Has the downturn in the economy & housing market affected you or your family? How?
ourblogcabin on 30 Sep 2008 | Uncategorized
Just when you think the worst of the economy and the downturn in the housing market are behind us, the banks begin to fall and the government is finalizing a rescue plan for the nation’s economy despite disagreements that blocked the deal in the beginning of the negotiations. It’s suddenly turning into a very scary time for the average hardworking American who often lives paycheck to paycheck just to get by. One thing is for sure, as bad as it seems right now, Americans are tough and resilient and always find ways to bounce back and rise to the occasion. So, with that being said, it is important to learn from others and see how we can trudge forward through this financially uncertain time. As the economy has declined, how have you and your family found ways to handle these tough times? Do you have any money saving tips? Have you made adjustments in how you save for retirement? Have you been foreclosed? I hope some of the comments, tips and ideas below will offer wisdom of how we move forward from here and gain confidence and financial security once again.
Jenn Ernst on 30 Sep 2008 at 1:36 pm #
I am young, so luckily this economy won’t hurt me too badly long-term. Its my parents that are around 50 years old that have been putting a significant amount of money into their 401k and retirement funds for 30+ years that it will hurt the most. To make up for high gas prices, etc., I have been working a lot of extra jobs to make up some ground so my family isn’t faced with foreclosure or the repo man.
No doubt, its rough out there and it is amazing how something can effect every single American on such a strong level.
Angelica Gonyea on 01 Oct 2008 at 3:14 pm #
My husband is in the Marine Corps so we live on base and have housing/job security. As far as finances go we have struggled the first few years of our marriage to discipline ourselves with a budget and savings. After counseling with David’s parents, who are financial guru’s, we have began the 10% method. Each paycheck we are putting 10% away so we never miss it. We also tithe 10% so it’s as easy to remember. We are also paying towards debt every month and reducing our spending as well. This way when we get our debts paid off we will be able to live off David’s income, my income will be extra, and our savings will gradually build up.
Debra Maas on 04 Oct 2008 at 2:00 pm #
Just when you think that you have cut back on all of the extra expenses, you realize that you must do it again. Trying to use less gas. Buying in bulk whenever possible. Hoping that the future leaders of this country can figure out a way to help the middle class. Luckily, we aren’t trying to sell our home. I really feel for those people.
Cheryl Luttinen on 06 Oct 2008 at 8:24 am #
In this recent change in the economy, we have found ourselves not going out to eat as often as we used to. Our selections at the grocery store are more thought about. I try and make more things from scratch so things last longer. We have not yet turned on our heat because of the sky high prices they say are so inevitable. I don’t worry so much for my husband and myself, but I can’t help wondering what’s in store for my kids as they get older.
Patricia Darley on 06 Oct 2008 at 4:45 pm #
I have generally lived by the same principles my depression-era dad instilled in me. But yes, the shift has impacted us.
I always use coupons, and shop around the perimeter of the grocery store first. I will buy store brands unless the sale price with coupon makes a brand name item cheaper.
I do without things for a few days till I’m going to be in the store’s vincinity for another reason. I also do without things till I find exactly the one I want or fits my needs.
I have always shopped around for things, including in second hand formats (consignment, thrift stores, yard/estate sales)
Emotionally this shift isn’t as harsh, financially there’s a definite pinch. I could probably earn a fair paycheck teaching others the very things my father grew up learning and taught me for free.
Sue Christensen on 06 Oct 2008 at 5:16 pm #
I am checking gas prices. There are gas stations 3 blocks apart from each other that have differences of up to 4 cents per gallon.
I also make sure I do all my errands in one trip to be more efficient.
Sara Davis on 06 Oct 2008 at 9:27 pm #
Yes, I work part-time and my hours have been cut back. I am still glad to be working and I am fortunate to be a frugal person.
JANICE WILLIAMS on 07 Oct 2008 at 7:18 am #
We are really struggling. We built a house to sell before the market went bad and we are still trying to sell it. We have lowered the price three times and are now trying to sell ourselves instead of a realtor. To make it worse a tree fell on it during the recent storm so we have had to redo most of the left side of the house. We will not make amy money on this house at all after paying interest every mth.Not as much eating out or driving. Stress is really high in the family right now.
