PDA

View Full Version : REALLY Worried About the Economy


MoniDew
10-06-2008, 07:44 AM
The news is bleak! I just read that both European and Asian stock markets are crashing in response to the US's recent economic failures. It looks as if the rest of the world doesn't believe our "bailout" is much of a bailout at all!

I am really terrified - and I mean anxiety attack, scared out of my mind, sick to death kind of terrified - that this could mean a world-wide economic depression on a level we have never seen before.

If the animal excrement really does hit the occillating turbine, we will have to dig deeper than our ancestors did during the "great" depression. (This depression will be far "greater" than that.)

What do you plan to do to get through it? Will you grow your own food? Barter/trade instead of pay cash? Sell off everything you don't need to pay off your debt? What can you/we do to survive? (We will all need to do a combination of EVERYTHING we can think of in order to survive, I know. But let's start generating those ideas NOW! We'll need them!)
________
Fourth Generation Legacy (http://www.toyota-wiki.com/wiki/Fourth_Generation_Subaru_Legacy)

Puddinpop
10-06-2008, 09:36 AM
Monidew, I don't think it is going to be as bad as all of that. Have you ever listened to Dave Ramsey? If not, you should check him out. He has compared statistics and said it is no where near the great depression. Chill, lady.

zkimom
10-06-2008, 09:58 AM
It is terrifying, isn't it? Unless, of course, you are a Wall Streeter and the gov't just handed you $700 billion plus another $150 in tax breaks.

I've just started to hear the word "depression" bandied around.

My dh listens to short-wave radio most of the time so he seems to hear things a bit ahead of what comes out in the media here. Seriously, we are having a hand pump installed so we can access our well at all times.

I have a garden but since it was my first crack at it this summer, I don't have much left to show for it besides some cukes and peppers that need harvesting before tommorrow night's possible frost. Having a garden did help greatly with my grocery bill during the spring and summer but that didn't offset the costs of building the beds and buying plants.

We are cutting back on most expenses that aren't truly necessary. Hopefully, we will be able to continue to buy the essentials like food and clothing and put gas in our cars but I have heard that gas is scarce in the Southern states since Hurricane Ike. I'm wondering if that scarcity will be travelling north anytime soon.

It's hard to comprehend the full potential impact of these troubled times. I'm trying to keep optimistic although that's hard to do. Some days I just can't bear to listen to the radio or watch the news. Which is tough because my dh likes to come home from work and turn on BBC America while I am making dinner. If you think things sound bad from our end of it, you should hear it from theirs.

Sunshine's Mom
10-06-2008, 09:59 AM
Try not to worry so much. It's really not going to be that bad. I think the worriers are the rich folk that have a lot of their money tied up in stocks that revolved around the mortgage industry. I don't have that worry. There will not be a worldwide collapse. The media is hyping things because its a good news story. Stop watching the news.

However, on the positive side of you're wanting cost cutting measures - you knit. You can make your own clothes!

iza
10-06-2008, 10:00 AM
Sure the stock markets are bad right now, no doubt about that. Are we heading for a depression? I think the economy will slow down for a while, some people might lose their jobs. But I think it's going to be temporary, and I really doubt there will be a depression. No need to panic. :thumbsup:

cftwo
10-06-2008, 11:05 AM
My grandmother (who got married in the middle of the Depression) once told me that when big stuff like this happens, you can't let it take over your life. You deal with what ends up on your plate, and really, try to ignore the rest. Worrying about it does you no good - it doesn't make the situation easier to deal with, and it doesn't make the situation better. What happens to the market will happen to the market. She told me this when, as a college student, my entire campus was flipping out a bit over the first Gulf War. (Was this going to be a big war? were they going to reinstate the draft? worry, worry, worry)

So, take a deep breath. Let go of the problem. If it works for you ask God (or a Higher Power) to take care of the situation.

If you want to do something - anything at all -, just spend mindfully and think about what you buy. What's the best buy (quality and price) for your money? Do you really need a new X when, once you think about it, you have a lot of Xs in your closet/cabinets at home? Are you throwing away perfectly good stuff which you could use? But don't panic. I don't think we're anywhere close to the point where you need to sew broken shoelaces back together.

Crycket
10-06-2008, 11:09 AM
It is a scary prospect, but it is one of those "we have to wait and see" things.

It is like waiting for the next 9/11. If we all sit and wait for it to happen, it will paralize you.

