The economy is in the toilet, not just in the US, but all over. Here, in the US, Washington in taking us deeper into debt, and there does not appear to be any light at the end of the tunnel (right now)
Without getting political, what will be doing in your life to make due?
For me.... work has slowed way down, and I'm pretty sure that on Friday, I'll have to lay off my one part time employee, and alter the stores business hours. I'll be down to one employee, plus myself. I'll either be working 6 days a week, to cover losing my part timer, or I'll close the shop on Tuesdays (our traditionally slow day) I'm pretty sure I'll be asked to take another 10% cut in pay, just in my salary. Hopefully I'll make that back in taking over the sales my part timer got.
At home... we are cutting way back on any extra spending. No vacations are planned (see'n how I have no coverage at work, I cant take one anyway) Lm and I have been able to put extra money into saving this past year, all with paying off one of the vehicle as the goal. Then, we'll just add what we were pay'n each month on that loan, onto what we are already socking away. If our tax refund is close to what we got last year, we'll pay off two vehicles (the ones with the highest interest rate, and add that payment into savings)
About a year and a half ago, I started listening to Glenn Beck, and not that I believe everything the guy says, alot of what he was say'n a year ago, made sense to me, and one of the things he stressed, was paying off all debt if possible. All of our credit cards are paid off, so lm and I have been building up savings with paying off the vehicles as the goal. (as fast as possible)
We refinanced our mortgage for a better interest rate, and have one car loan, one truck loan and one bike loan. By this time next year, we hope to have only the mortgage left.
I think we are set up to ride this out.
I truly hope all of you are able to make it through this.
Knock on wood...
Here in Iowa, we have been sheltered from the slow down IMO. Companies are still hiring, housing is still building, and house values have not gone down.
My wife and I subscribe to a very conservative spending practice, so in some ways that is good - little debt, but bad, because there is not a lot of fat to cut out if things go down the sh!tter.
mitt
Same as always...
the best I can.
I'm lucky to be in a very good position re debt...
..and have control of spending.
If things get as bad as some say, money won't be the issue...
I'm not buying a bike next spring as planned.
Paying off my credit cards and D's student loans over the next six months, then sacking away cash like its going outta style.
Meanwhile we have stopped eating out, and traveling.
Basically just tightening my belt, not buying the things I want without cash, AND without touching the savings.
some of the lil thing we're doing ....
I just got cold weather gear onsale, so that I can ride the bike to work in the fall and winter. saving on fuel costs.
We bank a Wamu (which was bought out by Chase), and are checking out a local credit union with better rates and fees.
Any extra money that comes into the house goes directly into savings. including rolled change.
Instead of buy'n fun, we're looking into finding ways of having fun by donating time. This month we're do'n a safe halloween thing. Making costumes and not buy'n them.
QuoteWe bank a Wamu (which was bought out by Chase), and are checking out a local credit union with better rates and fees.
Is it safe to say you're not feeling the "whoo hoo"?
LM works for the Education system... they have one of the best credit unions in Kern, you should check them out.
No student loans or vehicle loans, just a mortgage that I can pay out of my teacher's salary. My fiancée has a car loan, and a couple credit cards. Once she's out of school & working (also a teacher) we're going to pay off the car as fast as possible. I actually paid for the honeymoon today, so that's taken care of.
The biggest change is we were looking at building a house (I currently own some property suitable for building) in about 5 years. Now it's more wait and see. If money isn't a concern in 5 years, depending on the economy & costs for building, we may build, but might also stay where we're at ~
JM
I have my camping gear, dehydrated food for a month, portable 1 liter water purifier 125 uses per filter have 2 filters, 12 gauge sawed off and 50 rounds. I'm ready for whatever happens.
Seriously though, pay off debts, try to put money into an FDIC savings that is affiliated with a bank that doesn't provide mortgages so your not as exposed. cut expenses all around. If you lose your job start figuring what you can do if the fed can't provide unemployment. be prepared and wait. good luck.
