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Feeling the pinch?

Posted by on Jan. 2, 2013 at 10:44 PM
  • 21 Replies

Are you going to slightly affected, mildly affected or moderately affected by the tax increase? Are you making changes to your budget to accomodate the loss of income? If so, what are you cutting back on or changing?

by on Jan. 2, 2013 at 10:44 PM
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Replies (1-10):
psych_mom
by on Jan. 2, 2013 at 10:47 PM

We are feeling a mild pinch- about $85 less in income a month, maybe a little more when my husband works more than 70 hours during his 2 week pay period. We are most likely going to change our cell phone plan to compensate some for this because I don't need unlimited minutes and changing our plan can save us about $40 a month. I am also going to start cutting more coupons and meal planning a little better.

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by on Jan. 3, 2013 at 12:08 AM

Yes we will probably feel it as well ::sigh::
Haven't decided what/how we will cut back but sure need to :)

inmybizz
by Ruby Member on Jan. 3, 2013 at 7:01 AM

Yep..The tax that will affect us the most is capitol gains tax..

rocamom
by Platinum Member on Jan. 3, 2013 at 7:36 AM

I think we are going to have a similar hit as you Stacy.. I want to get my kitchen renovated this spring and now I'm nervous to spend the money..  I do want to wait for everything to kick in before I actually panic but yes 85 a month does make a difference in this house..  I'm just glad I'm heading back to work on Monday and will be able to help out but I was hoping my check would be EXTRA income for our house..  We'll see how this all pans out..

mamamiajk
by Silver Member on Jan. 3, 2013 at 8:01 AM

I already have my expenses cut to the bare bone. My kids are grown so I don't feel too bad going without but I really feel for all the families with young kids.

psych_mom
by on Jan. 3, 2013 at 9:52 AM

We only invest in Mathew's 401K right now, but eventually we will start investing in other things and we will feel it. I actually heard on a radio show that less people touch investments when CG tax goes up than when it is lowered and the government ends up losing money in the long run over raising the tax so this could actually backfire on them.

Quoting inmybizz:

Yep..The tax that will affect us the most is capitol gains tax..


psych_mom
by on Jan. 3, 2013 at 9:55 AM

It is good that your kids are grown, but it is sad that so many people will feel the affects of this. I think that lowering the SS tax and then increasing it again was not a good thing. They should have just left it- it didn't do SS any good and it didn't do Americans any good because it got most people used to a certain amount of income and took it away from them. Thankfully my husband only got his promotion a few months ago and we were still living off of a lot less than this takes from us, but I still want to be able to enjoy life so I am making a way for that to happen. I feel so bad for those that make a lot less and don't know what to do :(

Quoting mamamiajk:

I already have my expenses cut to the bare bone. My kids are grown so I don't feel too bad going without but I really feel for all the families with young kids.


the3Rs
by Bronze Member on Jan. 3, 2013 at 11:39 AM
Losing about $90 per month :(
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Blue231
by Member on Jan. 3, 2013 at 12:19 PM
Yes. This is true for us. We are affected and will be investing less.


Quoting psych_mom:

We only invest in Mathew's 401K right now, but eventually we will start investing in other things and we will feel it. I actually heard on a radio show that less people touch investments when CG tax goes up than when it is lowered and the government ends up losing money in the long run over raising the tax so this could actually backfire on them.

Quoting inmybizz:

Yep..The tax that will affect us the most is capitol gains tax..



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dingysfamily
by Suzi on Jan. 3, 2013 at 4:16 PM

 I'm not sure how much it will affect us really; will just have to wait  & see

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