<p>I’m doing a project for work and need to get a wide range of responses to these questions. I’m looking not so much for the actual behaviors, but the attitudes behind those behaviors. Pick any and all and go for it :-). Thanks!</p>
<p>How have the recent economic events affected you personally?</p>
<p>What makes you most cognizant of economic issues? (could be reading the newspaper, filling up with gas, seeing a storefront boarded up, seeing a homeless man on the street, getting your 401K statement, etc.)</p>
<p>What are the things that you’ve had to do or chosen to do because of the economy that have made the most impact on your financial situation? Once the economy improves, do you think you’ll still be doing (or not doing) those things?</p>
<p>What have been the benefits (if any) of the economic situation to you personally? What good has come out of it for you (if any)?</p>
<p>I’m more cautious with prices but we haven’t changed what we purchase. Prices are generally lower so that we can make purchases for less now compared to a few years ago.</p>
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<p>What I read on trading boards. Trading boards usually post links to articles, radio shows,
etc. They also provide analysis. The information and conversation on boards is usually of
higher value than the media though there can be noise to filter out.</p>
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<p>Our general approach is to live as thought the economy isn’t very good. So we
really haven’t made much in the way of changes.</p>
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<p>Lower prices for goods and services. Less traffic. Fewer large vehicles on the
road.</p>
<p>I’m more nervous about my business (architecture), but so far I’ve just been getting more smaller jobs. Not so many bigger high end ones. I get the feeling the building departments are doing more enforcing - lots of calls where people are getting caught for not having gotten permits. Dh recently got tenure - which does make us heave a sigh of relief.</p>
<p>I’ve gotten really tired of economic reports on NPR, but it does make you more aware of the issues. Interestingly my town’s downtown looks about the same as usual, but the more upscale downtowns in our county have a surprising number of empty store fronts. I was shocked at the number of empty stores in Bronxville, NY this weekend.</p>
<p>Since we are feeling pretty secure, we are making a real effort to eat out more, especially in our town. Those restaurants need help. I’ve also made a point of working with our Business Improvement District even though the projects are a pain in the butt.</p>
<p>My bonus was cut 60% last year. This year (usually June) it is cut 100%. Yes, zero!
Our business has come back to black in Q2 so I’m feeling a bit relief now.
I use my savings toward my kid’s private school tuition. My experience in Japanese bubble burst in ‘90 made me toward savings these 10 years and it saves my family now. We avoid unnecessary expense as possible. We go out for dinner less than one within a month.
Economic analysis is my own job. I look data by myself. I have been cautious not to be influenced by media and others’ opinions.</p>
<p>How have the recent economic events affected you personally?</p>
<p>I really cut back on discretionary spending (clothes etc.). It just isn’t fun or appropriate.
I worry about my job. I thank God every single day that I have one. I don’t even consider retirement in the near future.
I worry about my kids and their employment prospects.</p>
<p>What makes you most cognizant of economic issues? (could be reading the newspaper, filling up with gas, seeing a storefront boarded up, seeing a homeless man on the street, getting your 401K statement, etc.)</p>
<p>Newspaper, my job (in an industry directly affected by housing starts), gas prices, friends getting laid off, having to deal with down-sizing in my business.</p>
<p>What are the things that you’ve had to do or chosen to do because of the economy that have made the most impact on your financial situation? Once the economy improves, do you think you’ll still be doing (or not doing) those things?</p>
<p>More mindful of spending on vacations, family travel, clothes, purchases. Less eating out or bringing prepared food in. I’m not sure I’ll ever feel comfortable with the spending patterns I had in the past.</p>
<p>What have been the benefits (if any) of the economic situation to you personally? What good has come out of it for you (if any)?</p>
<p>It has made me appreciate my job and the excellent management of my company as we navigate through this recession. It has made me more responsible about money. It is so sad to see people losing jobs, I can’t see much good in any of it.</p>
<p>H is self-employed (B to B) and seeing a significant drop-off in business. He can still cover payroll without using reserves, but barely. </p>
<p>I work in health insurance. Employers are slashing coverage and (for better or worse) the government is about re-write all the rules. No lay-offs yet, but there is very little job security at my company. </p>
<p>The kids are heading into 12th and 10th grades. College costs loom, but our savings keep us from worrying too much. At least so far. </p>
<p>So, I guess you could say we’re holding our own. We’re doing a staycation this summer; no travel. We might remove the (unsafe 20-year-old) lumber and instead put trex on the existing deck footprint. Our kitchen “needs” a makeover. But that’s postponed indefinitely. </p>
<p>In a nutshell, we feel fortunate…in a cautious way.</p>
<p>H’s job was eliminated at the end of May after 15+ years with the company. I’d say we are pretty impacted. Those that got to stay on saw no raises and an end to 401K matching.</p>
