Economics

sfmini · Apr 13, 2011

I was just thinking of the changes I have made and am making and planning to make to save money and thought this might be an interesting topic for us all.

Thanks to Ohio Senate Bill 5, my income will go down again so I am trying to be proactive and cut more expenses. So far I have:

eliminated magazine subscriptions

book purchases

eating out

movies at theaters, pay per view, and rentals

memberships for the Corgi clubs

unnecessary trips, only stop on the way to and from work

my xm in the truck

trips such as to Little King for their seminar this weekend

driving as economically as I can so as not to waste gas (have always done this)

buying clothes at Goodwill, I am losing a ton of weight so have to buy some clothes

I am trying to keep my health club membership as long as I can, but it might have to go. It is expensive BUT a great facility, with 2 pools, never crowded, great equipment. Haven't found a less expensive place that has somewhat comparable quality.

Horse shows might have to be limited or eliminated.

Dog shows involving travel, will try to get to some that are day trips to avoid motels, bring my own food to avoid eating out.

Learning more about extreme couponing.

So, what are you all doing?

Charley · Apr 13, 2011

We are adjusting to inflation, cutting back where we can, stocking up on essentials, and paying off all debt.

But more important, we are contacting others in our community to work together to get the current politicians who are not listening to the public out of office. We are more active with politicians and are letting them know when they do something we like and when they do something we don't like. They work for us and need to be reminded. Our government is not working to improve the economy and this needs to be changed.

Jill · Apr 13, 2011

I'm "lucky" in a way because volatile or uncertain economic conditions typically bring me more clients and more business. It's times like we're in now that make people realize that professional advice might be worth looking into, and my style has always been to focus heavily on conservative investments and safe money places. My clients do not have time to make all or a lot of their money back if they have significant market losses.

That said, it's not been as good for H's work and his company is struggling. They have cut back hours AND pay rates across the board. His line of work is heavily impacted by real estate market conditions.

Because I've been so busy (if I'm busy, I'm making money), we've not changed anything really. So far, we've been lucky and I'd be lying if I didn't admit I kind of like it in a way that H has been home more. He's gotten some projects done, etc., that otherwise may not have happened. He is not happy if he's not doing something.

I agree with the points Lois makes above...

Looking at some of what "we" as a Nation have done the past few years, honestly, I'd have a hard time coming up with any guesses about what we could have done to make things any worse for the average person than they are right now. It's a bad situation and there have been lots of poor choices...

With almost every politician primarily concerned with his / her next election, I do not know why we have not pushed harder and instated strict term limits. That would "free" those we elect to get in there and do what we elected them to get done, and not have them continuously courting the next group of voters. NOTHING good happens for US when we have career politicians in office.

Shari · Apr 13, 2011

Started that years and years ago.

No extra's .. IE magazines, books, DVD's, CD's, movies... any kind of fun stuff

(I really want an Hyperbike for Maggie but that is on the shelf for now)

We don't have any toys like boats, ATV or what ever.

Have those super saver florescent lights, and there is no lights on during the day at all.

Water isn't run. Turn it on, get what we need and turn it right off.

We don't eat out, not that I can really eat out anyway, to many allergies.

Make everything I eat by scratch. I buy food in bulk from places like Azure Standard.

I don't wear makeup, I don't have my hair cut by a saloon. Either my DH or I cuts it.

I have a pay as you go Cell phone, is the cheapest way for me to have a Cell phone. (only way I can contact DH because land lines aren't an option where he is)

Have a land line but I have had the same deal going for close to 15 years. Can't get cheaper than that.

We do have to keep the internet specially when DH was looking for jobs.And I have my Art.

DH commuting car is a 2000 Toyota Echo and it is getting 43mpg.( you can get 3 bales of compress hay in the trunk... for those that might want to know.

)

My car.. I only drive to town when I have tons of things to do.(only reason I even have a car is because DH is working elsewhere)

I won't be buying clothes any time soon but DS is going to need clothes, and we will go to Good Will.

