Adjusting to the economic situation

[Gators]

Anyone here having to really tighten up their spending belts and/or make major adjustments due to the economy?

We're dumping our house, mortgage company will take less than we owe (short sale) and forgive the difference. We're looking at divorce, i'm not sure i'm going to see the housing market improve anytime soon, so instead of riding it out and hoping to recoup the equity we 'had', i'm bailing. Going from a 4500ft house in a very nice neighborhood to a doublewide on the farm. I can deduct all expenses (mgrs. house), live cheap, be where my equipment is (15k stolen in 08) and house workers there when i build a house there, or we put the marriage back together. Wife and girls have a nice house rented in the town we're in now, 30 miles away...

Any of y'all making many adjustments?

 

[Pekkerwood]

There is no doubt I am watching spending. It is not working well yet as I had some large purchases to make (appliances, new car for gf because of ending lease), but I definately have cut back at home and in the office. Things could get real bad, real fast. When systems really start to fail they can go haywire quickly, I would like to be prepared.

BTW, forgive me if I'm wrong, but the divorce/don't divorce issue seems it should be separate from the economic issues. With that said, my divorce definately was an economic issue.

 

[schaff]

I got layed off last week but still can't seem to quit spending like I'm working. I think I need an intervention.

 

[Alex A]

I personally have not been affected guys but sure feel for you.

Layoffs are happening left and right. This economy really sucks. I bought a home in 2006 and since then it has lost hundreds of thousands in equity.

I pay $10,000 a year in property tax, and i will be sending my kids to private school because the public schools here suck( bussing, over crowded, etc).

My wife is due in March.. Im always thinking about the future.. I hope things can get better for everyone.

 

[thebrick]

With that said, my divorce definately was an economic issue.

Mine too... as in take my/our net worth and chop it in half

So far, the downturn in the economy has not effected my income much, but I have cut back on spending anyway and putting more into savings. The worse is yet to come and I hope to be prepared. And it could get really bad very fast as PW said.

 

[jfunk316]

My entire company has taken a 10% paycut, it's pissed off a lot of people but no one has quit from it. I was living in alone and have since decided to get a roommate again. I like being alone but the extra money will help. I also am watching spending like many others, I have downgraded a lot of my things, sold off toys (dune buddy, 67 chevelle, etc...) however, I will not part with my Escalade EXT, I love my baby too much. AHAHA

 

[thebrick]

My entire company has taken a 10% paycut, it's pissed off a lot of people but no one has quit from it. I was living in alone and have since decided to get a roommate again. I like being alone but the extra money will help. I also am watching spending like many others, I have downgraded a lot of my things, sold off toys (dune buddy, 67 chevelle, etc...) however, I will not part with my Escalade EXT, I love my baby too much. AHAHA

I have a friend that was with a company 20+ years and let go after Christmas. He would have been very happy with a 10% cut and be able to keep his job.

 

[pesty4077]

Gator, My businesses have gone down to almost Bankruptcy. This is what I did, I cut all my expenses down, diversified my business, got rid of the bigger house on a short sell. My income is 1/3 of what it used to be, we are business minded, we will survive. Hang in there, and realize that alot of people have the same problems or worse. I always reflect back on where I came from, basically nothing, so fight on and remeber family is more important than any material thing.

 

[jfunk316]

I have a friend that was with a company 20+ years and let go after Christmas. He would have been very happy with a 10% cut and be able to keep his job.

It's relevant you say that because I'm the controller so I get all the calls when the president doesn't want to deal with them about the 10% paycut and this is exactly what I tell everyone. So far we have NOT had even 1 layoff which is pretty good for this economy. Some of them are still pissy but you can't fix everyone. Respect and sorry to hear about your friend.

 

[cpesloco]

Anyone here having to really tighten up their spending belts and/or make major adjustments due to the economy?

We're dumping our house, mortgage company will take less than we owe (short sale) and forgive the difference. We're looking at divorce, i'm not sure i'm going to see the housing market improve anytime soon, so instead of riding it out and hoping to recoup the equity we 'had', i'm bailing. Going from a 4500ft house in a very nice neighborhood to a doublewide on the farm. I can deduct all expenses (mgrs. house), live cheap, be where my equipment is (15k stolen in 08) and house workers there when i build a house there, or we put the marriage back together. Wife and girls have a nice house rented in the town we're in now, 30 miles away...

