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What Forms of Saving Do you Use For Recession? - 3/19/2008 9:41:03 PM
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imit8him
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What kinds of money saving tips do people have/use for times like this, during a recession?
What kinds of luxuries are people cutting back on? How have your lives changed, if at all?
-Imit
(Me prsonally, I've tried to eat out ONLY once a week now to save better...I used to eat out all the time.) 
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RE: What Forms of Saving Do you Use For Recession? - 3/19/2008 9:42:13 PM
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imit8him
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You know...I've found that rice and potatoes are really good cheap foods. 
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RE: What Forms of Saving Do you Use For Recession? - 3/19/2008 9:51:40 PM
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crazedmom
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From: Sunny Florida
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You're right... everyone I know is cutting back on non-essentials. I think saving up as much cash as possible is a thought. It is especially helpful to allocate a certain amount for groceries, eating out, clothes, etc. and when each budget area is spent, you stop spending. Debit and credit cards make it so easy to spend without thinking. But, if you revert back to cash, it really does feel like you're spending money with each purchase.
We are more mindful of combining errands to save on gas. We also make mental notes of where gas is cheaper. We've recently shopped around on our homeowner's insurance and saved almost $1,000 annually doing so. We were very happy about that! Even in prosperous times, we try to be comparison shoppers when making a large purchase. It's helpful to write down on paper what you're spending each month so you can see where you can possibly cut back. If you don't know what you're spending, you won't have a clue as to where to begin. Also, another helpful saving method can be to have it automatically transferred to a savings account either each paycheck or monthly.
Just a few thoughts...
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RE: What Forms of Saving Do you Use For Recession? - 3/20/2008 6:48:02 PM
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Harvie
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From: california
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We switched cell phone companies and save about $20 per month.
We don't pay for cable channels we don't watch ... so choose wisely. The same thing for extras on our home phone (landline). If you don't use a service, stop paying for it.
We've stopped new/renewals for magazine subscriptions.
We now go out to dinner only twice per month (better for our waistlines as well as our checkbook!)
We changed our deductible on our homeowner's insurance and saved $$ on the premium. (And our insurance company has given us a further discount because we've gone 5 years without a claim)
We signed up for a new program with out local power company (PGE) .... when power usage in our area peaks in the summer, they will automatically reduce the amount of energy that our air conditioner draws .... using less power and saving us $$ on our summertime power bills. AND they give us $25 for signing up.
We're doing more comparison shopping and taking our time to get the best deals.... even if it means wait for a sale. I also buy USED books, CDs and DVDs rather than new ones ... much less expensive.
Biking more, driving less.
I try to buy in-season fresh veggies/produce, and whatever is on sale.
We also buy store brands when available. And watch for coupons for products we already use. When things are on sale we use, we stock up. And we use powdered sugar free drink mixes more often than cans of sugar free sodas. We read labels and package sizes and look for the best deals.
More meatless meals. My goal is a minimum of 10 meatless meals each week. We're definitely using more eggs. We buy bulgur and quinoa in bulk. (Rice and beans and pasta are also available in bulk.)
We continue to use our cash-back credit card (paid in full each month) .... that 1% cash back really adds up.
In the summertime, more use of fans/windows and less reliance on air conditioner.
In the summertime, we disconnect (and drain) the hot tub.
We're learning to unplug appliances not in use, since many still draw power even when they aren't turned on/being used. We've also switched to energy efficient night lights and light bulbs, and reduced from 5 outside lights to just 2.
We're trying to do a better job of planning ahead and funding gift purchases.
We're trying to do a better job of planning ahead and pre-paying for vacations. Price is now a bigger factor in our decisionmaking.... which means we're being more flexible about dates, destinations, etc.
< Message edited by Harvie -- 3/20/2008 7:27:05 PM >
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RE: What Forms of Saving Do you Use For Recession? - 3/22/2008 8:45:43 AM
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redeemedsaint
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I go to the Dollar Store and go to Goodwill for clothes. I don't need to have the latest fashions. Also combining trips and get things if they are on my way, cut back on eating out less and buying basic staples like rice, ramen noodles, etc.
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Get off the track cause the freight train is coming - Coach Bobby Lee Duke from Facing the Giants
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RE: What Forms of Saving Do you Use For Recession? - 3/26/2008 1:36:04 AM
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imit8him
Posts: 340
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quote:
ORIGINAL: redeemedsaint
I go to the Dollar Store and go to Goodwill for clothes. I don't need to have the latest fashions. Also combining trips and get things if they are on my way, cut back on eating out less and buying basic staples like rice, ramen noodles, etc.
Heh. I was the Ramen Noodle king during college.
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RE: What Forms of Saving Do you Use For Recession? - 4/5/2008 11:03:26 PM
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crm4souls
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Ramen Noodles were a favorite during my college days too...
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RE: What Forms of Saving Do you Use For Recession? - 4/5/2008 11:47:59 PM
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CrockettandTubbs
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From: GA
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well if/when we actually get in a recession then I will start to cut back...
