How has economic downturn affected you personally

[caybee 21]

Everything seems scary right now, but I'm wondering how much we have actually felt personally so far and what changes or adjustments we have made.

Both of our jobs seem secure and payroll hasn't been affected so far, but I've become more conscious about my employer's bottom line.

We're renting through a property management company and paying our rent easily at the moment. The mortgage crisis didn't get my attention as much as it would have if we had one, until I realized that I don't know who actually owns our duplex and where their own mortgage stands. Now there are stories about renters being surprised by an eviction when the banks foreclose on the rental property. We changed to month-to-month when our lease expired, and there's been no hint of a rent increase, so we feel pretty safe, but we've started thinking about increasing our emergency savings in case we got that sort of surprise and had to move quickly.

We're trying to establish my husband's credit, and he was turned down for a store credit card, although that probably has more to do with his new immigrant status and short work history than the state of the economy.

The change that stands out to me the most has to do with the ability of people we know to borrow money. We had decided to pay cash for a used second car for my short commute instead of going into debt. Two different people had offered to sell their cars to my husband because they wanted to buy newer cars, but in both cases, they were turned down for car loans, and I certainly believe the credit freeze is the reason. Auto dealers and large appliance stores are bound to be taking a hit right now.

That said, our standard of living really hasn't changed so far because of this; we were already trying to be more frugal. We're just starting to see what's on TV reflected more locally, and I'm not very confident that anyone in our government, on either side, really knows what to do about this. Now I wish I'd paid more attention in economics class.

[w¡n9Nµ7 §£@¥€r 123]

My 401k is unhappy, but given that I don't even intend to use the money for 30+ years, who cares?

Besides that, no impact yet. Maybe if I lose my job or don't get a bonus in march.

ETA: Oh i forgot - the mkt value of my home is down about $90,000 from peak. But all that means is I won't be moving any time soon. Not like I need to.

Edited October 10, 2008 by A.J.

[HAL 9000 96]

We're eating a little bit less. Driving a whole lot less- even though gas is now gonna get cheaper due to less demand. Ironic.

[tmma 467]

I hate opening the 401k statements every month, but apart from that and the price of stuff in the stores, not really. I really believe the 401k will pick back up eventually, and we'll see the benefit from this de value-thankfully we have time for the long haul.

Our house has not depreciated ( hardly anyone here has their house up for sale) and we were not sucked into the sub prime mess and we didn't over mortgage...so all is OK there.

Mark and I both have jobs that will be there no matter what the economy does, so that's a relief.

We are just hanging on in and waiting it out. Not much more to do, really.

eta-the college fund it taking a hit too-but won't need that for a good while anyway.

Edited October 10, 2008 by tmma

[pedroh 21]

na.. 401k died on me, but as aj says, i got a long investing future so no worries..

other than that.. na, same stuff.. gas was scarce, but, nothing bad really

[Laura+Tom 2]

Hasn't affected me one bit yet.

[Sister Fracas 5]

Hubster and I were talking about this recently because I was worried that I wasn't feeling worried and that maybe I was overlooking something... but no, we don't own a home here (we do in the UK, but that's not an issue), we don't own a car, we don't have children and we don't tend to look at our investment stuff on a regular basis so aren't freaking out about the drop in 401K. Actually, I get the statements and toss them in a drawer, sometimes unopened. Neither of us are worried about our jobs at the moment.

We aren't spending money over the top, but we never really did, but are still saving for a trip to China and just recently bought an HD TV. *shrug* I just don't feel it yet.

[alienlovechild 75]

How has economic downturn affected you personally, in the last month or so?

The state DOT and our county has started a furlough program to reduce personnel expenditures. I don't mind having an extra day off once a month even without pay. This isn't personal but local as a number of Hispanics have left the area due to a slowdown in construction jobs and tougher enforcement of illegal immigration laws.

The gas supplies have resumed but it was an eerie reminder of previous energy crunches. Didn't have to do with the economy.

The upside is if the credit market is functioning in a few months maybe I can finally buy a house at a cheaper price- more motivated sellers and a somewhat return to realistic prices for homes.

[tmma 467]

The upside is if the credit market is functioning in a few months maybe I can finally buy a house at a cheaper price- more motivated sellers and a somewhat return to realistic prices for homes.

YES. So there is a sort of upside.

And that in effect will help move the economy back-realistic prices on homes to get the market going again. I think anyway.

Edited October 10, 2008 by tmma

[Jenn! 918]

As long as I keep my job, I don't see it affecting us significantly. Hubby's business has been a bit slower lately, although I don't know if it's related - it tends to go through cycles anyway.

[HAL 9000 96]

Hubster and I were talking about this recently because I was worried that I wasn't feeling worried and that maybe I was overlooking something... but no, we don't own a home here (we do in the UK, but that's not an issue), we don't own a car, we don't have children and we don't tend to look at our investment stuff on a regular basis so aren't freaking out about the drop in 401K. Actually, I get the statements and toss them in a drawer, sometimes unopened. Neither of us are worried about our jobs at the moment.

We aren't spending money over the top, but we never really did, but are still saving for a trip to China and just recently bought an HD TV. *shrug* I just don't feel it yet.

A Hippie with an HD TV?? Edit edit edit!!

[Sister Fracas 5]

Hubster and I were talking about this recently because I was worried that I wasn't feeling worried and that maybe I was overlooking something... but no, we don't own a home here (we do in the UK, but that's not an issue), we don't own a car, we don't have children and we don't tend to look at our investment stuff on a regular basis so aren't freaking out about the drop in 401K. Actually, I get the statements and toss them in a drawer, sometimes unopened. Neither of us are worried about our jobs at the moment.

We aren't spending money over the top, but we never really did, but are still saving for a trip to China and just recently bought an HD TV. *shrug* I just don't feel it yet.

A Hippie with an HD TV?? Edit edit edit!!

[pedroh 21]

Hubster and I were talking about this recently because I was worried that I wasn't feeling worried and that maybe I was overlooking something... but no, we don't own a home here (we do in the UK, but that's not an issue), we don't own a car, we don't have children and we don't tend to look at our investment stuff on a regular basis so aren't freaking out about the drop in 401K. Actually, I get the statements and toss them in a drawer, sometimes unopened. Neither of us are worried about our jobs at the moment.

We aren't spending money over the top, but we never really did, but are still saving for a trip to China and just recently bought an HD TV. *shrug* I just don't feel it yet.

wait for thanksgivings-christmas season, technology is becoming cheaper to manufacture.. there'll be good prices.. like the blu ray players.. by xmas they'll be below 150 bucks, isntead of 300 bucks like a couple ofmonths ago..

[Sister Fracas 5]

wait for thanksgivings-christmas season, technology is becoming cheaper to manufacture.. there'll be good prices.. like the blu ray players.. by xmas they'll be below 150 bucks, isntead of 300 bucks like a couple ofmonths ago..

shhhhhhhhhh, don't say that in front of hubster...he wants a WIIPlaystation3XBox

[Sprailenes 47]

It hasn't affected us at all. My husband and I were talking about this too, I was also worried that I wasn't worried with all of this talk about "turmoil" going on. But our lives haven't changed at all. We still have our jobs, he just got a substantial raise and things seem to be the way they've always been.