How are you managing in this economic downturn (recession)?

[Bassic83]

Lately, I've been reading articles about people growing their own veggies, making their own soap, switching from brand-name and organic foods to generic or store-brand, making their own bio-diesel, working two and sometimes three extra jobs, etc. My question is, how are the current economic conditions affecting you?

So far, the fuel prices are keeping my discretionary income down quite a bit, but we keep the bills paid around my house, and we aren't strapped TOO bad. But the only reason I would go through the hassle of growing my own food would be if I had no choice...and if fuel goes up much more, I'll have to consider that Wal-Mart Greeter position! I drive a 77-mile round trip every day, thank God I have a Metro! 43 MPG at last fill-up! My truck stays parked unless we are using it for truckish things.

I switched from cable to DSL and satellite, which saves a little bit, maybe an extra $30 a month. Luckily, we are not burdened with excessive credit-card debt, and are ahead on both the mortgage and the truck payment. Both cars are paid for.. Some of my friends are drowning in debt, and have second jobs to keep up their "lifestyle". Big SUVs, big houses, big TVs, etc. Now they are starting to scale back a little, but I find it crazy that they would take a second and sometimes third job just to keep the SUVs and keep them in fuel...

I have the best second job in the world, getting to play music. My average single-night take keeps my tank filled two to three times. I feel blessed.

[HEIST]

My father closed his company of 10 years in January because there just aren't enough business anymore, and for myself...I'm holding down my own fort lol.

[SuperDuck]

Less driving, mostly. I used to visit my friends and family in Illinois pretty often, but these days it costs well over $20 in gas just to get down there and back, not to mention going out, buying drinks, etc. My wife has a Civic, which gets better mileage than the Element, so we take her car out more often as well.

[pointbass]

We were lucky that the past 8-10 years were very good for us, and grateful that we had the good sense to try to secure our investments and retirement programs. We have maintained a modest house, don't live an outrageous lifestyle and neither of us have money-draining habits .....

My wife semi-retired last year which hurt a bit, but she continues to bring income to the table, most of which is earmarked for savings/investments. I have an excellent day gig with a bunch of significant perks (one of which is full use of a vehicle and all fuel & maintenance), and I feel blessed to be secure in my employment. I also gig a lot, which really helps to give us some "discretionary funds" each week.

Not happy with our money markets, which have been heading in the wrong direction for the past 6 months or so. If the correction doesn't adjust soon we'll need to make some changes in our investment plans.

I really hope we can all get back into a more positive swing financially .... likely we'll have to wait until after November though ....

[SuperDuck]

Before this thread gets too depressing, just remember that our economic stimulus packages will be coming soon. They will turn the economy around and solve all our problems!!!1!

[MakiSupaStar]

^LOL. I'm getting like 1500 bucks. It will all go to bills.

[txbasschik]

Driving less, for sure. When Little Girl wants to go shopping, I won't take her to the mall. Or Walmart. We visit Goodwill. (Hey, I got three pair of brand-new jeans there this weekend!) I'm also growing my own veggies, and I have a peach orchard that I expect to start bearing for me next year. We are getting bread from the community center now, too, since Mom's here. I buy Carnation dried milk and mix it with fresh, then freeze it, to stretch that. No trips for fast food, thanks. We eat in. I also mend clothes before I'll replace them, and am repairing pillows, blankets, etc., rather than buy new. Also making all my planter pots and frames from scrap wood or recycled containers (coffee cans, plastic bottles, etc.). I conserve water by burying such containers in the garden with holes in them, to make watering less wasteful.

Lots of little things.

Cherie

[EricF]

My company is a swimming pool contractor specializing in competiton pools for schools and cities (public works projects). Our business has never been better - by a large margin. Residential construction markets are crashing everywhere, but there is still a tremendous amount of bond money for school upgrade projects that has yet to be spent. We're so busy that there are projects we aren't even submitting bids on becuase we couldn't do the work if we got the job. So, as for "economic downturn", the only noticeable effect it's had on us is the amount of money we spend on gas. These times will end, but for the moment, we're making hay while the sun shines.

[JimK]

Originally Posted by SuperDuck

Before this thread gets too depressing, just remember that our economic stimulus packages will be coming soon. They will turn the economy around and solve all our problems!!!1!

My $600 is going in the gas tank...right where they want it.

[lbanks]

Originally Posted by Bassic83

My question is, how are the current economic conditions affecting you?

Very badly, thank you. Plus, I've become bitter, paranoid and fatter. But, it could be worse...

