How are those employed doing in this economy ?

For the past few months as a family, we have significantly changed our spending habits. With that in mind, even though both my wife are I are employed and the risk of losing our jobs is low, I thought it would be interesting to run this question by co-workers and friends. The sample responses I got from those people were somewhat surprising.

I won't give you the percentages at risk of skewing your responses, only asking that those responding to the survey be employed currently.

In better economic times over a decade ago, I was laid off, spending considerable time finding another job, so I have some appreciation of what some of you must be going through, although the economy was in much better shape back then. For those out of work, my sincere hope is that you find new jobs, hopefully better ones than you had in the past.

For those taking the survey, I would like to hear your reasons why you answered the way you did.

Having said that, for those who are unemployed, and wish to vent, or for those who have found new employment, are welcome to share how they did it.

I have always been a frugal person. I do most everything for myself rather than pay for a mechanic or plumber or whatever. I don't expect my salary to increase much this year, and my retirement investments have taken a beating, but my checking and savings accounts are about the same as before and my spending habits haven't changed.

Now that frugal is becoming the norm I don't feel special anymore. :cryingsmiley:

Hmm.. Last year my savings was $0. This year my savings is $0.

Tho I do put 20% into my 401K even tho it's been raked over the coals.

Public education may eventually be hit, but the thought of having hundreds of teenage adolescence out on the street all day terrifies the faint of heart; especially if you work in the inner-city.

Investments have taken a hit but as far as savings/checking accounts they are still the same or a little higher. The good thing is that I had no trouble getting a leave of absence to attend CFR 2009 :yahoo:

This past year I spent a good amt of money on farkles like PCIII, V1 detector, Cycleport kevlar gear, Avon storms, hwy pegs and foot rests, etc. I also had to repair the 4runner (romping thru the Rockies took a toll). Then I had to buy furniture. Also I sent 10% of my pay to 401k. I paid off credit cards.

My company laid-off 9 people of the former 25 emps since 2nd week of Jan. I'm on the list for the next round of layoffs. Most likely I'll be unemployed by April.

So when that time comes I may load up my bike and ride across the country and visit FJR Forum members.

My savings would have been significantly more had I not bought the new FJR in November. Plus you are ALL to blame for what I have spent since then on farkles. You're like a fookin bunch of passive aggressive farkle pushers with your group buys for Russell seats and your "oh look at this new sparkly bobbly do-hickey" posts. Fargin bastidges!

No one can accuse me of not doing my part to stimulate the freakin economy. I've been stimulating the hell out of it!

SilverHound said:

My savings would have been significantly more had I not bought the new (used) FJR in November (September). Plus you are ALL to blame for what I have spent since then on farkles. You're like a fookin bunch of passive aggressive farkle pushers with your group buys for Russell seats (crash bars, PR2's) and your "oh look at this new sparkly bobbly do-hickey" (AVCC, muffler tailcones) posts. Fargin bastidges!
No one can accuse me of not doing my part to stimulate the freakin economy. I've been stimulating the hell out of it!

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+1 (my edits)

The thing that is killing me is tuition for school. I planned to retire at 50 and did , but I have 3 college age kids that I am helping and the tuition is going up 10% a year. I am going to work part time so I have some I have some put away. My late wife and I had started putting away money when each child was born, but I never thought it would increase as often and as fast.

Savings is up, and above level where it was before I paid cash for my FJ Cruiser, March of last year. This is largely due to the fact that the employer that laid me off in late September paid me for the rest of the year, including November and December, when I was working for their #1 competitor. I am very grateful for how it all worked out, and I am also laughing like a mofo at my former employer. :yahoo:

Checking/savings about the same. Wifey and I don't spend a lot on useless junk, neither of us likes to "shop". However, farkle spending has come to an abrupt stop, mostly because we had to use the "motorcycle fund" for paying property taxes. Retirement fund down about 38% or more, retiring at 55 a non-starter now

rhody said:

For those taking the survey, I would like to hear your reasons why you answered the way you did.

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The aluminum plant I worked in for 32 years closed 12/05; I retired from there 4/06, so I'm drawing a small pension and kept major medical. Got with a small local company 2/06 as a field mechanic repairing pumps. The economy has hurt the sales end of our company, but done the opposite for the service end (more old systems need to be patched together, rather than replaced). We work in the D.C. area, which seems not to have been affected as much by the economic downturn.

lonerider said:

rhody said:

For those taking the survey, I would like to hear your reasons why you answered the way you did.