I am a girl guide, and it is always good to "Be Prepared" but that applies to everyday life. What is the old saying, Prepare for the worst, hope for the best *smiles*

Hildegard_von_Knittin
10-06-2008, 12:04 PM
Moni, I won't tell you not to feel the way you do... you're allowed to feel however you want to feel about anything! I'm sorry you've been sick with worry over this, though, and hopefully you'll find some resources here you can use.

The only advice I can offer is to prepare in the best way you can, in the best way that makes *you* feel safe, secure, ready. If that means starting to grow you're own food, then start researching NOW what you'll need to do so you'll be ready come planting time this spring. Make a list of the stuff that you absolutely *must* have, and then decide for yourself how much you really want to keep the "extra" stuff... then sell/trade what you don't need. Investigate ways to change your lifestyle so that you're prepared to live more frugally. If/When this turns out to be less serious than you're expecting, you won't have lost anything you didn't need, and you'll have gained some new skills along the way. Most importantly, you'll have some peace of mind, and that's what you need most of all.

Hang in there!

auburnchick
10-06-2008, 12:18 PM
If nothing else, I think this is a good wake-up call for everyone.

I know that my family has been making an assessment of the things we can do without.

I've made some budget cut-backs, but only because my subbing work is not paying as much as my other part-time job...not necessarily because of the economy in general. I'm trying to lower some bills and have cut out things like my cable's DVR and HD channels, which is going to save me about $40/mo. Do we really need to watch so much television? We're also hanging clothes to dry in my garage, and I'm getting blinds installed in some rooms to cut down on our electric bill. Little things that will hopefully make a difference.

This is a good time to teach our children about being fiscally responsible.

Remember that the economy operates in cycles. If we go into a depression, eventually, we'll get out of it. What goes up must come down and likewise.

Hang in there!

Wanda Witch
10-06-2008, 12:32 PM
I survived as a child of the Great Depression. No, there were no multiple TV sets in the house, all hooked up to cable, etc., a vehicle for everyone old enough to drive in one family, expensive vacations, cell phones for everyone, desktops plus laptops, in general things that really are not necessities. I really don't think this will happen again in this country, but it might be a wake-up call for the younger generation to really take stock of what they need and what is a luxury we can all live without. I realize you are worried, MoniDew, which is healthy but I would not panic. Gee, I hope I don't have to eat these words. Born in '29, three weeks before Wall Street Crumbled.

evona
10-06-2008, 12:39 PM
Moni - the best thing to do is to just take a deep breath and worry about today. There are always going to be things out of our control so you have to take an inventory of the thins that ARE within your control and just take care of those. Worrying about the rest will just drive you nuts. (In the interest of full disclosure I am a humongous worrier and completely understand your anxiety, so I am simply handing down the advice given to me through years of therapy and hoping it'll help you too :) )

For a little perspective though, here in the USA unemployment was around 23% during the Depression and that is a conservative estimate as we didn't have the best record keeping back then and many people were simply embarrassed to say they were unemployed and therefore lied to the census bureau. Actual unemployment may have been MUCH higher. Plus the records never took into account that many of the "employed" were severely underemployed and still not making it. That IS not what we are facing right now.

I have no doubt that even if the worst were to happen (which I don't believe will be anywhere near the 1930's) we will all come together and we will get through.

I have listened to many stories from people who lived through the depression. My own father was born in 1931 to an immigrant family and 6 of his brothers and sisters were either grown with their own families or old enough to work during the depression so I heard about the hardships a lot from them. They never denied it was hard. I listened to stories about ketchup soup and stories about my father and his little sister riding in a wagon being pulled by his older brother to go get whatever scraps were available to them, but all in all the resounding answer to the question "How did you get through?" is a shrug and "You just did.". We all tend to look back on our pasts nostalgically so I know some of what the older folks say might be tinged with their own need to feel that their youth was better than the youth of today, but I always get the feeling that although it was the worst of times for America and the world it was also a time when many people came together to help out where they can. My own grandmother used to always leave a pot of stew on the stove when she went out to run errands and the front door was never locked. Her opinion was that if there was someone worse off then they were that was hungry they were welcome any time to come and have a bowl of stew.

Perhaps the good thing to come out of this is that as a whole we might learn to live more within our means rather than by credit alone, we might begin to enjoy the simple things in life and realize that we don't need that big flat screen HD TV to enjoy an evening with family and we might even come together as communities. I know many of us here already have those values, but as a group we've been running amok in the mall with our grand or great grand kid's credit cards for a long time. Unfortunatley, they are the true victims who will have to mop up the mess of this bailout long after we're gone.