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RE: What Forms of Saving Do you Use For Recession? - 4/6/2008 2:10:43 AM
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rparlo
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My plan remains the same with the same minor flexibilities that it has always had. First, I devote my life to Christ and try to spend time with Him and in His word everyday and by the grace of God Almighty my wife and I are able to employ all of the biblical principles that follow. Second, I seek to be loving to my wife at all times, spend quality time with her each day, pray with and for her, and verbally let her know I love her each day. Third, I recognize that involvement in at least one ministry at my local church is good for me and my family no matter the current economic situation because it helps me engage and fulfill my and the church's God-given desire to worship Christ, disciple the saints, and evangelize the lost. I ask the Holy Spirit to help me balance my involvement to make sure it is in proper proportion for the season according to God's will for my life.
Fourth, but also evident in some of the above, I work reasonable hours to obtain the income that my skills can bring and trust that God will (if He desires) in his timing provide more than my skills could merit and that no matter what income I have from time to time He will take care of me as much as necessary in every season because I am His. Fifth, we have a spending plan (budget) that helps us refrain from spending more than we receive in income. Its priority item is tithing and offering to Christ via our local church and providing gleanings for the poor no matter what our seasonal income looks like. All that we are, ever hope to be, and have is God's and He can use it any way He chooses!!!
Sixth, God has helped us owe no man anything but love. It took us eight years to get there (after being steeped in debt) but we’ve lived God’s debt-free will for the past 8 years and we love it because we’re not moved by the national or local economy. Seventh, we've been able to save 6 months immediately liquid cash reserves in a money market account and a money market fund, so that we can handle emergencies and unforeseen needs that arise. We place income that will be used to pay usual periodic bills and cash reserves to meet emergency/unforeseen needs in accounts that provide good guarantees or histories of return of principle and earned interest and growth. That money needs to be available quickly when we need it for a rainy day. Once we reached our six month of income cash reserve target all excess funds we invest in vehicles with a possibility of greater returns than we can earn in our cash reserve accounts. If we spend the cash reserve below the six month figure, then we reduce our discretionary spending first and long-term investing next (or a portion thereof) until we build the account back up to the six-month figure.
Eighth, we automatically payroll and EFT deduct 30% of our gross income into investments that have long histories of much higher returns than investments in non-equity instruments. We aspire to hold on to these equity investments for a very long time and let them compound and grow to enormous levels, as God wills.
Again, we are always cognizant that it is all His and we’re only stewards of His possessions. If He tells us to go sell all that we have, give to the poor and come follow Him, then we’ll do it without hesitation because He alone is the Prize.
In conclusion, we don’t use any special type of savings to ward off a recession or live through one. We just keep following biblical principles no matter the current earthly economic conditions. There is never recession in heaven and as long as we’re in God’s care, then we’ll have all we truly need at any given point in time. So don’t focus your attention as much on the type of savings account, rather focus your attention on following biblical financial principles at all times. Then, you’ll become recession proof because your trust is in God Almighty!!! I hope this helps you.
Proverbs 3:5-12, 11: 24-25, 13:20-25, 16:1-321:20-21, 22:6-9, 24:1-4, 27:23-27, 28:18-20, 30:7-9, 31:10-31
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RE: What Forms of Saving Do you Use For Recession? - 4/9/2008 6:45:23 PM
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earthless
Posts: 5026
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From: where bbq pigeons roast....
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quote:
ORIGINAL: CrockettandTubbs
well if/when we actually get in a recession then I will start to cut back...
Exactly, some people really buy into the leftist media hype. The other day a co-worker kept going on and on about how bad the economy was, how horrible the mortgage crisis was.. I had to stop her and say that 96% of all mortgages in America are being paid every month.
The 4% are the foreclosures that are being hyped.. and those are loans that should NEVER have been made in the first place.
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RE: What Forms of Saving Do you Use For Recession? - 4/24/2008 5:32:36 PM
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Psalm22
Posts: 389
Joined: 4/18/2005
From: Alaska! Breaking is in progress, soon be spring!
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About the only step I'm presently taking is stocking up on selected items when I find them on sale. I have about a year's worth of appaer towels and toilet paper stashed away and several months worth of kitty litter, my favorite salsa, mustard and teas. There are several others items I intend to stock up on, too. For perishables I'll just swallow ahrd and pay the asking price. And be glad I live in Anchorage and not out in the smaller bush communities, especially the ones not on the road system.
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And the Spirit and the bride say, "Come!" And let him who hears say, "Come!" And let him who thirsts come. Whoever desires, let him take the water of life freely. Rev. 22:17
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RE: What Forms of Saving Do you Use For Recession? - 4/24/2008 5:48:28 PM
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small_creation
Posts: 208
Joined: 10/30/2007
From: midwest
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I guess the most "major" thing we've done is parked our investments into bonds for the short term. We're playing turtles. When we think it's safe, we'll move back out to stocks.
As for day-to-day stuff, we're not traveling in the van so much to save on the gas. Otherwise, nothing has really changed...yet
j
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