What is your financial situation during the current economic crisis?
By faisai
@faisai (1138)
Hong Kong
May 31, 2009 2:49am CST
Over half a year has passed. People are losing their jobs. Companies are cutting their spendings. So, what is the current situation of your finance? I mean has your cash level dropping due to the lower payroll (or even no payroll) or instead it is increasing because you have reduce your spending to conserve money for the crisis?
What had you done since the start of the financial crisis that you wouldn't have done if the economy is still good? For instance, do you cut the number of times of dinning out every week because of the economy is going down?
1 person likes this
13 responses
@flyinglove (167)
• United States
31 May 09
i lost my job in january. in spite of looking, i have had nothing come around. i am either over-qualified or there are no positions open.
my husband and i are living on his wages and my unemployment. we have reduced our spending a great deal by not going out so much. we both love, love, love to dine out, so it is a sacrifice for us.
@psyche49f (2502)
• Philippines
31 May 09
Indeed it calls for sacrifice. Hope you'll get out of it soon...
@faisai (1138)
• Hong Kong
31 May 09
Thanks for your reply. Hope you can get a job soon.
As you have mentioned that you are over-qualified sometimes, so do you think that being so qualified and experienced actually has caused you problems in looking for jobs in this down turn of the economy when every companies are cutting senior positions?
@Ithink (9980)
• United States
31 May 09
Hubby has had less work which means less pay and there are no jobs around here for me to get one. Therefore we do nothing extra and we are still getting behind on bills. Im going thru my books and stuff and am going to try to sell them online. I also have some other collections that Im going to try to sell.
I keep working here online to make some extra too. I sure hope things look up soon.
@Ithink (9980)
• United States
1 Jun 09
Actually Im a SAHM and have been for 25 years, I have never really worked outside the house and never really needed too. I used to sell on ebay and am looking into doing that again to try and help with our bills and things until hubbies work picks up.
I know that there seems to be less work everywhere around here.
@faisai (1138)
• Hong Kong
1 Jun 09
Thanks for your reply.
We all hope that things can be better soon but all those experts are frightening all of us by saying that things won't get better at least till the end of the year. I really hope that they are so wrong on this.
What do you do for a living? Is it true that even those restaurants are cutting helpers as they are facing less business?
@Foxxee (3651)
• United States
31 May 09
We havn't been hit with economic crisis yet, but I'm sure it could happen at any time, you just never know. As of right now, things are ok. We know how to manage our money & have always limited dinning out. We live simple.
As for people losing their jobs... its mainly the high paying jobs & I know whatever job it is, it will hurt, but you know people keep saying its hard to find a job, but BUrger KIng is always hiring... sometimes we have to do things we dislike to make it in this world.
We have a good friend that lost a really good job do to cut backs with pay... he now has to work at a fast food place because all the good jobs are not hiring right now do to the econimics.
@faisai (1138)
• Hong Kong
1 Jun 09
Thanks for your reply.
It is good to hear that you are still getting on OK in this crisis and I do hope that it will never come to you.
I have also noticed that many fast food shops are actually expanding their work force here. I think it maybe due to people don't dine out at those higher classes restaurants now and prefer fast food due to the lower price tag. This gives those fast food restaurants the opportunity to expand their business when people are hunting for jobs and that the rents for places are lower.
@faisai (1138)
• Hong Kong
31 May 09
Thanks for your reply.
It seems that the work you are doing greatly depends on how others are doing with their financial situation which I believe most people are doing not very good. Still, it seems that you are quite unaffected, can you share with us the reason behind?
@janiceines (799)
• Singapore
31 May 09
it's don't really affect me much , maybe a little bit , no more overtimes for my husband and his basic salary is quite little, so i try to cut down all the unnecessary things , as for dinning outside, we still go often , because it is cheaper to dine outside then cook at home , of course we don't eat at restaurant , just food court or hawker center
@janiceines (799)
• Singapore
31 May 09
in singapore, we pack two packet of rice from hawker center , with 1 vegetable and 2 meats maybe around $2.50 per pack , 2 packer will be $5.00 , if we cook at home , a punch of vegetables maybe course $0.90 , a raw fish around $3.00 - $4.00 , and another meat and rice , still need to do the cooking and washing
@bluenigel (8)
• China
31 May 09
I finding a new job in the beginning of this economic crisis and promote my salary. But now, i can't promote my career anymore, the crisis havn't recover. In the following days, i will meet many big things which will influence my whole life, it need so many money that i can't offered. I wish the world's economic become good soonly and people's life will suitable again.
@faisai (1138)
• Hong Kong
1 Jun 09
Thanks for your reply.