Jan in CA
10-06-2008, 01:13 PM
It is certainly a concern, especially for those of us who's retirement is dependent on the market (PERS). So far we've not noticed any change, but those things may take time. DH has said if he has to he'll go back to work as would I of course. Fortunately our house is paid for so that helps.

:hug:

GinnyG
10-06-2008, 01:23 PM
I am not afraid at all. I think that we are in for some difficult times but for those who have not lived on credit or lived beyond their means it will be survivable. I do not use credit cards, pay cash for everything (including my car) and have only a small mortgagee. If I can't afford it, I don't buy it.

It will be very difficult for anyone headed into retirement in the next few years. for them I feel very badly. Many of my patients have worked hard all their lives, invested for retirement and lived responsibly only to find out that now they have little left in their pension. It is heartbreaking to see.

I have followed Suzi Ormon's financial principals for years now and believe that as hard as it is this is a wake up call that has been years in the making.

This is a great time for anyone with any extra cash to invest in the stock market. My stock account has lost alot of money in the last month and will lose more befoire it is over but last week I cashed a CD and bought some more stock. I believe that long term the market will recover and if you invest wisely now you will be glad 10 years from now.

Suzi did a great show on Oprah last Friday on how to protect your assets, I think most of her info is available on Oprah's web site.

Some people will lose their homes, which is sad but necessary since in many cases they bought homes they couldn't afford in the first place. I think there should be criminal charges brought against the big bank executives and wall street brokers who caused the crash of the mortgagee industry through marginal loans and swap agreements but, that will never happen.

Plantgoddess+
10-06-2008, 01:25 PM
Hubby and I started married life in the early 70's and struggled for over 25 years with layoffs and job loss. We learned early on to have money taken out of paychecks before we got them and to not buy anything you can't pay cash for. If that means doing without while saving up or buying used, then that's what we did.
It is currently scary for us because most of our retirement money is in the stock market. None of our jobs pay much in the way of pensions, so we've been responsible for saving our retirement income. We hoped to retire in 4 years, but may end up working longer. We will survive as will all of us, just not maybe in the style to which we'd like to become accustomed.

Abbily
10-06-2008, 03:22 PM
I first read this thread this morning when I got to work... and I thought maybe you were overreacting just a bit. Then the DOW took another 700 point plunge... now I'm not so sure. I don't have a huge amount of debt, and assuming we both keep our jobs I won't have any problems keeping my house or my car payments under control. I have one credit card with a balance I'm not entirely comfortable with, but it's not bad. I hope that the dropping gas prices will help balance out the falling economy.

Puddinpop
10-06-2008, 03:46 PM
I live in Alabama and the only reason the stations are out of gas sometimes, is because people panic. If everyone had just bought their gas, as normal, this wouldn't happen. If they don't have it at one station, you can go a block or two and get it at the next. It's not like they stay out of gas either.

nbrome
10-06-2008, 04:54 PM
.

It's hard to comprehend the full potential impact of these troubled times. I'm trying to keep optimistic although that's hard to do. Some days I just can't bear to listen to the radio or watch the news. Which is tough because my dh likes to come home from work and turn on BBC America while I am making dinner. If you think things sound bad from our end of it, you should hear it from theirs.

Difficult times are just starting in the UK apparently, but here in Italy we started tightening our belts about 5 years ago. As a family we used to be pretty well off. Four kids and I wasn't working. Not much in the bank, maybe, but we could go on holiday and go out to eat when we wanted. Not any more. My husband is retired and on a good pension and I went back to work several years ago. We never bought a house 'cos renting is common here and our rent was always a minimal part of his income. Now it costs more than my total salary. (If it were a mortgage it wouldn't be much different). One fact as an example: the average rent of a TWO ROOM flat here is about the same as the AVERAGE WAGE. How do people manage? That's a whole other story.

Knittingoma
10-06-2008, 05:22 PM
Hi folks....I'm in Scotland and we are fearing things same as you folks in the USA. We don't know what Bank is going to go under next.....or what state our country is going to be in tomorrow. Maybe this is a time for us all to think of what we need in life compared to what we want....and as the poster above says it may or may not make our youngsters take note. Most of them have so much these days and a big lot of them have no real knowledge of the state of their families' budgets never mind the nation's. Thinking before we spend is not too hard to do...and maybe some of our Banks and lending companies need to take this on board.

rachael72knitter
10-06-2008, 06:51 PM
Monidew, I don't think it is going to be as bad as all of that. Have you ever listened to Dave Ramsey? If not, you should check him out. He has compared statistics and said it is no where near the great depression. Chill, lady.

