What would you give up in times of austerity?

[Mikelus Trento]

The economy is making many people, worldwide, evaluate their lifestyles to determine what expenses are necessary and which are not. It would be interesting to see what things our international forum would give up.

For me, the process began 5 years ago (fortunately) as we began to prepare our retirement plans. We downsized our home (after the daughters moved out) from 4,800 to 1,800 square feet, pocketing the equity we had acquired in the big house to purchase the smaller one outright. We also used the proceeds to pay off ALL our credit cards, and now use only debit cards. I drive a 2 year old Chevy HHR and the wife drives an 8 year old (paid for) Sante Fe.

I am on a personal crusade to be the last American male to own a cell phone, but we are looking at the wife's as a "necessity" or not. We have lessened out movie going from twice a month to about once every 3 months. We have reduced eating out from about once a week to once a month.

The wife has started using coupons again when grocery shopping, and I will try once again to stop smoking soon on our annual 3 day vacation to the Florida panhandle. I used to drink upwards of a pint of rum every night for years, but haven't had a drop now in 8 years (except when my father passed a year and a half ago, and that reminded me why I had stopped drinking - was tired of wasting half my life with a hangover the next day).

We are considering adjusting our cable TV service to just basic only. We have changed all our light bulbs to energy efficient.

My wife and I can live with these changes on $30-35k a year, so we are able to save lots of money right now for retirement in 9 1/2 more years. That is a large enough time window that we feel comfortable bottom fishing the stock market right now, gobbling up blue chip companies that pay dividends.

But most of all, knowing the house is paid for and we have a place to live is the best feeling of all.

[Ahlerich]

ok i ll start.
i am from germany (no clue if that matters for this question)
and i dont need to give up anything because everything i own (except my gf ) i paid for in ca$h.

therefore i dont live over my means and dont need to give up anything

[Mikelus Trento]

Isn't it nice paying for everything in cash, instead of adding to debt?

Personally, I wish they would ban credit cards for superficial purchases. Make them only good at hospitals and doctors and such, ie, true emergencies or needs.

I know folks who are borrowing from one credit card (usually at 18% or more) to pay on another credit card. To me, that seems like the perfect signal that things are spiraling beyond your control.

[Adrian]

Its a very hard and worrying question you pose here so lets see.

Well at the moment i dont pay for anything all my expenses are handled by my parents im 19 i dont have a job but both my parents do so until i get on my feet i consider that its their duty to cover all my expenses after all they made me.

and i dont want to get a job by my worst predictions if i dont have a job in like 2 years im gonna ask my parents to give me one of our properties to sell after all parents have to help kids when they start off in life after that open my own business i think dont really know.

but im not good with finances and that, my dream job would be politician lol im even thinking of joining a party but im too young to make a difference now .


So its good to be the child lol.

[Mikelus Trento]

and i dont want to get a job by my worst predictions if i dont have a job in like 2 years im gonna ask my parents to give me one of our properties to sell after all parents have to help kids when they start off in life

So its good to be the child lol.

I must have missed that chapter in the Book of Parenting. You're sure it said "HAVE TO" help their grown children?

You think it is good to be young? I'm pretty happy I'm on the down hill side of life with all the crap going on in the world.

[Zephyrus]

Its a very hard and worrying question you pose here so lets see.

Well at the moment i dont pay for anything all my expenses are handled by my parents im 19 i dont have a job but both my parents do so until i get on my feet i consider that its their duty to cover all my expenses after all they made me.

and i dont want to get a job by my worst predictions if i dont have a job in like 2 years im gonna ask my parents to give me one of our properties to sell after all parents have to help kids when they start off in life after that open my own business i think dont really know.

but im not good with finances and that, my dream job would be politician lol im even thinking of joining a party but im too young to make a difference now .


So its good to be the child lol.

Preach on, bro. Only jobs open to us in that age group is UPS and very ugly high-stress positions. Til I'm done with community college at least, i plan on living in with them until they either move out, which they plan to do soon, or can start paying the mortgage for the house we're in in the hopes of eventually selling it for profit and moving to a better place.

[Andersen]

Its a very hard and worrying question you pose here so lets see.

Well at the moment i dont pay for anything all my expenses are handled by my parents im 19 i dont have a job but both my parents do so until i get on my feet i consider that its their duty to cover all my expenses after all they made me.

and i dont want to get a job by my worst predictions if i dont have a job in like 2 years im gonna ask my parents to give me one of our properties to sell after all parents have to help kids when they start off in life after that open my own business i think dont really know.

but im not good with finances and that, my dream job would be politician lol im even thinking of joining a party but im too young to make a difference now .


So its good to be the child lol.

Haha! You sound a bit like me. I'm 19 years old, and taking a year off school, before I start on university. I used to work until recently, when the shop I worked for had to cut some expenses. (I was recently employed, so it was only fair that I was the one being fired)

But to be honest - you sound lazy. Its good that your parents can support you. But you should really get off your butt and at least cover your own expenses.

I'm not trying to preach, but I'm certain it would actually make your parents proud.

Anyway.. Right now I have enough money to cover my expenses, but if I don't find a job soon, I will have to either move back home, or choose not to eat.

I guess I'll go with the last one.