Any of y'all making many adjustments?

so did you just call the mortgage company and say hey I am going through a divorce and we cannot pay for this house anymore, so come and get it? How does that work?

 

[mature muscle]

your not alone bro i,m sure 3/4 of our country feel the same.just have to tighten the belt and hope things start to turn around.i see all these sales on dvds going on but i just have to wait till thing improve.

 

[loser]

Anyone here having to really tighten up their spending belts and/or make major adjustments due to the economy?



Any of y'all making many adjustments?

had to give up the weights.


got 2 full time jobs.


still have household income of 36k/yr.

 

[M21SL]

Gator, My businesses have gone down to almost Bankruptcy. This is what I did, I cut all my expenses down, diversified my business, got rid of the bigger house on a short sell. My income is 1/3 of what it used to be, we are business minded, we will survive. Hang in there, and realize that alot of people have the same problems or worse. I always reflect back on where I came from, basically nothing, so fight on and remeber family is more important than any material thing.

great post bro, last sentence especially

 

[Sassy]

Everlast and I got married a year ago, and our houses have been on the market for 2 yrs now. Yes, we are making 3 house payments and are feeling the pinch big time. The town where my house is has reached an unemployment rate of 11.5% the second worst in the nation, so I don't see my house selling any time soon. I'm not sure how much longer we can keep this up. I'm basically working 3 jobs right now. My full-time job, helping Everlast with his business and starting my own business. It's about to run me ragged, but I can't quit my full time job until at least one house sells.

The thing that just doesn't seem fair is neither one of us would be in this situation if we hadn't have gotten married and moved to TN. Don't get me wrong... I will never regret marrying Everlast, but our timing just was all wrong. It's like I've spent all of this time in crappy relationships and living thru hell and I finally meet someone who is good to me and now this. I just want to know when will be "good times" for us.

Sorry... guess I needed to vent. I've been dealing with a merger (the company I work for got bought out by our competitor) on top of all this. I'm about spent... emotionally and physically. I've been sick for the past week.

 

[constantoo]

hi,
as president Roosevelt famously said.. the most important fear is fear itself.. be optimistic and seek oppurtunity in problems

 

[Future]

We up and moved to Arizona where our pt business is doing better while the cost of living is the same. Food here is cheaper for many things as well. We joined up at Sams and Costco as well to save. We only have one vehicle to same on money as well.

 

[SmillertimeM]

I live in MI and it REALLY sucks here. Fortunately our income is solid now(me and the Mrs.), but it was a rough 10 months before this, but we've cut way back, let our house go to the bank, bought another (fantastic deal) which we'll have paid off in 3 yrs....and banking as much as possible.

Setting ourselves up for LOW LOW living expenses since I don't see things getting better with the economy.

If you have to buy anything now though, this is a great time as EVERYONE is willing to wheel and deal.

 

[babyface4life]

Economic problem.

For me its really disappointing to hear how things are not improving with the economy . At one time my mom said why doesn't this guy who we voted for our president do something about this? I work a job in retail for over 9 years now and thankful I still have a job but really starting to hate it because of the pay , assholes I have to work with and the position I'm stuck at . I was told I have a attendance problem and my productivity level and attitude have gotten worse were I need to do a complete 180 or I could be jobless . I applied online for different companies and my brother told me just forget about the postal system which is really suffering right now . I always have to remind myself there are a lot of people in a much worse position. Im starting to see more and more people with signs asking for handouts including a lady today in a wheelchair with no legs. Just really depressing .

 

[SNAMREM_NWAHS]

I think what makes things worse for me, in my line of work anyways, the economy was booming right before it crashed. Senior guys were making $100/hr, 5 year guys were making $40-60/hr, life was good. If you didnt like where you were working you could go online and find a new job within a week. I had only been in the business for 3 years so I saw no end insight. Then things started to go to shit, the Barrel went down to $30 or something and it had been as high as $145. Mega projects got cancelled and people started getting laid off. I'm pretty lucky I had built up a good reputation around here and I've managed to stay employed with the exception of about a month Lay off last November.

My advice to anyone in these tough times would be to do your best to live below your means, so if you do take a pay cut or get laid off you'll be better prepared. Keep your head up, things will turn around!