<p>H is finding jobs to apply for but has yet to land even an interview. He is looking nation-wide, not just in the area. Some he has lost out on due employers refusing to look at a white male. Yes, we know it is illegal but we also know it happens. I don’t mean to start anything with that.</p>
<p>We are coping by living as simply as possible and H is now doing some day trading.</p>
<p>Our income is down. We have cut back in the following ways, but some time ago:</p>
<p>We care for our garden ourselves so we no longer pay for a gardener. I guess we started pruning and mowing when our oldest was a junior or senior, so we cut out the landscaper quite a few years ago.</p>
<p>We revisited our cell phone plan and tweaked that. DH revisited his phone plan at work as well.</p>
<p>We powerwashed our home ourselves the last few times, rather than paying someone to do it (we hired someone the first time that we needed to powerwash). We paint/stain ourselves, but we have only hired a painter once in 25 years anyway.</p>
<p>On a day to day basis we already have lived a fairly frugal lifestyle, so no large changes.</p>
<p>We are not taking a vacation, but we have gone to look at colleges on a strict budget.</p>
<p>Job reductions at my workplace. Store closings…both large and small businesses. Looking at retirement account statements…yep.</p>
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<p>Reduction in discretionary spending. MUCH less use of credit cards (actually restricting use to purchasing plane tickets online to fly kids home…otherwise aren’t using at all). And no…I don’t think we’ll revert to “older spending habits”. </p>
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<p>Interest on HELOC is VERY low. The whole family has learned that less is more for many of our expenditures.</p>
<p>We have lower income due to the economy. And our retirement accounts are looking pretty pathetic.
I read the newspaper, watch some news. I try to understand the underlying issues. Beyond that, I see it in the friends who have been laid off.
We have reduced our discretionary spending. I rarely buy clothes. Cheaper driving vacations. We have reduced our dining out expenditures. But I refuse to buy cheap junky food. Still buying organic whole foods and avoiding processed garbage. I don’t see these habits changing much.
I believe I am more sensitive to those who are out of work. I try to make introductions or invite them to talk to folks in my network. I want to help…not run in the other direction. Not everyone feels the same though…some seem to treat unemployed folks like lepers. Guess it has never happened to them…</p>
<p>I have a good job, but my bonus not what it was last year. I have always been on the frugal side. Once D goes to college, and it is an empty nest, I plan on:</p>
<ol>
<li> Cutting cleaning woman back from 1 once a week to every other week. I have had her that long (previous one had been with me for eons, quick work to move back home when hubby lost his job).</li>
<li> Cutting out landline. Only problem with this is it can make overseas calls for work expensive. Will either go in office, or have someone there patch me in.</li>
<li> Cutting out premium cable. </li>
<li> Expect to cut back out on groceries.<br></li>
<li> I have put off kitchen makeover for a while. </li>
<li> Don’t laugh – may consider babysitting 1 or 2 sat nights a month.</li>
</ol>
<p>Lost some cash in a 401K but that is not primary retirement money and was tagged for a trip to Europe/Asia upon retirement but I have 15 years to make that up.</p>
<p>I guess I am lucky in that I live in one of only two states not having a budget in the red. My retirement is a state pension plan and it has not been changed (yet, knock on wood)</p>
<p>I eat out less, save a bit more, and have not bought the new car I was on schedule to buy just incase something happens. My car is an 03 and I usually pay them off in 3 - 4 years and then trade them off after 6 - 7 years.</p>
<p>I have some property I was going to sell in the spring, after my last FAFSA LOL, but I may sit on it now. Property values in that area never took a big hit but sales are much slower and appreciation is much slower than it was. </p>
<p>SO some impact but not a huge amount</p>
<p>On the positive side I was able to refinance house at a very low rate and traveling by air to visit my son in LA is very cheap now. Hotel rates are way down as well.</p>
<p>I have a good job - and portable skills with little prospect of unemployment. </p>
<p>Notwithstanding, I have been exceedingly cautious about spending. </p>
<p>With the deficit being what it is, and those at the helm showing little impulse to control it, competition for capital will be scarce and so will employment. It will hit 12 percent or higher unless the administration and Congress cut spending significantly limits tax increases. </p>
<p>I say this not to be political but realistic. </p>
<p>Note the stock market is doing better but that will not reflect an increase in employment for quite some time. I have never, ever seen American industry run so lean.</p>
<p>Our income is actually up and hubby has a very stable job (there’ll always be garbage!), but my industry is in terrible shape and I’m scared out of my mind. We’ve cut waaaaay back on expenses, but in a way that’s been a good thing. We’ve made some changes that we really should have made before but just didn’t think to. Money is going to factor a lot more in our daughter’s college choice, too, but that’s not necessarily a bad thing either. For my family, I’d say the fear has brought my husband and me closer together in trying to make the good decisions and row the boat in the same direction.</p>
<p>How have the recent economic events affected you personally?