Click to expand...

The aluminum plant I worked in for 32 years closed 12/05; I retired from there 4/06, so I'm drawing a small pension and kept major medical. Got with a small local company 2/06 as a field mechanic repairing pumps. The economy has hurt the sales end of our company, but done the opposite for the service end (more old systems need to be patched together, rather than replaced). We work in the D.C. area, which seems not to have been affected as much by the economic downturn.

Click to expand...

That's because all the politicians live there, make their living off of us and from the news lately don't seem to have to pay taxes.

Sorry, couldn't resist.

The wife works for a small company the remains profitable, but for various reasons is sold semi-frequently by the mega-companies that hold it. When they sell the wife gets very nice bonuses for sticking around.

That's because all the politicians live there, make their living off of us and from the news lately don't seem to have to pay taxes.

Sorry, couldn't resist.

Can't argue with that; sad part is, that's likely not gonna change.

I hate to say that we havent cut back on our spending habits but that doesnt mean we have a lot of debt. We pay off the CC each month and the only debt I have is my house which is 60%+ paid off after 5 years and my student loans which have 3 yrs left on them and amount to a small amount each month. My job is certainly up in the air with 5 restructurings in as many years. I am almost certain my job will be eliminated within 2 years and I hope that the economy is bottomed out by then.

We continue to plow 15% into the 401k hoping that the dollar cost averaging will eventually pay off since I have another 25 yrs of work left but it sure is getting harder to convince the wife to keep doing that as we ar etaking a beatinh like everyone else.

Was out of work since May 08. Did a stint for FedEx in December.

Two weeks into my new position and a 50% reduction in income but....

Hey, I'm working. :yahoo:

We too have only a few years left on our house mortgage. We have no other debt. Stashed away money for our younger son's college and had a slush fund for a new boat. :beach:

Needless to say, a portion of that fund is what carried us through last year.

It was great (and fun) while it lasted but its all over now. :cray:

Easy come, easy go.

Deb and I are both retired and are "paid" from stock market investments -- which have taken a considerable hit.

Cashing out is NOT an option, so we hope ............ that all those ******* politicians quick dickin' around and let the markets do what they NEED to do.

This is almost an unfair question for me, since in that time I've had to buy everything from scratch - new bed, new clothes, new shoes, new bicycles, pots, pans... just about everything.

My KISS financial plan when I got to the USA was:

1. Within 6 months - buy all the things that I "needed" (February is 8 months and I need a new camera, basic cookware and some soup bowls before I'm finished; the camera is very low priority which is why I'm buying it last)
2. Within 12 months - Stabilize balance to (at worst) what my bank balance was when I moved here and had nothing. Revise plan.
3. Within 18 months - Save 10k, Revise stock options, 401k, etc. benefits. (on track)
4. Within 18-24 months - Save 2k a month (average) for 6 months minimum.
5. 24 months - Revise plan.

My saving grace was buying things outright. I have no debts to speak of, not even credit card debt. My credit is "bad" by comparison to other people because I have not established any lines of credit yet, but that will come with time. I am putting away around 50% of my income but nothing into the 401k yet due to the instability of my residence in the USA should I be one of the unlucky 5000 Microsoft workers getting cut in the next 2 years. I do not qualify for the system that would allow me to pull from both 401k and Superannuation (Australia) at retirement, and early withdrawal of 401k and transferring to Australia incurs at least a 20% loss, as well as fixed fees and bank charges for conversion.

My biggest expenses are specifically for entertainment and sporting. I spend more on sporting than anything else, bar only essential expenses (e.g. rent, utilities, food). I put entertainment and sporting together because they are the two things I do the most outside of work, and are somewhat related (I rarely leave my bicycle at home when dining at a restaurant, sports bar, going to a movie, etc.). For the record, motorcycle expenses are seperate to this group, and are the next highest cost for me. My justification for spending so much on sporting is best summed up by one of my co-workers - "You can't put a price on good health."

I have also been trying anything and everything under the sun, from snowboarding, off road riding, bicycle "races", theatre and musical performances, etc. all the things I always wanted to do but couldn't afford prior to coming to the USA. In terms of my attitude given the downtown of the economy, that has not changed - a haiku style of living has its benefits...