Was growing my own Veggies but it is getting to be too much for me.

One thing I can't/won't stint on is the animals. They get their vaccines, worming,hoof trims, feed, vitamins all like normal. Humans can do without animals shouldn't.

Carriage · Apr 14, 2011

Shari said:
Started that years and years ago.

Us as well Miss Shari. I had wondered how you guys were getting on. Reading your note sounded so much like us. A lifestyle of thrift will serve well in the time coming. Saving ones money and buying well one time is something that is being better understood and takes on a far more important meaning these days. Many are having to relearn "economics in reality". Is this an asset or a liability? What is the definition of each. An asset by pure definition earns money or at bare minimum costs the holder of said asset nothing to hold. The former is the preferred definition to the latter. A liability costs me money, period.

I have wondered if the question is being asked more and more, "Do I really need this". Can I fix this as opposed to replacing this.

We have set up a loose association of families with like proclivities and can now approach a farmer with cash in hand to purchase in bulk. They tend to get REAL friendly when you request 2 tons of a product and hand him/her the cash on the spot. They just can't do enough for you. Give everybody a week to process and move on to the next thing. Still looking for a source for a few hundred pounds of roasted coffee beans but we will find that lucky person...

This is an example of community, there are many. Getting through will require community as no man is an island. Community, both at hand, and "extended" helps not just the one get through, but all.

As to the political posited, I have learned that things are still not bad enough for folk to really hear the solutions, so I will set that on the same shelf as your greatly appreciated wish... Maybe someday, Eh?

Hi to DH and prayers fer ya both,

Bb

Margo_C-T · Apr 15, 2011

I have also done a lot, though not all, of what Shari mentions, beginning when I started needing to get by on a survivor annuity(I do not receive SS, and what I receive is FULLY taxable.) I am well into retirement age, and in the same way as those who ARE on SS, have suffered from the 'decree' by the Gov't's 'powers-that-be' that no COLA was justified again this year, because according to them, there is little to no increase in the cost of living...REALLY???

Margo

Jill · Apr 15, 2011

I think it is ridiculous that there has been no COLA on Social Security. "No inflation", however, everything that every day regular people have to buy every day has been steadily increasing in price. I think we're seeing the tip of the iceberg in terms of the decline of our purchasing power and are possibly witnessing a managed decline of our dollar. The "New World Order" and that awful George Soros have to be liking what they're seeing.

One thing, though, is that I do think it is fair and necessary to start phasing out social security for people my age or younger. WE have time to make arrangements to be sure we can take care of ourselves. Those retired or w/in 10 years or so of retiring really do not have the kind of time they would need to provide the savings that would equal what they have been told Social Security would pay them. I don't "like" that this is probably necessary and have paid a lot into social security over the years, but I don't see how it can be there for me, and also be there for those on it now or needing it soon.

There's no easy answer but when the government cannot give to anyone something it does not first take from someone else, and when our spending and deficit are spiraling to unheard of figures, some hard things have to be done and "younger" people can step up to the plate and probably will have to do so.

dixie_belle · Apr 15, 2011

I don't want to get flamed but I don't think it is right to phase out SS. Hubby and I have worked our entire lives and put money into the social security system. It was thought of as a sort of "savings account" by us. Since I have put money into it, I should get money out of it. If you want to overhaul the system and eliminate giving money to people who have never put money in, THAT I am in favor of. How may times do I see people who have never worked draw social security benefits? Too many, believe me. I am only asking for what I deserve. At the very least, calculate what I have contributed, tack on interest and give that back to me over time.

Jill · Apr 15, 2011

dixie_belle said:
I don't want to get flamed but I don't think it is right to phase out SS. Hubby and I have worked our entire lives and put money into the social security system. It was thought of as a sort of "savings account" by us. Since I have put money into it, I should get money out of it. If you want to overhaul the system and eliminate giving money to people who have never put money in, THAT I am in favor of. How may times do I see people who have never worked draw social security benefits? Too many, believe me. I am only asking for what I deserve. At the very least, calculate what I have contributed, tack on interest and give that back to me over time.

