had a medical crisis with our son many years ago that wiped us out and without help from family we would have lost everything. Learned our leson then.

    Actually things will be interesting just from the fact that our youngest graduates from college next year and we will no longer have any financial respobsibilities for kids. We are wondering what we will do with all the extra cash, LOL.
    emptynstr

    Answer by emptynstr at 10:37 AM on Oct. 26, 2009

  • i go against the grain, like the Oracle of Omaha, when people are scared i am greedy. so i started buying everything i could with cheap stocks. when people are greedy i am scared, so when the recession lifts i will go back to selling high stock and squirreling away the duckies for when stocks are on sale again. buy low sell high, remember? milionaires are made during recessions, and i've always been more than frugal so things for me don't change much out of the norm.
    jewjewbee

    Answer by jewjewbee at 10:38 AM on Oct. 26, 2009

  • I still spend some, but we have cut back from doing anything major that takes a big chunk out of savings, for example I've been holding off on getting my floor re-tiled, also I know DH wants to by a few things for the basement like a new couch, etc that we are holding out on.

    When it's over I don't think we'll spend like we did before, but we will let go a bit more. It actually feels good saving more money.
    LadyEb

    Answer by LadyEb at 10:38 AM on Oct. 26, 2009

  • Well the recession doesn't have anytthing to do with how hub and I spend money. The recession hasn't affected us personally. We are watching out spending, but it's because we want a nest egg lol
    Zakysmommy

    Answer by Zakysmommy at 10:43 AM on Oct. 26, 2009

  • I have always been frugal. If I can buy the same thing for cheaper I will get the cheaper one. I buy in bulk. I dont buy things for myself unless im in great need of it. DH on the other hand would spend every penny in one day if he could
    Anonymous

    Answer by Anonymous at 10:48 AM on Oct. 26, 2009

  • We are just like you OP..though we did save as well...we enjoyed a very easy laid back life. We have been forced to spend less, use coupons, utilize left overs and go without some frivolous things.

    mamakirs

    Answer by mamakirs at 10:48 AM on Oct. 26, 2009

  • We use only our debit card now or cash. If there isn't money in the bank to buy it, we don't need it. We're trying to pay off debt and we're done with credit cards. We are down to one car now because it's less expensive if dh to gets a bus pass every month and rides the bus. I'm a lot more picky about grocery shopping, though I'm still not organized enough to clip coupons.

    anime_mom619

    Answer by anime_mom619 at 11:06 AM on Oct. 26, 2009

  • I have always been frugal, so my habits haven't changed. The funny thing, the same people who used to mock my frugality are now treating me with respect and asking for advice. LOL I'm guessing most free spenders will go back to spending, most frugal people will stay frugal. Only a few will change their basic natures.
    mancosmomma

    Answer by mancosmomma at 11:22 AM on Oct. 26, 2009

  • I am with you OP. We have cut way back and intend to keep on doing so....we learned our lesson because for the life of me, I can not remember what all those must haves were or where they are now. We cut back mainly in impulse buys like new ski stuff every year even though last years was just fine, I also cit way back on groceries! It is amazing how much we use to spend.
    wildboyz1994

    Answer by wildboyz1994 at 11:23 AM on Oct. 26, 2009

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