I work in energy -- we are fine.
The GF works as a teacher -- she's fine.
Our new construction has gone down a lot -- but there is still a hell of a lot to do to keep the lights on.
As for money -- I was broke before all this, I'm still broke, and I'll probably be broke when this is done.
I've stopped eating out -- not because of money, but health. I also bike more places for health, not money.
But it saves money. I blow it on boose, the bikes, or the girlfriend. But I'm still pretty stingy, and have a good savings account that I don't touch for shit.
I live debt free. I don't even have a credit card. Bike is paid off.
I'm fine with that. I live a good life either way.
Quote from: TiAvenger on October 01, 2008, 10:19:55 AM
Is it safe to say you're not feeling the "whoo hoo"?
LM works for the Education system... they have one of the best credit unions in Kern, you should check them out.
started looking into it last night
and.... I aint to proud to work a second job if I have to.
I hit my bottom a few years ago.
I know I/we will work through this.
Quote from: bobspapa on October 01, 2008, 10:17:45 AM
some of the lil thing we're doing ....
We bank a Wamu (which was bought out by Chase), and are checking out a local credit union with better rates and fees.
Typically credit unions are not FDIC insured (I think). Not that it matters if it is with a good company or organization.
mitt
Quote from: mitt on October 01, 2008, 10:33:42 AM
Typically credit unions are not FDIC insured (I think). Not that it matters if it is with a good company or organization.
mitt
NCUA is the credit union FDIC.... and its just as, if not more solid then the FDIC
http://www.ncua.gov/ (http://www.ncua.gov/)
from thier website
Copyright © 2008 Kern Schools Federal Credit Union. All Rights Reserved. PRIVACY Policy Disclaimer. Your savings FEDERALLY insured to at least $100,000 and backed by the full faith and credit of the United States Government National Credit Union Administration, a U.S. Government Agency. KSFCU is an Equal Housing Lender
Quote from: bobspapa on October 01, 2008, 10:37:17 AM
from thier website
Copyright © 2008 Kern Schools Federal Credit Union. All Rights Reserved. PRIVACY Policy Disclaimer. Your savings FEDERALLY insured to at least $100,000 and backed by the full faith and credit of the United States Government National Credit Union Administration, a U.S. Government Agency. KSFCU is an Equal Housing Lender
After reviewing their website I would not recommend them. Their rates and fees are garbage, and they are offering 5/1 arms with no down on their forclosed homes they are trying to sell.
DO NOT WANT
QuoteTogether, we make it easy to purchase a home. Kern Schools is offering special financing on all KSFCU foreclosures:
* No Down payment
* No PMI
* No points
* Must be Primary Residence
* 5/1 ARM amortized over 30 years
* Impounds required
* Borrower responsible for closing costs.
Thats the type of shit investment banks are failing over
I'm already doing it.
My start-up was backed by investment bankers. They lost tons of money, so we lost all of ours. So, I guess technically I'm unemployed, but I've been doing enough contract work to keep the lights on. I don't have any CC debt, but I had to defer my student loans for a few months 'til I find something solid, so that basically leaves me with rent, car payment and utilities. Unfortunately, in SoCal, those 3 add up to a pretty decent-sized number.
Anyhow, the good news is that since I have more time on my hands, I should be able to do the server migration tonight so that the DMF will be strong like bull.
good point. I would have never looked into thier home loan section, see'n how we dont need it.
My business phone has slowed down big time. Folks dont want to come off their bucks like they used to. Previously I was a remodeling contractor shifting towards the cabinet business. Now Im shifting back towards the former. Luckily my 3 billable employees are multi faceted....my finisher/cabinet maker is also highly skilled in tile setting and hardwood flooring, my Master Cabinetmaker is a wiz with interior trim and Corian countertops.
My one person in the office is about to learn a hard lesson about reality....be productive or get the F out. Never hire family even distant family.