[Barkless Dog]

We had an investor in our company that always warned us "wait till we have another depression" sooner or later it will happen. He was depression era child. He told us that 40% of people were out of work. Strangers would come to their door begging for food. His mom always made a little extra food for them.

My mother in law lived on popcorn & milk during the depression.

My advice is never live beyond your means, save as much money as you can and it takes money to make money. Pay off your credit cards every month. Have a backup plan if things do get bad.

I'm lucky so far (knock on wood) as my business is like booze & candy- good times, bad times, people will always buy. Also we are immune somewhat from being "outsourced" which is the really job/company killer theses days. We also follow the above advice. We save our money for bad times.

[txbasschik]

Originally Posted by JimK

My $600 is going in the gas tank...right where they want it.

I'm going to pay off some debt...exactly what they told us not to do. Either that, or get my teeth fixed, whatever is most pressing. Prolly my teeth. Pain trumps sticking-it-to-da-man.

Cherie

[santucci218]

how long do recessions generally last? What is to expect of our future in the industries of gas, food, and such. Anybody want to shed some light?

[Mon Rominee]

It's been interesting but not especially rocky so far...my Wife had just taken a job in town because we moved my Daughter to another school district and she needed to be closer to home for the commuting to / from school...so it has helped in the gas area, and my Son is not attending daycare, through the generosity of my Mother, so my Wife's tad lesser income (because of Mom's hours) and the gas savings and daycare savings are helping or at least evenning out...but it's still a struggle at times between the grocery list of fixes I have to do on the house / vehicles (this week, a new toilet AND a new alternator for my Cherokee- 400 bucks all told) but we'll get throug it like we always do. We have to be strong for the kids, and not let them carry any of Mom & Dad's worries. You get creative with your quality time (less going out, more kids being participatory with yard work...anything can be made fun), and everything is just as rewarding in the end.

Very soon I will be looking for a more economical / miserly on gas vehicle...I have the brunt of the commute (45 minutes each way) and Jeep Cherokees are horrible gas mileage wise.

Mon

[nortonrider]

Originally Posted by JimK

My $600 is going in the gas tank...right where they want it.

As will everybody, I think.



The woman and I have taken a different path than most everyone else. We realized that the boom times wern't going to last so instead of spending beyond our means when times were good, we kept things modest.

We live in a mobile home which is paid for, our vehicles (2 four cylinder pickups and 2 motorcycles) are paid for, no credit card debt, and a little in savings.

We both have excellent credit and could easily have bought the SUV, big screen, etc. but figured that a little fiscal responsibility would be prudent in the long run - so far I think we we're right.

The housing market (my main income) has pretty much dried up around here so there will be a bit more belt tightening but we should be OK.

As for everyone who is now stuck with a mortgage they can't pay and a vehicle they cant afford to drive I say: Tough titties!

If you lose your house or SUV, boat, RV, etc... gets repo'd. Well, it's your fault for living beyond your means. You made your bed, now you get to sleep in it.

I grew up in a POOR family, I know what it's like to get evicted, the phone and lights shut off, food stamps, etc.. I have set myself up to not be put in that position as an adult. So far, so good.

I believe that it's going to get worse before it gets better.

[BadB]

Owe the Fed. $3100
State refund 1100
Econ. Stim. 1800

$-200

Very stimulating indeed.

[lowb1970]

Originally Posted by SuperDuck

Before this thread gets too depressing, just remember that our economic stimulus packages will be coming soon. They will turn the economy around and solve all our problems!!!1!

Not enough apparent saracsm in your comment This stimulous package is a joke. They aren't trying to help you out, they're hoping you will spend it in the economy to help it rebound. Just remember things will get worse before they get better

[LowBSix]

Selling Basses! I got laid off from Washington Mutual! Ther are closing down all retail & wholesale loan centers. Only loan officers in banks have jobs. I've been in the biz for 8 years, did well through 2006; going broke now and must sell....
PM me if you're interested in a 5 string or 1977 MM Stingray....

Getting back to playing full time.... I might as well love what I do and used to do now that my kids are full grown!

[Happynoj]

I didn't notice an economic downturn. Is in an American thing?

[lowb1970]

Originally Posted by LowBSix

Selling Basses! I got laid off from Washington Mutual! Ther are closing down all retail & wholesale loan centers. Only loan officers in banks have jobs. I've been in the biz for 8 years, did well through 2006; going broke now and must sell....
PM me if you're interested in a 5 string or 1977 MM Stingray....

Getting back to playing full time.... I might as well love what I do and used to do now that my kids are full grown!

Sorry to hear about your situation. I too work in the industry and often wonder if my job will be gone soon. Best wishes starting out your new/old career.