It is good to have a job secured at this moment where the companies are cutting their spending in every aspect. I think we need to be patient in terms of getting a promotion. The important thing is that we keep working and gain more experience now. Crisis like this just don't happen from time to time. While it is unlucky that it crashes on us, we are also lucky that we can experience it to get what it has to offer: how we deal with down turn in economy.
1 person likes this
@psyche49f (2502)
• Philippines
31 May 09
Honestly, we are truly blessed because our country is not greatly affected, save for a few of our countrymen who lost their jobs here and abroad. Our family is okay financially because my two children already have their own incomes and my job is stable, being in a university of over a hundred years. But then again, we also go with the times; we don't waste our resources...we save part of our income, and is cutting on cost for dining out and even on unnecessary things. We also are cutting on our electric and water consumption because we can never be sure of the future. We've also cut down trips to the malls and groceries, and save whatever we can to prepare for any eventuality.
@faisai (1138)
• Hong Kong
31 May 09
Thanks for your reply.
Being relatively not impacted is quite good already. As you are not quite impacted, don't you feel that spending money is wiser than saving it when things are cheaper than they are used to be? Or are things simply not that cheap enough to encourage you to spend more?
I will say that saving enough money for the future is essential but then how much do we save for the future?
@rocky_rockbottom (125)
• India
31 May 09
Due to this current economic crisis I have reduced my extra expenses. And due to this I am feeling very secured in this situation. I have seen many faces crying under this situation & my try is to retain my current fifnacial position stable just like the time before recesiion started. Finally I can say my current economica position is much better than the one who is spending extra bucks in this crucial time.
@faisai (1138)
• Hong Kong
31 May 09
Thanks for your reply.
I believe most people have done things similar to you by reducing the extra expenses so that they are at least maintaining their financial position. I can understand that to conserve cash when things are full of uncertainties give us the feeling of security. But then wouldn't you think that it is a good moment to make purchases when things are getting cheaper?
For instance, housing price has dropped quite a lot and that there are all those nice flats on sale everywhere. I mean if you need to buy a flat anyway, why not do it when the price is lower?
@bbsr13 (4196)
• India
31 May 09
Hello! The present economic crisis has snatched away the smile of everybody's lips.The worst sufferers are the lower middle class people who actually live on their scanty income.I have cut down my expenditures drastically to meet both ends meet.I have cut down the fuel consumption and reduced 50% of the phone and electric bills.Other expenditures we can't cut.During the last six months I have not been able to save some money.Rather I have withdrawn some money from the savings bank accounts to pay off the bills.thanx.
@faisai (1138)
• Hong Kong
31 May 09
Thanks for your reply.
As you have been trying to cut your spending, why have you been withdrawing money from your saving? Is it because your payroll is not as good as before due to the cutting of spending from the company? Or you have other expenses that are raised during this crisis?
@mikeysmom (2088)
• United States
31 May 09
we are struggling badly but we have cut back on so much and we do not even food shop regularly anymore. there is no money for recreational fun, we cancelled all our extended warranties on appliances and such because we just could not come up with the money. we conserve our gas for errands and work related trips and do not use our credit cards anymore and what cards we do we have we transferred balances to 0% interest cards and are trying to pay them off once and for all to loosen up some money so things are not so tight. things have to get better and soon.
@faisai (1138)
• Hong Kong
31 May 09
Thanks for your reply.
Sorry to hear that things are getting tough for you. Is it because of job cut or lower wages? And how much debt you have in total that you need to pay back? Are they mostly on your credit cards? Why you have all these loans from your credit cards at the first place because it is quite well known that they charge very high interest rate on credit cards.
@MizzLadyB08 (1174)
• United States
1 Jun 09
My financial situation is not so good. I am not working and I can not seem to find a job. I am behind on my bills and it is about to stress me out. The only income coming in the house is my mom unemployment and that isn't very much. I am seriosly hoping that I find something soon.
@kiss_me2070 (277)
•
31 May 09
I got made redundant form my full time job at the end of jan and now have to survive on part time wages which means I have tried to cut down as much as possible on how much money I spend. I have also cut down on going out with my friends and we tend to have nights in now, rather than go out on the town. There is some bills and payment I haven't been to able to keep with as well.
@faisai (1138)
• Hong Kong
1 Jun 09
Thanks for your reply.
It is sad that you are forced off your position and have to live on part time jobs. I do hope that you can get a full time job soon so that your financial situation can improve soon.
You mentioned that there are some bills that cannot keep well, so how to you manage them? Do you use your credit cards? But that is going to cost you much more.
@tpayne33 (52)
• United States
1 Jun 09
I'm am one of those people who is look for work. It kind of hard to find a job when you are over qualified for what's available out there. One of the attitudes I've come across is that some employers seem to think that they can get more for less. Meaning that they can hire a person that is over qualified for a position and pay them less than what that person is really worth.