I am attached (read:married) to a woman that spends $$ like water. Time to strengthen the Pimp Hand.....dont even get me started.
I cannot recommend our credit union due to the fact that your not a Tulare County resident.... and other... er factors. There is a reason I need a safe to hold a cash backup. ;) [laugh]
Check out Golden One.
I'll keep my fixed, 4.75%mortgage from a small, local FDIC bank ~
JM
I work for a major bank so I've been tightening up for the past 6 months or so. I've gotten ahead on my bike and car payments, and I've knocked out some credit card debt. The school loan is still a pregnant dog but I'll be paying that for a long long time.
My parents asked me to delay moving out of their house (was gonna get an apartment again) so that we could all save a little money. We carpool whenever possible and always eat at home. Vacations have been mostly canceled and spending is kept to a minimum.
Me, apparently I'm gonna start by adding a second private school tuition to the expenses. :-\
We'll continue to have two full time incomes as long as possible, that's for sure.
Quote from: JBubble on October 01, 2008, 10:59:47 AM
I've gotten ahead on my bike and car payments, and I've knocked out some credit card debt.
This is smart, my fiancée is doing this on her car, just in case we have a lean month or two, she'll not *have* to make a payment. Luckily, with wood heat, the only oil-products I need for heading is the gas & oil for the chainsaw. I'm be using the heatpump very sparingly ~
JM
This is interesting reading. Such diversity on this board.
I live on income from investments. I'm broadly diversified, with a core holding in U.S. Tresury's, some real estate, some precious metals and enough stock that days like Monday with its 770 point drop are a jolt. I'm debt free and have substantial cash positions and it is unlikely that the worst of credit collapse and even deep recession can do more that cause a change in vacation plans.
My problem is dealing with the utter frustration of being unable to take meaningful action in response to the situation or to protect my very hard earned position. There are just no alternatives that are clearly better than the fairly lousy place where my finances currently are. I used to get paid (as a financial attorney) to help other people make big bucks setting up hedge funds, creating and dealing in derivate securities, buying and selling interest swaps and LIBOR based exchanges. I know exactly what has happened on Wall Street and why the various bail out proposals won't really be fixes, just smoke and mirrors that may restore confidence in a market that is pretty much 100% based on confidence. (Why do you accept a piece of green paper in exchange for something as obviously substantial as your used bike?)
I'm stuck with paralysis by analysis -- too many different ways to go and incomplete information to base a decision on. I just hope the whole economy doesn't experience the same lock-up that I am.
Tommy T.
we've been paying extra on our mortgage since the first payment, and i hope we can keep doing this...
we have stopped going out for dinner and drinks, & have no travel plans either.
i have stopped spending money i don't need to, and i'm pretty proud of myself :)
i am nervous about fuel costs this winter... heating a house with an open floor plan gets expensive.
both my job and my fiancée's look pretty stable right now, let's hope they stay that way.
As shitty as this sounds, I'm not affected by this situation much. Minus the high gas prices and shitty housing market, my lifestyle hasn't changed at all. The games industry has seen a 43% increase in sales since 2007. I kind of feel bad because people are using our product as an escape from the hard times, similar to how films were used during the depression. I've had 2 pay raises since January and expect big bonuses after our game ships, which we expect to sell well (our last game sold over 11 million copies since 11/07).
I just have to save my dough so I can buy property later. I'm not too interested in doing it now.
Now might be the best time to buy property. Nelson Rockefeller said something like the time to buy is when there is blood in the streets
I started last year when I thought I was going to be laid off. I paid off the car, paid off the credit cards, and started putting money away in a few different accounts. I've also started putting more into my retirement account as the market goes down to take advantage of a future rebound. I'm also cutting back on expenses, utilities and so on.
I'd like to refinance to a 15 year mortgage and start paying off more principal, but I'm not so certain I can get that done at the moment and interest rates are probably going to go up as well.
Quote from: DuCaTiNi on October 01, 2008, 01:49:59 PM
i am nervous about fuel costs this winter... heating a house with an open floor plan gets expensive.
