I’ll admit it; I don’t know all that much about world affairs, and that includes the economy. However, you just can’t escape hearing about it on the news, on the web, and everywhere else you turn. I know that a lot of us frugalistas have a bit of an upper hand in situations such as these, since we already spend as little as possible. But I feel like now is the time for us to be “squirrels preparing for winter” so to speak. Start gathering the nuts for the cold season. We’re now spending about $75/week on gas. That is just to get hubby back and forth to work, get me to the supermarket (less than a mile away) and take hubby and daughter to karate a few times a week (prob. 1.5 miles away). He recently got a new job with a nice raise, but it seems like all that will be eaten up with the quickly-rising cost of living.
On my trip to the supermarket the day before last, I really noticed an all-around price increase. Everything that was 99 cents a week ago is now $1.19. So I’m really trying to build up a stockpile for my family, before the prices become unmanageable. Amen for my couponing hobby! I’m also going to be making it a point to educate myself more about these matters, so I will know what I’m talking about, and be more knowledgeable about solutions to this problem.
I’m also trying to save up more money. There are a few areas of fat we can trim out of the budget, such as our insane cable bill (I hate Comcast with the white hot fire of a thousand suns), but I’ll have to talk hubby into that one! We can also stop ordering out food, and buy less nonsense processed food at the market, and make more things from scratch (my cholesterol with thank me, I’m sure) Creating a sticking to a sensible budget will help with this a lot.
vHow are you all trying to protect your family during this rough patch? Are you putting more money away? Building up your stockpile of food? What are you cutting out to achieve these goals?
Tags: budgeting, economy, recession, saving money
May 27th, 2008 at 3:54 pm
Putting money away is wrong. Earning more money is better and I am trying to do so.
May 27th, 2008 at 8:05 pm
I definitely think earning more money is very important. That’s why I was so thankful that my husband got a job with a better salary.
I will have to disagree, though, with your thought that putting money away is wrong. If, by some chance, you were to lose your job, or other source of income, your savings would tide you through until the income started again.
Thanks so much for coming by!! I hope to see you back often!
May 28th, 2008 at 10:49 am
Putting money away isn’t wrong. Earning more money is definitely better though. Saying, “Putting money away is wrong” is wrong because it can be taken to mean that as soon as you get money you need to run out and spend it even if it is on something frivolous.
I assume that what you meant to say was putting it away in a fashion that it does nothing for you is wrong. I agree with that. Stuffing money under a mattress or in a old shoe box is not the wisest choice unless you know you will lose it otherwise.
I think the best option is a combination of putting it away and earning more. Put your money away in a place that the money itself will work for you. At the lowest level you have an interest earning savings account. You can then bump it into buying CDs or play that game with rolling CDs so that every so often you have the money available if you need it and if not, can roll it right on into another CD. There is also buying bonds. You can put money away in an IRA account to earn and gain some tax benefits while at it. You can even borrow against your IRA if need be.
November 12th, 2008 at 9:47 pm
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