He is very good and he also offers financial classes that I have heard are wonderful.


Love him.

Knitting_Guy
10-06-2008, 11:08 PM
The world economy has been much worse in the past, yet we are still here. Don't sweat it. Personally, I hope this whole credit culture is finally coming to an end as I think it's just insane. Good riddance.

There was a time when someone wanted something they...shock...saved up for it.

Debkcs
10-07-2008, 03:03 AM
As you know, worry and panic don't get you anything but ulcers.

Try to think of the 'worst case scenario' and then work with it. My friend the mortgage broker says keep one or two payments ahead, if you can. Dave Ramsey says to have six months income in the bank. That much is certainly covered by the FDIC. Our government is not going to collapse, the EU couldn't allow it, and we still have resources that haven't been tapped. (I for one, would like to see all the countries that owe us billions
start paying it back!)

If you're worried about food and water, put some by. In my case, both my husband and I are on Disability, our life savings wiped out by his having multiple sclerosis.(Yes we have medical insurance, but they wouldn't pay for the best medications for him,thousands a month) We have six months of food set by that we rotate. If nothing else, it makes you feel like you are doing something to safeguard your family.

Most of all, this is a great time to get together with the older people around you, and find out how they got through the 'Great Depression' and the one in the 80's.

DQ
10-07-2008, 06:15 AM
For anyone in the UK I recommend --> http://www.moneysavingexpert.com/

I don't know how good it will be for Americans but you might find some good ideas or advice on there.

iza
10-07-2008, 09:01 AM
(I for one, would like to see all the countries that owe us billions
start paying it back!)

In fact, a big part of the US debt is owed to foreign countries. And the US debt is huge. I saw somewhere that Japan alone owns over 600 billion dollars of the US debt. :passedout:

evona
10-07-2008, 12:22 PM
The world economy has been much worse in the past, yet we are still here. Don't sweat it. Personally, I hope this whole credit culture is finally coming to an end as I think it's just insane. Good riddance.

There was a time when someone wanted something they...shock...saved up for it.


Agreed~ :)

scout52
10-07-2008, 01:25 PM
The world economy has been much worse in the past, yet we are still here. Don't sweat it. Personally, I hope this whole credit culture is finally coming to an end as I think it's just insane. Good riddance.

There was a time when someone wanted something they...shock...saved up for it.

I don't think I agree with that. I had saved for college since I was 12 and my parents (who had me in high school saved when they could) but I would NEVER have finished college and post grad without credit. My student loans are what helped me graduate and put me in the position now. If you take away credit only the uber rich will go to secondary school because this country will never have a socialized university and vocational system.

auburnchick
10-07-2008, 01:40 PM
I don't think Mason was talking about those kinds of loans.

I understood him to mean that people typically use credit cards to purchase what could be considered non-essential items...stuff people used to save up for. There's really no need to buy a nicer car if you don't have the money for it right then. Same thing with electronics or other stuff.

MoniDew
10-07-2008, 02:43 PM
Well, thank you, everyone, for your well-meaning advice and for the soothing. We've never been rich, always lived paycheck to paycheck and at times hand-to-mouth. As for saving up six months in advance - YOU MUST BE KIDDING! We don't have enough for tomorrow, much less six months!

We don't live beyond our means because we don't have any 'means.' We have one car for hubby to take to work and we (gasp) paid cash for it - all $4000 dollars worth. We live in an extremely modest home valued at under $90,000 and we owe about $75,000 on it. I have lived without every conceivable thing a person can live without . I didn't have a working oven for about 10 years because we couldn't afford to replace it. At this particular moment, I don't have a living room floor. I have lived without a bathroom before. I have lived without heat, in the depths of winter before. I have gone without television, much less cable, for a decade or more at a time.

I have done nearly everything one can think of to either save money or earn a few extra dollars - even incredibly humiliating things. I have washed dishes for a living. I have taken in laundry, sewing, etc (when my kids were small.) I have grown my own food for a long time, canned, frozen, etc. I've sold everything we have owned at times - including things that, while not valuable or expenses to the rest of the world, meant something to me.

So, for those of you who think I'm scared because I'm worried about my investments dwindling - no! I'm scared because I can't possibly live on LESS than I already do! There is NOTHING LESS to live without!

