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Has your financial situation degenerated with that of the economy, and if so, what changes have you made because of it?

 
figaro8895

Asked by figaro8895 at 12:26 PM on Oct. 28, 2008 in Money & Work

Level 26 (27,251 Credits)
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Answers (7)
  • We had already gone through a $24K/year wage loss due to cutbacks at my husband's company and mine, so we've been struggling for a while.

    We've cut back severely on our food budget. No recreation budget at all. We put off buying clothes until it's a dire need.

    I was working two jobs for a while and will soon be starting a better paying job that will bring us back to the salary level we were at before.
    gdiamante

    Answer by gdiamante at 10:59 AM on Oct. 29, 2008

  • mine has not, but that is due to extenuating circumstances. My stepfather died and the ins $ was enough that my mother paid cash for a car and a house for me and a car for herself. So I do not have a mortgage or car payment. All I have to pay is things like food, gas, power, water, phone, & cable. I know all of my friends are hurting financially though. Budgeting, going from 2 cars to 1. For most people, 1 hour of work doesn't even pay for the gas it took to get there and home.
    Anonymous

    Answer by Anonymous at 12:31 PM on Oct. 28, 2008

  • Our money has become very tight. I am much more conscious of prices, coupons, and sales. Groceries have become ver important, we have to be more careful about eating leftovers and not wasting too much. There are times when the cupboard is almost bare. So we have to be more careful about shopping. Buying in bulk and that sort of thing.


    Being careful about gas usage, is another key. Sad to say alot of the credit card bills and such have fallen by the wayside for the time being......

    evilabbysmom

    Answer by evilabbysmom at 12:47 PM on Oct. 28, 2008

  • Yep. We moved into a safer neighborhood JUST before housing prices began to fall. So, when we tried to sell our first house, there were no buyers. For two years, we have gone into the hole $2000 a month because we are paying 2 mortgages - NOT what was planned when we bought the 2nd house ! We have had it on the market sometimes, and sometimes rented it out (rent covers HALF the mortgage). We have also tried to sell our 2nd house to get out of this situation, no buyers. Part of why we are stuck is that banks won't let you sell your house for less than you owe on it - no matter that no one will pay that much for it anymore. In the last weeks, it's better and we have a short-sale buyer interested. Fingers crossed !
    waldorfmom

    Answer by waldorfmom at 2:14 PM on Oct. 28, 2008

  • No, not really. I lost money in my retirement fund, but I don't need it for 20 more years. Figure I have time to make it back.

    I've always been frugal and have adequate savings, so the dips don't hurt me much.
    mancosmomma

    Answer by mancosmomma at 2:18 PM on Oct. 28, 2008

  • We are tight with money, but I started a business from home that helps with it.
    SaferAtHome

    Answer by SaferAtHome at 3:06 PM on Oct. 28, 2008

  • We are very tight on money. We bring in about $2000/month and it is gone by the beginning of the next month. I am beginning to make alot of changes. I have started clipping coupons and only buying certain things if I can combine a coupon with a sale to make it very close to free, sometimes even free! I have also started signing up for samples from companies and even if the sample only gets you one or two uses it is still that much more you get. Also, CVS is great! They have free after ExtraCare Bucks items pretty much every week. Then you use the extrabucks you got to buy something else that gives extra bucks and you just keep rolling them and getting tons of stuff for free. There is a great group on here that will teach you how to do it. That's about it for now.
    Anonymous

    Answer by Anonymous at 9:24 AM on Oct. 29, 2008

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