The economy and what I need to give up..

So T and I had a money talk the other night (my favorite) and have decided to try and "cut back" on certain things with the current state of the economy. We are really lucky right now that his job specifically isn't being super affected (he works at a financial co.) at this point but we have decided to take measures to cut back our spending.

 

- We are no longer sending our laundry out to be done.

- No more cleaning woman every other week.

- Only one expensive date night out per week (dinner, drinks, etc..)

 

Weddingwise... these sort of made me cry a little so we are waiting it out and seeing what happens with bonuses BUT if we have to cut anything it would be-

 

- no dj, just ipod

- no ornate centerpieces just what the resort provides (I know I won't bring down a whole bunch of stuff)

- cut back on Belize HM 1st choice at Blancaneaux Lodge | Turtle Inn | La Lancha

 

 

I know there is an economy sucks thread out there but I was wondering if anyone else out there has made any changes since this debacle. Maybe it will soothe me.

well as for belize, once you get there, it's very easy to stay cheap! i've heard that blancaneaux is beautiful, but there are really a lot of great options.. so don't get too bummed out.

I feel your pain...the economy sucks right now!

 

We have cut back by:

 

-Not going out to eat (we used to go out like 2 times a week, now we only go out like 2 times a month- but we have been cooking together alot more so that is fun)

 

-Not going out to the movies (we rent netflix now)

 

-Clipping coupons

 

Also about 2 months ago we did a major house cleaning and went through boxes we had in storage, and we gathered up a bunch of stuff we don't use or want any more and sold them on Craigslist to make some extra cash.

 

Also about your wedding... we went the ipod route instead of hiring a DJ and we saved so much money too. I think you will be happy with your choice, just start making your play lists early cause that takes some time. Good luck.

OMG! I thought I was the only one!

 

Well, I totally understand your disappointment, but I feel like this monetary struggle and planning process has actually made my relationship with my FI better. It's us against the world!

 

We've opted for the Ipod in lieu of DJ ($900 saved) I've heard good things about choosing your own playlists.

 

We've simplified the Welcome Bags to paper in lieu of soft-sided coolers ($1050 saved)

 

We've cut back, too. However, I'm giddy looking forward to a beautiful wedding with my family and friends. A little hardship now will make it all worth it in the end.

Fortunately, I have always been very budget conscious so our spending hasn't had to change very much. However, we were never extravagant to require much be cut back.

 

Several years ago, Fi and I decided we wanted to start making the necessary financial steps to allow for a cushy retirement. We're still in our mid-twenties, but we would like to be in a position where we do not have to work well into our 60's. We no longer charge anything. I still have school loans so that maintains my credit score and we opened a line of credit at our bank in Fi's name that we pay our rent with monthly and then have it auto-deposit back to the line from our paychecks.

 

We manage to put away at least 25% of our income each month. Some months more. On a triple pay month, the entire 3rd checks go into savings.

 

That's no to say that we haven't cut back.

 

I used to get my nails done every two weeks and I no longer do that. My mom became my hair colorist for several years, but with the upcoming wedding I did start going to a stylist again.

 

We don't go out to movies anymore. Once in a blue moon we'll hit a matinee for the cheaper price, but we also rent from netflix which is more than enough.

 

In lieu of bars, dave and busters, etc. etc. ... We each keep a bottle of our favorite liquor at home and subscibe to World of Warcraft and play together at home. Dorky, I know, but it works.

 

For the wedding, we are going with almost everything from the "free" package. Our invitations were from vista print and very inexpensive and for our later AHR we are having a very casual BBQ and grilling the meats ourselves.

 

Our goal is to save enough to be able to put 30-40% down on a house in a few more years. We want to build a log cabin. By settings goals for saving money and making larger purchases, I feel less like we're sacrificing things and more like we are planning for our futures.

This economy has caused some major lifestyle changes for us.

 

I think the most important change is to our health regime. Because of all the stress and uncertainty, my FI and I decided to take an active role in our health. So our spending has actually increased in that area -- but it is totally worth it. And hey, it's already helped me shed a few excess pounds!

 

We definitely don't go out as much (blockbuster total access is our friend). My FI is in school but he took on an extra job to help cover wedding expenses. Between that, coupon clipping and my shoe shopping "rehab" (I went cold turkey), we've cut back a lot.

 

Other than that, we have been rethinking a lot of our original wedding decisions. Getting StD and other items free from vistaprint. Cutting back on the lavish dinner for the AHR (originally we were having chicken scaloppini with mushrooms and capers; that may change to pizza and pasta). I am even considering buying my dress on ebay! Just considering...

I am very frugal/saver and always trying to save money. I grew up with my mom clipping coupons (even remember those coupon conventions), so it's in my blood. LOL.

 

Ways we are trying to save money and cut back on things...

 

- No Gym Membership for us. I signed up for a kickboxing class at the local Junior College. 2 times per week for 5 months for $13.00. I also purchased the biggest loser workout video for $13.00.