And for those of you who think I have arrogantly gone into debt, yes. I do have debt, because I own a small business and that requires me to maintain an inventory. It is an online business which requires me to have this fancy, high-end, decade-old computer that I never know if it will start up or not. I work from home to save commuting expenses, fancy wardrobe, restaurant lunches, etc.

I'd like to someday have a little "class," elegance, whatever, but I never have before and it doesn't look like I will anytime soon.

we are not lavish, we are not overextended. we are not broke. we are just struggling. And I don't know if I can take it if I have to struggle more than I already have.

So now you know.
________
HAWAII DISPENSARIES (http://hawaii.dispensaries.org/)

Jan in CA
10-07-2008, 03:17 PM
I don't think anyone was pointing fingers at you specifically, Moni. They were just comments on ways that people do over extend themselves and get into trouble. We do all need to mindful of how we word our replies because no one knows what someone else is going through.

I'm sorry you're struggling and I can understand you're being scared and worried. We can all say 'don't worry', but we all know that you can't help you're feelings. They are what they are.

We are lucky that we do have what some would call luxuries, but we don't live a lavish life either. Times are tough and I'll be keeping my fingers crossed that times get better for you and all of us. Crossed Fingers :hug:

scout52
10-07-2008, 03:18 PM
Monidew

I :heart: you. I'm worrying about the economy as well. And its not because of investment its because of family who need to work to live and who still live paycheck to paycheck and WHO DO NOT LIVE extravagantly. Just trying to provide for their family is all. I admire you r perservance and your strength.

evona
10-07-2008, 03:27 PM
Moni Dew, I know my comments weren't meant toward you, but just in general. I am so sorry you're having a hard time. I know how it feels. I've raised 2 kids pretty much on my own with no support from my ex. I was young when I had them (16 and 5 days before my 18th b-day) so it was even harder to eke out a living. I know what you mean about not having enough for tomorrow nevermind trying to save up enough for 6 months! I thought the same thing you did when I first read that :) Good advice, just not practical for some of us (maybe even most of us). Its hard to not worry, but remember that sage advice "worrying is like trying to solve an algebra problem with bubble gum". When you get that anxious knot in your stomach, as I know we've all felt before about something, try to take some deep breaths and try to take inventory of what it is that most worries you. then separate those worries into things you can control and things you can't. Forget the things you can't control and completely throw them away. Take the things you can control and put them into categories that are more digestible. Its much easier said than done - I know. I won't pretend I am great at that either. You'll make it through . . . we all will. :heart: :hug: :)

evona
10-07-2008, 03:33 PM
I don't think I agree with that. I had saved for college since I was 12 and my parents (who had me in high school saved when they could) but I would NEVER have finished college and post grad without credit. My student loans are what helped me graduate and put me in the position now. If you take away credit only the uber rich will go to secondary school because this country will never have a socialized university and vocational system.

Scout - I really doubt Mason was talking about college loans or people needing credit for necessary things. I know how hard it is to make it through college. They don't call college kids "starving students" for nothing :)

However, have you ever been behind someone buying a humongous big screen t.v. at COSTCO!! I have :roflhard: The one I remember in particular was priced at $10,000 and looking at the family I KNEW they didn't have $10,000 in their back pocket. Heck, I seriously doubt most of us do. Did they need that big t.v. - NO!

That's the kind of stuff Mason was talking about. A lot of people have lived beyond their means. Then again a lot more people are living within their means or struggling to make ends meet. We're the ones who pick up the tabs for the people who don't though, unfortunately.

Abbily
10-07-2008, 03:46 PM
I think what we tend to forget is that frequently the people getting caught in the crunch are not the ones buying $10,000 tvs, but the ones just trying to keep a roof over their heads. I have my 401K and $500 invested that my grandma put away for me when I got married. It was $500 then, 10 years ago, and it's probably less than that now. So, it's not my 'extra investments' that I'm worried about. But there are people that were counting on their 401k's to live on when they retire in a few years. People who are desperately trying to better their circumstances by moving to a home in a safer neighborhood. People whose small businesses rely on a daily line of credit to keep going- not because they're buying more than they can afford, but because sometimes the income doesn't come on the same day the payments are due. Those are (many of) the people really suffering right now, and not because they made bad choices.

cftwo
10-07-2008, 03:57 PM
MoniDew,

I hope my response didn't come across that way. I intended to say that I've been there with panic over something which I didn't have much of any control over. It's not a fun feeling. But someone had given me some advice which really helped put things in perspective and let me live with a little less worry hanging over my head.