Wendy on 07 Oct 2008 at 1:00 pm #
The rising cost of gas has made an impact on the errands I must do. I must ‘group’ my traveling together to save gas. This is a good thing as it helps to protect our resources. My family and I have chosen to walk or ride bike to accomplish simple store activities. We have also learned to stretch our meals and incorporate cheaper alternatives. We only eat out every so often anyway so this has not been affected. I recently purchased a new furnace, hot water heater and dryer that are high on energy efficiency. We will have to learn to wear sweaters this winter and keep the heat lower. We should have been applying these practices long ago to conserve our resources.
Cindy Matthews on 07 Oct 2008 at 4:39 pm #
Well, lets see.. I work for 4 different companies as I vendor or merchandiser.. All of them have cut their hours so I still have to drive to 15 different stores either weekly or biweekly but have less hours to get the same work done..and with the gas prices so high, I can hardly afford to drive to these 15 stores. I work to pay for the gas to go to work… I have 4 children ranging from 18 to 2 years old.. Needless to say it is hard for them to understand why we dont have the money to do alot of things we use to do.. Like eating out or going to the state fair, etc.. I only doing my shopping after I am done at one of my jobs. No extra driving back to the stores. We desparatly need a bigger house but with the way things are I dont know if that will ever happen,, So we will just hang in there and hope for better times..
Lorraine Delaney on 07 Oct 2008 at 9:09 pm #
Coupons and rebates have become almost a part time job for me. Read the grocery weekly ads from the Sunday paper. Clip corresponding coupons from the coupon flyers. Manufacturers coincide their coupons to run the same week grocery stores place their ads. So piggy back the savings. Many items can be purchased for much less when you also take advantage of stores double coupon offers.
Tara Vick on 07 Oct 2008 at 9:55 pm #
I am working hard to be greener! I use less water, recycle more and pay attention to what I do! Gas is at a premium and I try to plan better with my driving, too!
Mary Bennett on 07 Oct 2008 at 11:13 pm #
We’ve started watching our spending on luxury items, and cut back our eating out. Our investments took a hard hit, so we’re trying to save money by cutting back on things we don’t need right now.
Connie Breding on 08 Oct 2008 at 10:20 am #
The economy is about the worst I have ever seen it, and one wonders if an “upturn” is in sight. But, being an American, I am optimistic that we will get through these difficult financial times. I am not eating out as much as I once did, I am diligently working to pay off the credit card bills while curtailing spending, and I definitely plan to work much longer before retirement. I am grateful for my employment situations (I work both fulltime and part-time), and I am keeping my fingers crossed that the economy will rapidly recover. But, there is no doubt that we are going through stressful times. Still, I am glad I am an American and live in the USA.
Linda Price on 08 Oct 2008 at 7:21 pm #
I have taken in a roommate to help with financing and until I can sell my house and downsize. With the market the way it is there is a good probability that it will take some time to sell if at all.
Sheila Polt on 08 Oct 2008 at 9:34 pm #
We’re all struggling with high prices. Our incomes that aren’t increasing as fast as our gasoline, groceries, etc. are. I’m going to the store less and cooking more casseroles or foods that will go further than one meal. I plan my errands so I’m not having to run all over. I also do them right after work instead of coming home and having to drive back into town later. I don’t make any extra trips into town on the weekends. If I forgot to buy something or stop somewhere, that’s just too bad. It’ll just have to wait until I’m in town again.
We had hoped to add a family room and expand my galley kitchen by now. Unfortunately, with prices the way they are we can’t plan any major projects for a while. I firmly believe things will improve–it’s just a matter of waiting it out. Thank you.
Kim Tompkins-Coit on 08 Oct 2008 at 10:42 pm #
Yes, the economy has really hit us hard. My oldest son and grandson now live with us and I work several jobs and my husband works a second job. Hopefully this will not last long
Cindi Sherwood on 09 Oct 2008 at 10:38 pm #
As a small family of three we already try to save as much money as possible. We make lists of errands and we try to do them in one trip. We also try to buy in bulk and that helps alot. We are one of the those families that has invested in a 401K and we will now have to be even more careful with our money.
