For the past several months, the US economy has taken a major beating. Stock prices are down, home prices are falling, and retail stores are shutting down.
How has your spending adjusted, if at all, to the recent downturn?
For the past several months, the US economy has taken a major beating. Stock prices are down, home prices are falling, and retail stores are shutting down.
How has your spending adjusted, if at all, to the recent downturn?
I have to confess that I’ve been spending *more* (on sale, of course). I think I’ve been fearing that, if I wait, I might not be able to get it. Or something. Anyways - I’ve been updating my wardrobe (for the first time in years) and just really been doing a lot of buying in the past couple of months. (And editing my closet at the same time.)
At least I’m getting to a point where I feel like I have “the essentials” and am settling down now. I just didn’t have any of the “gotta haves” in the right size. So now I do (except for a good pencil skirt). So, other than finding that nice pencil skirt, I’m pretty much done now. (she says… trying to convince herself… )
My budget is supertight, no matter how bad or good the economy is, so I’m not a big spender in general. Not that I don’t snatch up a great bargain if I find one, but it has to be a major bargain, meaning that it will give me my money’s worth.
I’m with you Machazait—I live on a pretty tight budget regardless, so my shopping habits haven’t changed—spending about the same amount in the same fashion—looking for great values on what I need.
I hear you all.. It’s hard for me because I have to buy clothes for tv and stuff, but what I am trying to do is sell more of them via consignment shops and put the dough into my rainy day fund..it seems like it will be raining alot..
Because I live in a somewhat rural area, rather than spend less when shopping, I tend to limit how many out of town excursions I take that are shopping related. The gas prices have really cut into my budget so I try to maximize the shopping experience by hitting more stores when I do have to make the 50 round-trip trek to the mall or bigger discount department stores.
I am still working on my budget and I don’t think I have really changed my spending habits all that much. The thing that I am most concerned about, as is everyone else is the gas prices. We have to use our vehicles so buying gas is a must. I have seen that food prices have gone up over the last week too. Over the weekend I read this article on the highest priced home in the Valley area. It was going for $6.9 Mil. The question came up, how is the luxury market fairing during this crisis? The response was basically, if you have the money you are not feeling the crunch. Entertainers, Athletes, etc are willing to pay. Well I guess if I had that kind of money I wouldn’t worry either. But since I am not a millionaire, I am feeling it. Which means I don’t think I will be going on a shopping spree anytime soon....(boohoo!)
I’m with you, Machazait and Angela - I’m already on a very tight budget! But I have noticed that sales seem to be better than normal lately, and I think it could be because of the state of the economy. On the other hand, I could have just gotten lucky and been at the right stores at the right time, but it seems that clothes are more discounted now than usual. Has anyone else noticed this?
The recession coincided with a weight loss and the desire to shed old clothes and buy new! So I’ve been very careful, being that my own business has slowed down quite a bit. Clearance racks, buying inexpensive things and taking up hems, taking them in at the sides to fit. Also, spending on accessories to help update an existing outfit.
But yes, I am spending more carefully as the cost of everything else has gone up --from fuel, electricity, gas, food and healthcare costs.
I have mentioned before that I work at a clothing boutique in Michigan...and however I have not cut back to much we can def. see the difference in peoples spending habits…
I’m with you, Machazait and Angela - I’m already on a very tight budget! But I have noticed that sales seem to be better than normal lately, and I think it could be because of the state of the economy. On the other hand, I could have just gotten lucky and been at the right stores at the right time, but it seems that clothes are more discounted now than usual. Has anyone else noticed this?
Yeah, Allison - I think I’m with you on this too. Of course the retailers are feeling the crunch if we really ARE spending less and so are responding by offering more attractive deals—which, quite frankly, makes it a lot harder for me to stay within my budget—so tempting! Of course, it could be that I’m just noticing it more because I AM trying a little bit harder to get the best deal possible. Anyone else?
Eh… I cut down on shopping a little bit but when you walk past a store and see a cute outfit you know will look good on you theres not much you can do :)
I’m still pretty careful of what I spend, so I can’t say things have changed in my spending. I’m still cautious.
I prefer classic choices and colours, updating it all with a few cheaper things but the core is still the same, and if I see a sale on something I know I use a lot of (black turtleneck sweaters or cream knit shells or black pants), I buy it then and there.
No matter what happens in the economy I still need clothing, and for years I’ve had to be on a very tight budget, so I just see it like buying food, you have a certain minimum standard, go below and your health will fail, forget vegetables and you’ll pay in health care later. Pay now or pay later.
I’m always going to need black pants, black pumps or runners or ivory tops, so I have a choice, buy now on sale, or wait and pay full price.
When I cut back to “bare bones” I’m conscious of not buying two where one will do, or forgetting about that trendy but cheep and cheerful blouse.