As a child, my family's financial situation wasn't so good. No college savings to speak of. No retirement savings for my parents. We did live in a church-owned house. We had 1 car. My parents chose where to spend their money, and it wasn't on fancy things or large debt. I qualified for job training programs. At one point, my mom panicked because she thought my dad would lose his job. The result wasn't helpful - it was that she didn't have the energy to focus on the things which needed to be done, and so those things (grocery shopping, cooking, household management stuff) fell to us kids. I'm not saying that that's what would happen in your case. You are doing the best you can. Please don't let worry take over and keep you from keeping on as you have been doing.

"Class" is in how you treat people, MoniDew. It's not in elegance of money. You can be a "lady" in a run-down area. You can also be just the opposite in a mansion.

I know you're tired of struggling, and I don't know how to lift that burden from you. But you can be proud of what you are doing. If things get worse, you're in a good position. You have minimal debt, and you're living within your means. And from the stories I've heard of the great depression, strong people will make it through something like that. You'll just do what you have to do. As you already know, there really isn't any other good choice.

evona
10-07-2008, 04:04 PM
I think what we tend to forget is that frequently the people getting caught in the crunch are not the ones buying $10,000 tvs, but the ones just trying to keep a roof over their heads. I have my 401K and $500 invested that my grandma put away for me when I got married. It was $500 then, 10 years ago, and it's probably less than that now. So, it's not my 'extra investments' that I'm worried about. But there are people that were counting on their 401k's to live on when they retire in a few years. People who are desperately trying to better their circumstances by moving to a home in a safer neighborhood. People whose small businesses rely on a daily line of credit to keep going- not because they're buying more than they can afford, but because sometimes the income doesn't come on the same day the payments are due. Those are (many of) the people really suffering right now, and not because they made bad choices.

Actually - that's exactly what I was saying in my post. I mention that a lot more people either live within their means or are struggling to make ends meet than are buying the $10,000 tvs, but we are the ones paying for the mistakes of those few irresponsible people.

We all need to remember that things are just things. Its times like this that we really take account of what matters. Like I said before, we will get through.

Abbily
10-07-2008, 04:09 PM
Evona- sorry, I wasn't directing my post at you, though I realize it sounded like it. I just used the $10,000 tv example because it stuck in my mind. I think your post was exactly right.

evona
10-07-2008, 04:55 PM
Evona- sorry, I wasn't directing my post at you, though I realize it sounded like it. I just used the $10,000 tv example because it stuck in my mind. I think your post was exactly right.

NP - no offense taken at all :)

Plantgoddess+
10-07-2008, 05:13 PM
Monidew, I hope nothing I said came across as flip. I was where you are. Hubby and I struggled for decades to get where we are.
It's not fun to not know where else to cut. We even at one point had to talk to our mortgage company about making interest only payments for a few months while we tried to sell possesions to get back on our feet. I hope never to be there again and I hope that things get easier for you.
I hope this makes your marriage stronger and that you can lean on each other as you try and get through the tough times.

Puddinpop
10-07-2008, 09:42 PM
Sorry MoniDew. I didn't know things were so tough. I hope you will pray for help for your family and I will pray for you and your family. That is one thing you can always count on. I really think this shouldn't effect you. I will pray that it doesn't. I am very impressed by what you have done to stay afloat. You do have class. I never thought you didn't. Fear is not from God. Cast your worries on Him and He will help you.

Doodknitwit
10-07-2008, 11:15 PM
easy credit, instant gratification, not saving for the future ... It should be a wake up call for many.. Hopefully we will be as strong as our ancestors; able to "make do". This will make us a stronger people, a stronger country. I don't know if the bail out with our tax dollars was the best idea either... I think the CEOs of these now defunct companies should be in jail!!

Knitting_Guy
10-10-2008, 11:48 PM
I bought a new LCD tv for my truck today. I've been saving up for it and paid cash. Imagine that.

thecatsmother
10-12-2008, 11:10 AM
http://www.frugalvillage.com/forums/forumdisplay.php?f=1

This is an great forum for financial advice,how to save money,frugal tips and the Dave Ramsey plan.

I know how hard it is to survive in an economic downturn-we lived through a couple of them(not the great depression)
You just go back to basics,spend money only on needs not wants, try to pay down debt because that's where your paycheck goes-to interest payments.
I know many folk are worried so I think anything constructive you can do to deal your finances will help ease your mind