When people begin to spend less, businesses make less profit. They begin to layoff or fire workers. People without jobs can’t spend. Business make even less profits, which means more pink slips. It’s basically a vicious cycle. I’m sure most of you know this. I’m curious. Are you spending, or are you saving now?
I'm blowing my money mostly. I have an OCD about buying lots of books and never reading them. Then again, I'm a college student so I still have some backup money from the family. I should try saving my money one day though, it'd be nice. I'm a firm believer in ordering a book everytime I have anxiety or am depressed. It lasts for all of 10 mins
I've got two great jobs as a college student and am doing pretty well for myself. I'm no spendthrift, but I've got no problem spending a few bucks here and there, even if it's not for myself. I also have no g/f, so that saves a lot.
this poll has to take into consideration the wide range of ages of the members. I know that there are a good amount of high school kids and college freshman and sophomores who probably are not affected by the economy too adversely.
Always saving, even though I don't have a job at the moment. I usually hoard money when I'm making money.
My wife & I are actually in the process of buying our first home. Because that will surely lead to the purchase of new furniture & a new tv, you can put me in the spending category.
Its not as much as of a cycle as they want you to believe. Keep in mind many companies lay off simply because of the market forecast and not the companies balance sheet.
I don't do much of either. I just try to pay off Credit Cards as much as possible. During my college years I got into alot of debt. Most of the debt was due to a gambling problem, that I absolutely regret right now. So since the depression (and I do mean depression/not a recession) I have been spending much less.
im probably in the minority that's spending more in the economic times because well I got out of debt last August, been saving since and by default, spending more since I'm out of debt.
I'm actually making a little bit more money since the downturn, so I'm spending about the same and saving a little more.
we are def in the spending group as well. bought a brand new lexus es350 at the end of dec and fixin' a buy a $$$ house and hope to close by late feb. with those 2 purchases, we would've spent more in two months than we have the last 3 years. yippers! at least we got a good rate on both!
oh, to add to that, we don't have any other debt so that's it. we pay cc in full every mth, no school or other car loans. once we move in, we will cut back for ~6 mths mostly on eating out and going out to bring our savings back up. may have to cut back my rockets full season tix! we'll see...........
LOL @ all of you blaming the economy for not knowing how to manage your finances BEFORE the "recession" or "depression." I spend the same way. I have plenty saved and know not to buy Kelly Clarkson's CD just because it's new.
I've been spending less because I'm trying to pay off my personal debt before my wedding, not because of economy. =) I'll be debt free in 2010 except the mortgage and furniture. Woo woo!!
I've never been one to spend money excessively and have always been responsible about it. The only time I spent money left and right was when I bought a house. Occassionally, I will buy something I want but high dollar items are usually not part of it. I've never lived beyond my means. To me, that is not part of the American dream. Nor is juggling multiple credit cards and lines of debt. I honestly don't understand these people out there with multiple credit cards racked with debt that they cannot pay off. I also don't understand people buying homes they cannot afford and should have known they cannot afford. These are people living beyond their means...and don't have the income to back it up. I really don't understand families who keep having children but do not have the income to support the children. I'm not going to feel sorry for some family that keeps churning out kids but does not have reliable income to support them. In summary, I don't understand fiscally irresponsible people. I do understand some people have debt and are reasonable spenders in difficult times (job layoff, etc.). But, there are plenty more who just do not know what they are doing and are/were spending beyond their means. I didn't realize how bad it was until the mortgage crisis hit. I see a lot of people who took bad mortages just to get into a house that otherwise they would not have been able to get into. How did they think it would work out? I know they want us all to believe they didn't understand the mortage and how higher interest rates would kick in because they were deceived by lenders. But, that is just a bunch of BS. They knew. If they didn't, then they are dumb. So, you lived in a house you had little to no equity in. It's over now. Go back to your apartment where you shouldn't have left in the first place. I spend on necessities. I save the rest. As for the Lamborghini, yacht, and mountain resort...those things will have to wait until I have the money for them, i.e. never gonna happen.