my company did not have merit increases, no bonuses. H’s company cut paying hours from 40 to 36, i do not believe that he ever works less than 60 and needs to continue doing it to keep up with work load.</p>
<p>What makes you most cognizant of economic issues? (could be reading the newspaper, filling up with gas, seeing a storefront boarded up, seeing a homeless man on the street, getting your 401K statement, etc.)
see answer to first question.</p>
<p>What are the things that you’ve had to do or chosen to do because of the economy that have made the most impact on your financial situation? Once the economy improves, do you think you’ll still be doing (or not doing) those things?
-did not go on vacation, did not buy new car, stop remodeling our house, stopped shopping for clothe for ourselves.</p>
<p>What have been the benefits (if any) of the economic situation to you personally? What good has come out of it for you (if any)?
-eatng less meat, go to museum (free) more often for entertainment</p>
<p>How have the recent economic events affected you personally?</p>
<p>Film industry in So Cal is virtually GONE. H has not worked for 28 months after a steady career(before this there was never more than two months between projects.)</p>
<p>My business (industrial sales) is down 40% and I am making 30% less than the previous year.</p>
<p>No discretionary spending. Including NEVER eating out, travel, and new clothing spending. Cut off the weekly housekeeper and gardener. No opera tickets or any other expensive entertainment.</p>
<p>Up side—H and I have lost about 25 lbs each from not eating out and hiking more. Have begun to show and sell my paintings. </p>
<p>I still have not had to dip into my “nest egg.” I have always kept a years living expense in the bank and that is still there if things go further south.</p>
<p>My job is secure so I don’t have that fear looming over me.</p>
<p>I did not lose any money in the stock market or 401K since I invest in no risk stuff (yes I know that costs me in the long run, I don’t care)</p>
<p>I have not changed anything about my overall lifestyle because it was always the most frugal possible. </p>
<p>That said, I did spend about $300 on clothes and practically got a new wardrobe because of the deals out there. </p>
<p>I spent 10K on my house (insulation/new roof/new HVAC) because of the energy credit and I got good deals from contractors looking for work. So the bad economy gave me the incentive to spend on stuff I really needed because of good deals and government incentives.</p>
<p>too bad my 1991 Civic doesn’t qualify for the CARS program because that might have been what I needed to buy a new car.</p>
<p>How have the recent economic events affected you personally?</p>
<p>------- family has lost ~ 1/5 of our income through work furloughs</p>
<p>What makes you most cognizant of economic issues? (could be reading the newspaper, filling up with gas, seeing a storefront boarded up, seeing a homeless man on the street, getting your 401K statement, etc.)</p>
<p>------- price of housing; furloughs; pace of local business development in home town</p>
<p>What are the things that you’ve had to do or chosen to do because of the economy that have made the most impact on your financial situation? Once the economy improves, do you think you’ll still be doing (or not doing) those things?</p>
<p>------- save more in anticipation of complete layoff; spend less</p>
<p>What have been the benefits (if any) of the economic situation to you personally? What good has come out of it for you (if any)?</p>
<p>------- more frequent/cheaper dates with spouse; we finally have a household budget :-)</p>
<p>No raise this year for me. H and I are holding onto our jobs and not making any risky moves we had contemplated, just happy to have incomes. Kids both work in non-profit fundraising–much worry that their incomes will disappear.</p>
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<p>Like Sue, our 401K was all in non-risk areas, so it’s held steady. The students where I work are having more and more trouble paying for school; the graduates aren’t finding jobs. Businesses in the tourist area I live in part-time are hurting badly.</p>
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<p>Renegotiated our mortgage. </p>
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<p>Less cars on road, especially less big ones. Lessening of energy use overall, which means less pollution. And, I’d like to think I"m seeing more empathy for those in trouble–more realization that things happen to people despite prudent and thoughtful life choices.</p>
But that’s postponed indefinitely. </p>