I completely understand how you feel and what you're saying. It's NOT fair if some have to give it up -- even if there is some kinds of "needs" test to have a portion of the people who've paid into it, but have enough assets or current income, to provide for themselves in retirement -- it's not fair if someone is forced to contribute so many years into something and then not have any personal benefit. I've hit the wage base personally for years, and that's where the individual "gets" to stop paying (you pay up to a certain earnings level, then you stop the SS tax for the year) -- however, I'm also an employer and because of that, I know that the employer's MATCHING contribution into SS doesn't stop at the wage base. Nope, it keeps going... Business owners are often hit the hardest when the Gov't is trying to come up with ways to make things better (though hurting business owners backfires), but I bet there are a lot of people that don't realize what has been paid in to Social Security by "you", has been matched or exceeded by "your" employers.

It's a mess with NO easy answers. I just hope we can find a solution that will take care of those who need it, and will encourage / reward those who can do it themselves and get them to do it for themselves. If we were tougher on some other social programs, like welfare and unemployment, that might help, too. There's only so much money to go around. What if you had to pass drug tests and do community service work to collect welfare and unemployment? That would at least be putting something back into a system (in general, entitlements) that have been stretched too far for too many years, and it would encourage those who could do for themselves to try harder to do so.

dixie_belle · Apr 15, 2011

We often hear about "welfare mothers". I can see the benefit of helping those first time moms who have an accidental pregnancy. Having said that, there is no such thing as TWO accidents. After the first time, you know darn well what causes babies. So there should be a limit to benefits. You get "x" dollars for that first child and nothing for child number two, or child number three, etc. I only had three children because that is all we could afford. No one helped pay for diapers, formula, day care....nothing. Would it be tough? You're darn tooten it would. Would it stop multiple births to those who cannot afford them? Perhaps. Give these second time moms a one time option. We'll increase your benefits for child number two ONLY if you have your tubes tied. Again...tough? Yes. But again, it would stop the problem. Period. I am tired of being a middle class American and paying for everyone. I am also really fed up with seeing people on food stamps with a cigarette hanging out of their mouth. How much does a carton cost? I don't smoke so I don't know. Even if I wanted to, I can't afford to. How can they possibly afford it? They can't afford food but they can afford cigarettes and beer? OK, I'll get off my soapbox. All I'm saying is that my husband and I have worked like dogs for a long, long time. We are lucky in that we have a nest egg. But 1/4 of what my husband makes goes to the government. I know this because we pays quarterly to the government as he is self employed. Every quarter we send the gov. a check for 1/4 of whatever he made in the last quarter. That check covers SS and taxes. And we won't even talk about what we pay for private health insurance. It's frightening. In a couple of years he will be eligible for SS. It had best be there when he gets there as he has paid in for the past 40 years. There is no easy fix, I agree. But fix it for goodness sake for those of us who deserve it. Stop giving it away to people who haven't worked for it or earned it.

CharlesFamily · Apr 15, 2011

Jody,

Living in Ohio and my husband and I BOTH being teachers, we are in the same boat if SB-5 doesn't get repealed! Good news that the ballot language for the referendum was approved today - I will be anxiously awaiting signing that petition!

Anyway, we have really been trying to cut back on a lot of the same things people have been talking about here. We are also seriously going to expand our garden and looking into getting a few hens for some eggs. I'm just suddenly driven with trying to become more self-sufficient. I think we are only seeing the beginning of how bad things are going to get.

Barbara

P.S. - Jody - I saw your reply to a similar article on the NBC4 website! I was reading the comments and saw someone mentioned not showing their dogs and horses. When I looked up I saw your same username and knew it was you!

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