Denise Sayer on 10 Oct 2008 at 12:47 am #
We are getting fewer hours at work, and it costs more to get there and to eat.. we are buying less wants and sticking more to the needs. we have some real estate investments and are not able to sell them right now- as was planned. becoming landlords was not part of the plan either but it is the only way to hold out for something better and stay afloat.
Jennifer Theyskens on 13 Oct 2008 at 12:26 pm #
One of my daughters has lost their home and will never be able to buy another one. Also looks like all of us need to start looking for more work. just to get by. These are tuff times and it will take a long time to come back.
Carol G. on 15 Oct 2008 at 2:58 am #
Make sure you Get what you need. Want what you get. Live within your means. Change your world view and enjoy the simple life.
Gwen Schafer on 15 Oct 2008 at 8:22 pm #
Times are tough all around. I will be staying put. I wish I had not taken out a home equity loan years ago since my home would be paid for now. Just the upkeep and taxes keep me busy. I am mostly worried for the next generation.
Jill Tomasso on 15 Oct 2008 at 11:00 pm #
The economy has definitely played a huge part in making changes in our home. We are eating out less and really thinking hard about any extras. My hours have been cut in my jobs and I am looking for extra work to supplement my paycheck.
Melissa Manske on 16 Oct 2008 at 1:14 am #
We stay home more, eat at home more, and by in bulk whenever possible (and we use what we buy!) As a family, we try to look for deals and inexpensive forms of entertainment whenever possible — parks are great, and our family membership at the YMCA means we can swim at any Y whenever we want, and the kids can go play in the indoor playground and air hockey while the adults exercise.
As crazy as it sounds, we’re also putting more into savings each month. Having $10 or $20 every couple weeks put automatically into a savings account (or accounts) for Christmas presents, a family trip, a big-ticket item for your home, and/or an emergency fund does loads to ease the stress when you see the smaller paychecks coming in. Try it — you really won’t miss that nominal amount of money going into savings after a month or two goes by. And seeing your savings go up every month definitely makes it easier to sleep at night.
Melissa H. Smith on 16 Oct 2008 at 11:36 am #
The steady decline of our 401K and our home value, rising gas prices, and declining hours available at work have made this a stressful time for my family. My husband recently had a heart attack which brought the value of our 401K and home into a front issue. The rising gas prices have caused us to consolidate our errands and take a serious look at the vehicles we drive. We now choose to drive our compact cars and our truck sits unless it is needed to haul. Declining hours available at work have put a continual squeeze on our family finances.
Connie Farinha on 16 Oct 2008 at 7:37 pm #
I think it has effected everyone in one way or another. Luckily my husband and I have been working steadily, and have never spent beyond our means. We both grew up in struggling family lifestyles and learned that if you want something you better be able to pay for it first, not use credit, so we do not own the newest vcr’s, 50″ plasma flat screen tv, etc, etc. When we can afford it, then we will get it.
Jerry Wichael on 16 Oct 2008 at 7:52 pm #
Shirley and I live on a fixed income so when our hours get cut we have to really work on our budget. We travel less, eat out less, and shop for the best prices for food and gas.
Angela Huffman on 17 Oct 2008 at 7:58 pm #
I make an extra effort to combine trips uptown as much as possible. I use coupons, buy gas when it is suddenly cheaper, even if not empty. We also save money by sharing one car – less insurance, etc. I try to cook more wisely – before it was cook a little more so have enough – now it’s cook less to prevent too many leftovers. If I do have leftovers, I try to make “must go” soup – everything in the fridge must go! I am having an especially hard time right now, because I have a nursing degree, but difficulty finding a job. My boyfriend thankfully has a good job, but that doesn’t relieve my stress altogether. He will have worked about 70 hours this week! I have no retirement set aside as I have been in college for a million years. We are trying to put money away and spend our money more wisely.
kathy fowler on 19 Oct 2008 at 1:43 pm #
We are always looking for new ways to cut our budget. We now pack our lunch daily and are eating out less. We use coupons more and more. We also watch for sales and buy necessity items and things we use on a regular basis in bulk.
