despite what the the Fed and our president says, I think a recession is coming (credit crunch, housing crash, oil price going through the roof). Even though my job is somewhat recession proof, my income may still be affected. I am making a conscious effort to cut back my discretionary spending. Not as many nice toys, buy non-name brand necessities, think before buying.
anyone here worry about the future enough to change their spending habits?

(please refrain from making this into Bush bashing and whether dems or rep is better for the economy)

 

the Bear Stearns deal last night solidified my decision. I decided not to bid on some stuff on ebay because I can live with my current toys. That's a few grands saved.

 

I plan on buying a 6 figure car soon. I also an looking at upgrading to a luxury home.

 

Yeah I am in save save save mode. Instead of putting the usual 10% of my paycheck away I am going to up it to 23%.

 

I'm going for the re-fi.

 

I'm shopping for my first house.

 

shopping for our second.

 

I have greatly reduced my contribution to deffered comp plan. I will bump it back up to compinsate after I think the market has bottomed out. We may be near the bottom, but I don't see upward momentum until at least after the election.

I refinanced my car loan to under 4.5%, paying off the last few hundred on home equity loan, and then adding to bump up my cash savings a little. Besides mortgage and car, no debt.

Other than that I will spend as normal but try to put priority for spending on US made products. I know this is not a big deal, but if I want a bunch of stuff for the house like landscaping, or home improvement over a new TV or home theater setup. I would like to boost the homefront before China.

I am not living check to check though so I am not feeling it as much as some, but I have a list of nine million things I would like to buy, but the foreign made stuff has all become last priority, no matter what it is. Its easy to move up things on the list like furniture, or home improvement stuff that is all domestic.

 

Heading into recession? We've been in one prior to the Bear Stearns buy out. I'm just praying now that I still have a job next month, now that my company's name is all over the financial headlines.

 

wow, not too many is cutting back on spending. I figure since part of my business is retail, I should brace for the possibility that consumers are going to tighten their purse string.


Raj, do you know if you're getting sloppy seconds from gov spitzer?