(http://repos-fs.matrix.msu.edu/amvoices/a0/a0/amvoices-a0a0z0-a.gif)
I have enough money in the bank to pay all my bills for the next 6 months, but I'd like to increase that to at least 9 months. I'll be paying off my student loans for years to come, but that's my only debt.
I finish grad school in about 8 months, my part-time job has enough work for me to actually be full-time. If that maintains through to April/May then I'll have a solid job after I graduate, Probate law. If not that then I have an application in for the state department of revenue. Death and taxes right?
I'll keep renting until I have 20% for a down-payment on a place of my own. As a future first time home-buyer I can't help but think that this crisis is going to bring real estate back within reach of people just starting out in life.
Thankfully, I've got my latest relocation behind me, and it turned out better than expected.
Now that I'm no longer carrying two mortgages, I'm planning on paying down some CC debt (I'm not buried), and putting some more money into savings. I'm pretty close to being maxed out on my 401K from a contributions standpoint, so I'll probably look to a Roth IRA or a low risk mutual fund as well.
I'm also looking to move the 999S out of the stable (it barely gets ridden anyway).
I don't have much in the way of debt, just 1 yr left on my truck payment. No cc's, no mortgage. I cut my cell phone plan in half, cancelled xm radio, netflix, cable and internet. My dad lives next door and he let me put in a wireless router at his place so I can use his net for free. My other bills are dirt cheap. Cheap enough that if I have to close the business down, I can work pretty much any job and at least get by.
Work here has gotten terribly slow. 2 years ago, I was installing about 3-4 kitchens a week. I've had 3 kitchen installs in the last 8 weeks. I've had to branch back into remodeling as well, and have gotten very lucky just falling into a fair amount of work. I should be set hopefully till Christmas at the earliest.
I, finally, am thankful again for the job I have...
looking to pay off my remaining debt... soon... cc and car, that's it. sucks being a renter sometimes, but it's cheap, so I ain't compaining much.
Unless both the wife's and my pensions plus Social Security fold we should be able to weather the storm with some belt tightening. I'm much more concerned with the youth.
So far been lucky over here, customers seem to want to advertise more, so I am fairly busy [thumbsup]
Quote from: howie on October 02, 2008, 03:32:32 AM
I'm much more concerned with the youth.
Like people under 50 ;D
mitt
trees will continue to burn........
i may have to go back to my old job :-\
Quote from: herm on October 02, 2008, 07:35:54 AM
trees will continue to burn........
i may have to go back to my old job :-\
a man has to do....
what he has to.
We have no car or bike payment. I let my CC run for up to 3 months, but make sure it is payed off each quarter.
I pay the Internet, cell phone bill and my student loan. My student loans will be paid off next year. A months worth of food and alcohol for the 2 of us runs about $550. I have tried to cut $100 off of that to put into savings. This means less red meat and less wine. Our mortgage is high due to the Seattle market. We were able to put 20% down, but the monthly payment is a big chunk of our combined take home pay.
We worry about what would happen if Laura were laid off at work. I have been trying to get my hours up to 39 each week. I usually have Mondays off and would like a part time Monday job in order to save more. The move 2 years ago and not working for 8 months wiped out our savings. If nothing else, I could get a job at a place I like to shop in order to get an employee discount. I should apply at the Nordstrom Rack!
I used to work at Wal-Mart, and that 10% off card was a very handy thing to have ~
JM
The only debt I have is my mortgage, luckily. $1600/month, though.
That said, I just took a 15% pay cut and it looks like the workplace will probably tank before the end of the year unless something rolls in (has been SLOW all year). Doesn't anyone need any industrial automation?!?!
So, I'm looking for a new gig (engineering). I've had two interviews over the last two weeks and the suspense is killing me. What a time to be looking for work. :P
Good thing I'm stocked up on guns and ammo - I should be able to create a standoff of at least a week. [evil]