Judith Makinak on 19 Oct 2008 at 4:44 pm #
Learning to make my own cleaning products from things that I have in my cupboard helps me cut down on my grocery budget, which is getting tight because of the poor economy.
Jami Theillon on 19 Oct 2008 at 5:01 pm #
As prices increase it seems our budget gets worse. When we have to travel, we now think about carpooling. Going to the grocery store used to be simple, now I think out my meals moreso and think more about what I’m buying. I’ve started to make things that I would normally buy. Like dog treats. I found that making them saves me about $15/month. I’ve started making homemade ice cream. I have the machine, I’m finally putting it to use. So we can only hope that our future president takes the middle class in consideration when making decisions.
Sherry Malone on 20 Oct 2008 at 2:47 pm #
I’ve been thankful for the cooler weather. We haven’t had to run the heat or air conditioning, so I am looking forward to a lower utility bill. My career is merchandising, so I too have had hours cut,due to the economy, and still have to use the same amount of gas and do the same amount of work. It hurts my family but like many others we’ll get through. We are more selective when we shop for groceries, or anything else. We don’t make any unecessary trips. I’m really not looking forward to the holidays unless the situation improves.
Eliza Schult on 20 Oct 2008 at 3:18 pm #
IN my family I do the grocery shopping and i have now started making specific lists. I do not buy off the list. Also if I have errands to run I make sure that there are at least three to do or they wait till another day. I eat out less and we do not travel as much as we used too.
Genevieve Arballo on 20 Oct 2008 at 9:27 pm #
The times are hard but yet we will survive and learn from it. Just think all the people on welfare either learned to live on a budget or without but yet I know some blew it.To bad there is no more layaway. Plan ahead.
I try to buy for my parents and nephews when I’m buying in bulk and spread the food around. My family share dinner meals at my moms almost like potluck.
My Father is on Dialysis so my son has taken over putting gas in my parents car for this journey to Gilroy 3 times a week. We all need to learn to get along and help each other however small or big it seems. Lets continue to pray for all the women and men in the service and their families are here struggling alone.
Donna Rome on 21 Oct 2008 at 6:57 am #
I am a single mom always trying to stretch every resource I have. Its not easy with a teen and pre-teen girl in the house.The girls have asked when are we going to move-we’re not fond of the neighborhood. Its hard for them to understand, but when you have a piece of property,you don’t just assume another one is going to come along and unfortunately, you CAN’T choose your neighbors! All I can do is try to make the house ‘friendlier’ for them and encourage the kids to be good neigbors. Even those we don’t like that much will watch out for us when we treat them right. We’re hanging on to what’s ours and praying for the best!
Pat Sperry on 22 Oct 2008 at 4:49 pm #
The time we spend on the road for work or pleasure has changed to time we MUST spend on the road for work. Thankfully gas is getting back to a lower price and we can breathe again there. With grown children and more important grandchildren out of state gas prices affect us greatly. We are conserving energy and saving our spending dollars to our benefit. Saving as much as we can so we can spend as we really wish to. We eat out less as are many families. Our focus is home and family.
jeffspurrier on 23 Oct 2008 at 3:46 pm #
I’m writing a story for the LA Times on how the economic downturn has affected extended families–esp. when parents move in with adult kids or vice versa. If any of the posters to this blog would be interested in sharing their wisdom, please email me.
Kyra Labrie on 24 Oct 2008 at 8:14 am #
Fortunately, we haven’t been hit to hard financially, since we don’t have a big savings or 401K. I am trying to go on a “spending diet” to cut back on unnecessary purchases in order to save a few dollars.