 

- I create a weekly menu so I know everything I need to buy for that week. I have noticed that I'm saving money as I'm not going to the grocery store as much and buying uselsss stuff

 

- No movies, we netflix

 

- We eat out about 1-2 nights per month. For "our" time we do different free things; long walks, candle light dinner and netflix a movie, local hikes, etc.

 

- If it's not on sale or clearance I don't buy it (unless it's an emergency; medication, milk, etc.)

 

- Every pay check I put a few hundred dollars in a savings account. I figure if I can't see it I won't spend it.

 

Ways we are saving $$ on the wedding

 

- No traditional reception, just a nice dinner

- Bought a bridesmaid dress for $150 instead of a wedding dress

- Staying at a timeshare instead of a hotel (Mother of groom gave this to us, so it's FREE...yippy)

- Party when we return we will have a BBQ or something like that. Nothing fancy

I feel the same way. I hate discussing money and these weekly discussions have made it easier and brought us even closer.

Wow Tara. You're really good. Since I am in school I am putting nothing away right now just FI. I don't know if I could do all the cutting back you do. It seems almost impossible in NYC.
The shoes! I bought boots that I "need" the other day and I felt a little bad but I told myself that was it for the season. Last night during our conversation FI tried to tell me that he is rethinking his gym membership and that's a no go for me. Our health is the most important thing and we agreed that in these times we should be working out to destress and stay healthy. He is not teh type to go running and stuff. We love to hike but we live in NYC and it's an hour out to get to a hiking place so that's not so often. I also don't want to give up organic meat and dairy. We do some organic fruits and veg but not all. It's definately more expensive but worth it to me. This of course is where FI wanted to cut stuff out first. He would eat mac and cheese from a box every night if he could.

Again wow. I am going to start doing a menu I think. I am pretty good about using what's in the house to cook but I always require an extra stop at the store. 1-2 nights per month of eating/going out may be too much for us. ha ha. I might make the attempt though. We've been trying to have friends over a few times for drinks instead of meetingout at a bar but AGAIN i think it's just darn NYC. These are great suggestions though.

Oh the cut backs... I want to share mine too, but they’re not so much an economy thing as an I-quit-my-job-and-moved-to-austin-to-be-with-my-fiance-and-start-my-own-company thing:

 

*I sold my beloved Jeep Wrangler (I bought my first one when I was 19 years old. Now I'm 28 and have never owned anything else.) But the gas was killing me. I got something much more fuel efficient (double the gas mileage!) That was my hardest sacrifice.

 

*We eat all of our meals at home now. I too make a menu for the week and shop from there. And I tailor the menu to use up the rest of whatever we have in the house before adding new ingredients.

 

*I'm bathing my dog at home now. She used to go to the groomer because she's so hard to handle in the bath tub (she HATES the water). But now I suffer through her baths with her.

 

*I tweeze my own eyebrows. I know that one sounds dumb, but I hate doing it. I've always gotten them waxed at the salon.

 

*FI stopped his subscriptions to ESPN the Magazine and to Sports Illustrated. Now he just goes to their websites.

 

*I stopped buying gossip magazines. But really this one isn't because I wanted to save money. I am boycotting them because I think that they ruin people's lives (honestly, Britney wouldn't be half as messed up as she is if she didn't have paparazzi up her @$$ 24/7)

 

*I picked up a side job. Ok, once again, this isn’t really a budget enhancing thing… it doesn’t pay very well, but it’s doing something I LOVE. I’m going to be coaching girl’s basketball at a private high school.

 

*I cancelled my gym membership. I belonged to LA Fitness in Houston, but they don’t have any locations in Austin. I considered joining 24 hour fitness here, but instead I am using my (dusty) workout videos and taking my dog for more runs.

 

All of these things took a little getting used to, but I think in the long run, the benefits outweigh the negatives.

I guess I am of the opposite mindset. Don't get me wrong I think it is fantastic that you are all working hard and cutting back. I think whatever plan you choose, it needs to make you feel better and secure. That is the most important thing.

 

I feel that if everyone cuts back, ie) not sending laundry out, not eating out, not buying things, then the economy shrinks. If you stop sending your laundry out, and everyone in your neighbourhood does as well, then that drycleaners goes out of business. And then they can't support their families. If I don't buy any shoes this year, and enter shoe rehab like everyone else, then salespeople will lose their jobs because they are not needed. If I stop travelling, taking taxis, etc, then more people could lose their jobs! I know I am exaggerating, but it is just how I feel. (Or how I am justifying spending most likely). But then more and more people will sell their investments to make ends meet perhaps. And the market will continue to decline. My job is 100% secure, so I guess that is why I feel this way. If I was more concerned about the even remote possibility of being out of work for awhile, I would definitely cut back.

 

I did increase my monthly savings going direct into my savings account like most of you...If it is out of my checking account, then I won't spend it!!! But I don't plan to cut back really.

 

I guess I will single handedly stimulate the economy! One pair of shoes at a time. Hopefully my FI never reads this! He is a saver!