All the uncertainty about the economy has suppressed my inclination to spend. Last night, I went to a Ross and a Loehmann’s, and walked out with… nothing.
I passed on a deeply discounted Tahari coat, a pair of leather wedges, and a Calvin Klein clutch with a gorgeous silver clasp. I even passed on a $8 bracelet with mother-of-pearl links. The bracelet is adorable, but all I can think about is that $8 will buy me a week’s worth of noodles if I should fall into dire straits. (I may be a tad dramatic here, because there’s no way $8 will make the difference between eating and starving for me…).
This downturn is a little scary, because it’s the first one I’m experiencing as a worker (as opposed to a student), and it’s the first one that I’m experiencing as someone who is mostly in charge of her financial well-being. I am feeling the pressure, which must be so much heavier on people with families, or recent retirees, or single parents.
Partly as a result of my new restraint on spending, September marks the first month that I saved $2,000 after tax. Like many others (consumer spending increased by the smallest percentage in over five years), I am clutching tighter to my wallet - I’ve cut out most of my meals out (which means that I am feeling VERY wary of the economic situation) and quit shopping almost cold-turkey.
How has the economy affected the way you are (or not) spending?
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I’ve cut out shopping as well but I don’t know how long I’ll be able to last! Eating out is what’s killing me (as always), so I’m going to work on that this month.
I’m in Canada so it may not be relevant… but I’ve increased my spending lately (started a new business, went independent), so I spent about $4k last month.
With my regular spending habits, I guess I’m pretty low maintenance. Only about $200/month budgeted as fun money which includes toiletries, makeup, eating, starbucks, etc
*shrug*.. I haven’t felt the pinch… yet But I’m always nervous about saving money anyway so..
I thought you were on a C.A.S.H.!? You shouldn’t have bought those things in the first place!
I have been cutting back spending for sure, it’s scary to think that NOTHING is going to be certain in the very near future.
I’ve actually gotten my expenses down to an all time low, and my personal spending (includes gas) has been hovering right around $100 or less per month. I’d like to keep that up through the end of the year, and be very judicious about when and where I make purchases of clothing. I would, however, like to see YOUR Ross because it sounds waaaay better than mine!
We’re definitely trying to avoid eating out as much. Unfortunately, on the shopping front, hubby’s shoes were all worn down so we bought all at once. Over $200, ouch! But he’s kind of anal about matching shoes to shirts. And given that he indulges my weird tics, I decided to give him his one.
Still, yeah, I’m not exactly eager to go out and find a pretty new necklace or any more new clothes. Either way — if the bailout goes through or not — we’re going to be hurting for money as a country. If it goes through, we still have no idea what will happen to the economy and to people’s current home problems. And if it doesn’t, well lots of foreclosures and money problems that way.
So it’s definitely kind of depressing.
definitely cutting back…especially since i’ve been unemployed for 6 months and now that I’ve got a job…it’s only a part time minimum wage position working 2-3 days per week. not cool. trying to live out of the pantry (i.e. not buying groceries unless need be) for the next month…driving less…not buying non-necessities.
it’s rough.
Not really cutting back, since my budget is on the low-end anyway! (In total, my monthly spending is +/- $1,500 and I save $400+.)
I actually spent a bit more in September since I splurged on a pair of $100 designer jeans!
My spending hasn’t really changed as my budget is tight enough. I spent some money this weekend at the thrift store for a sweater and personal finance books. But it’s important when times are tough to be optimistic, be even more creative about enhancing your best asset (career) and look for ways to invest.
I am trying harder to earn more income on the side through my hobbies such as photography and freelance writing. And I’m really praying the consulting job I’ll advance to stage 2 of the interview.
The economic crisis has not really effected my spending at all. Congrats on not spending any money at the stores. The only way I can keep from spending too much to avoid the stores altogether! I have been doing pretty good at that lately at least.