Ofelia on 24 Oct 2008 at 1:41 pm #
Since this economy has gotten worse my family has began to feel it. We try to implement what our parents have tried to teach us about pinching a penny and making it bleed. We have changed our diets and have began to eat with nutrients on our minds, meaning what gives us nourishment and what does not. If the food we place in out mouth does not give us any value of nourishment it is out of the question to buy. We have also cut out out luxuries of fancy cosmetics, movie dates and eating out. I know this is hard on everyone-especially those who we will not be buying from anymore simply because what they sell is a luxury and not a necessity.
Susan McC on 25 Oct 2008 at 10:46 am #
I was hoping to move within the year, but it doesn’t look like I’ll be 1) able to afford a mortgage and 2) sell my mobile home in a 55+ community anytime soon. Hours have been cut at work and I’ve had to search for additional one-time merchandising jobs to put money in my car insurance account. My daughter lives with me and has agreed to pay the monthly cable bill since she’s the one most interested in keeping cable. I cut out a lot of eating out while on the job and pack a car cooler. I’ve started a daily journal of money I’ve spent on ‘extras’, like a soda or fries, in order to track and lessen my weekly spending. I was hoping to fly up north to visit granddaughters I haven’t seen in three years, but the cost of airfare, hotel and meals has kept me from doing so. They’re struggling, too, so I don’t want to impose. I’m also considering canceling home phone service to a basic, bare-bones service in order to save more $$.
Donna Flanagan on 25 Oct 2008 at 1:52 pm #
We’ve cut back on eating out. Pizza night is more likely than going out if we do. We’ve also cut back on our weekend travels. We used to take day trips and we’ve had to cut back on those. Grocery shopping has been affected, too. I mostly shop at off brand stores or sales at the big stores. We keep our lights off and our heat down.
Kathy McBrayer on 27 Oct 2008 at 5:25 pm #
We are cutting back on extras such as eating out and trying to purchase only the necessities. We turn our heat down at night and when we are not home.
Joyce Schwartz on 27 Oct 2008 at 6:11 pm #
We have been affected by the economy, as my husband is in the new home construction field. The number of new spec homes has stopped, therefore cutting back on income.
We do eat out alot less. My college student comes home to eat alot more, which has it’s up side!
We rent movies instead of going out. Also my husband and I enjoyed gourmet coffee night out, which we now grind and brew at home.
Anything we can do to save a little adds up to alot by the end of the month.
Linda Schaeffler on 29 Oct 2008 at 5:50 pm #
I take my own bags to the grocery store ..and reuse them. I recycle tin and aluminum. All cleaning products that I use are environmentally friendly.
Patty McElvy on 30 Oct 2008 at 4:15 pm #
I am 55 & everything is harder than ever! My hours & number of stores have been cut back so much that I have had to supplement with finding employment with other companies. We have also cut back to the bare necessities & still can’t seem to make it from paycheck to paycheck. We are thankful though to finally see some relief at the gas pump!
Brian Clark on 02 Nov 2008 at 7:34 am #
Coming in a little after a month and reading what others have written, I have to say I can empathize with many of you. I am glad to see that this horrible economy has lowered the cost of gas which is helpful. But truth be told, how soon until it just goes back up with the economy picks back up? I supplement my HDA income with another job as well and thankfully they have been providing me with a usually perfect balance of hours and income and even sometimes more than I can handle. I take on the extra work anxiously just in case things get any worse. Some of my family have been affected by the downturn in housing in that they are trying to sell their homes to relocate and people aren’t buying or they want you to drop your price to unrealistic values. I hope this thing turns around soon. This presidential election is harrowing enough.
Conni Burks on 02 Nov 2008 at 5:55 pm #
We have been trying to save on gas by switching vehicles. My husband has a truck and drives a lot father than I do for work. So we switched. It has really helped us out. So glad the price has come down now. Hope it stays for a long while.
When ever I go the store for something I need and I’m looking around I usually see other things I might have bought too. But I just tell myself that it’s NOT a necessity and then I don’t get. I would rather save a little so I can still get my kids somethings for Christmas this year.
Dennis Papper on 11 Nov 2008 at 7:56 pm #
Things are bad people worrying about money and there jobs. All the Company’s are cutting back. People are trying to get 2nd jobs to get extra things for there family. People are cutting back on buying extra things. This is hard for the holiday season.