But as Pacifist Hummingbird said - don't cut your expenses unless you have to. It might be good for you right now. But its going to backfire sooner or later. I know the situation is worse in USA and other countries, but here in Denmark the worst thing happening is the "panic"...

[Last Roman]

But most of all, knowing the house is paid for and we have a place to live is the best feeling of all.

that is going to be a life saver right there. My dad has lived in the same house for almost 20 years, but almost owes more than what he bought it for. Being usually pretty good with money, it came to a huge shock to me when I found out how much he owed.

anyhoo, as for myself, being a college student who for the most part is still living off either loans or my parents (except stuff like food, gas, some smaller bills and clothing, which my pay checks barely cover), my immediate concern for cutting personal costs isn't as great, but I'm quickly starting to realize that I spend way too much. I plan on cutting cost by going out once or twice a week (which is hard in a college town known for its like of the drink) and stop eating out so much, which will also help with gas costs. Nice thing though is I have maybe 150 dollars in credit debt, nothing serious at all, and the rest is in student loans, which are low interest. I thank my dad that he pushed me to not get a credit card unless for emergencies.

[antares24]

Personally i don't plan to cut anything, everything me and my family own is entirely payed in cash, including our family houses, my parents cars and my own car.

My father educated me since i was a child that to make a debt or to ask a loan is a very bad thing, except that for buying my own house (but an affordable one, not a huge mansion that i cannot pay off).
That's a quite normal attitude here in Italy, infact we have e very low level of personal debt in general.

As a result of this i never use credit cards, only debit cards, and when i want something i save money and then buy it, i never understand the people that buy a 1000€ cellphone with a loan and then moan about not being able to pay the rates of it. Not to mention the ones buying a 50k car by making huge loans. Again MEH.

[Necromancer]

Well, I HAVE to have my car (which I paid off!) so I can go to work and help my parents pay for bills whenever they need help. I haven't plugged in my electric guitars in a couple months to save electricity (every little bit helps, right?) so I've been going acoustic and unplugged for a while now. Don't use the computer as much, or watch as much TV. I'm reading a lot more. Just trying to pitch in and do my part...

[manofarms89]

my family owns an apartment complex that pays for itself, along with my dad's construction business and my mom works for a credit union in the real estate department. they are helping pay for my education while I work at a after school program for kids and we never use credit cards.

[The Devil's Sergeant]

Being austere for the sake of austerity is counterproductive. If your personal economy is just pulling back on spending is hurting those that depend uponm your spending.

[Thanatos]

Not too bad, since I already don't go out often, whether it be a restaurant, to the movies, whatever. My family and I already don't watch the television.

The only thing I honestly have in terms of luxuries to give up would be my gaming computer, but that's pretty much it. I'm a frugal guy, at least compared to most people.

[Zephyrus]

Not too bad, since I already don't go out often, whether it be a restaurant, to the movies, whatever. My family and I already don't watch the television.

The only thing I honestly have in terms of luxuries to give up would be my gaming computer, but that's pretty much it. I'm a frugal guy, at least compared to most people.

That is a damning piece of evidence you've circulated in an unprotected by government internet gaming forum. How dare you live a lifestyle that would make agoge-trained Spartans cringe in terror at its mere thought? Your fellow americans depend upon you!


Expect a 1800 collect call from the US Government soon. And if you don't accept the charges...(pun intended)...

So I'm a coward for merely trying to save up money for something I can't afford right now? Gee.

Compared to "popular" US economists, yes!

[Mikelus Trento]

Not too bad, since I already don't go out often, whether it be a restaurant, to the movies, whatever. My family and I already don't watch the television.

The only thing I honestly have in terms of luxuries to give up would be my gaming computer, but that's pretty much it. I'm a frugal guy, at least compared to most people.

My gaming computer and connection are necessities.

It is what it is.

Zephyrus...I'm surprised you didn't get on my Spartan style for eschewing owning a cell phone. I betchya not too many folks reading these forums can actually say that.

[The Devil's Sergeant]

My gaming computer and connection are necessities.

It is what it is.

Zephyrus...I'm surprised you didn't get on my Spartan style for eschewing owning a cell phone. I betchya not too many folks reading these forums can actually say that.

I don't own a cellphone. I had one for about a year but only used it maybe 5 times.

[Thorn777]

I don't own a cellphone. I had one for about a year but only used it maybe 5 times.

Yeah, me to. Its a bliss isnt it.

[The Devil's Sergeant]

Unlike cowards that want to hide in their diapers, I am spending money like crazy to help the economy.

In past three months I have
built a new deck on my the back of my house
painted and repaired the exterior of my house
finished a closet in an upstairs room
remodeled a bathroom
purchased new bedroom furniture and painted the room
bought a new 42' plasma tv

In the next 2 month I will:
Remodel my master bath
remodel an upstairs room
purchase a new home
purchase all new furniture for that home
purchase a new wood chipper and clean out brush from my old and new home

[Erik]

I put about 500 euro's per month into a saving account, so even if I loose my job I don't think I would have to cut back on anything.

I don't live on a budget, but I don't waste my money on stuff I don't really need or want.

If I loose my job in the next week, I probably won't buy the computer upgrades I'm planning to buy to play Empire.
But other than that, I think my life would be pretty much the same....until my saving account runs dry.

[Thanatos]

So I'm a coward for merely trying to save up money for something I can't afford right now? Gee.