Recession

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Well, I read in my paper this morning that we are officially in a Recession and that was before factoring in the 9-11 tragedy. Economists are not expecting any major recovery until summer 2002. How are things where you live? My husband is in construction and things are slowing down. At least starting in January he can get some un-employment. (not much, but better than nothing!) I have always been a very conservative, tightwaddish person, but now I am cranking everything up a notch or two.

-- Melissa (cmnorris@1st.net), October 21, 2001

Answers

Massachusetts has always been an expensive place to live. In fact, our little "blue-collar" town has just recently sold it's first million dollar home. Can't believe that's possible!

My husband is an engineer, so his work isn't seasonal, but even so, we've always lived as frugally as possible. Why spend money just for the sake of spending money? I have friends who question why I drive a pick up, or why our other car is not new, but what do I care? I know we don't have maxed out credit cards and our house is paid for (even if it's not worth a million dollars.) We have food in the pantry and freezer, laying hens and a full woodshed and as far as I'm concerned being wealthy is knowing when enough is enough. In that regard, Russ and I are wealthy. We have each other, a good family and our health.

Hasn't everyone heard that frugality is IN!

Wishing you enough.

-- Trevilians (aka Dianne in Mass) (Trevilians@mediaone.net), October 21, 2001.


Hello Melissa, In the new issue of backwoods home, on the last page, (The Last Word) Dave Duffy mentioned that money can buy happiness. This infuriated both my wife and me as we truly believe that simplicity is the key to happiness. I believe the the coming recession will only allow others to see that living frugally and simply will bring them more happiness than sorrow. I actually look forward to the change in the nations spending as we have been a nation of over indulgence for nearly twenty years. Spoiling our children and ourselves with mindless toys and expensive gadgets that serve the same purposes as their predecesors but, cost many times more. It will be nice to see people spending less money and staying at home. Maybe it will bring families closer together and maybe solve a few of our national problems as well. If a recession can do this, imagine what a depression could do! Sincerely, Ernest

-- http://communities.msn.com/livingoffthelandintheozarks (espresso42@hotmail.com), October 21, 2001.

Ernest, I actually do agree with you! We notice every year we spend less and less, but manage to live more and more! Our main goals are to have to devote less time to making money and more time to the projects and hobbies we enjoy. We love to spend time with our children and extended family. I really like to cook, can, garden, read, make quilts, and volunteer. Cale loves to horse-back ride, bow- hunt, do woodworking, and help with our son's ball team. Once we have the basic equipment covered as cheaply as possible it really costs very little to pursue these things. I would encourage everyone to sit down and write out the top 10 things you want to do with your life... Now think, how many of them really require more money to pursue? Some of mine are to spend more time with my family, get in better physial shape, add on to my perrianl bed, can more next year, on and on, but none of them costs hardly any money.

-- Melissa (me@home.net), October 21, 2001.

Land is so high here!Big names have moved in a bought out small farmers. (My family used to live by Little House on the Prairie on ten acres. We were in the way and were asked to leave with the house for $75000.!If we hadn't moved we would have been hemmed in on all fours.) So every one is asking a fortune for everything. There are nothing but small farmers and regular country people trying to get by here, so it is real hard to make a living.I am down to 2, plus my own, in my daycare. I am pinching pennies real tight.Also my dad has been laid off for the 15 time in 28 years. He is working for family now but still working night and day. Jobs are scarce and low pay. We are rich in the Lord and Family and it matters not what we own, we can't take it when we go.I am not saying we don't have anything, we have cars that run(most of the time), nice,warm house and plenty of stuff.Just not trying to kill ourselves to have a better this and a newer that.I say spread a little of Gods love and we'll all be as rich as kings in our kingdom!

-- Micheale from SE Kansas (mbfrye@totelcsi.net), October 21, 2001.

My husband is looking for work and it's a little scarce right now, except at the Target and Lowes Distribution Centers nearby, which will change if people don't buy much at Christmas. I think we've been in a recession for a while anyway, all the new jobs the news talks about for the last year, were mostly minimum wage jobs.

-- Carol in Tx (cwaldrop@peoplescom.net), October 21, 2001.


Melissa, as I know you recall, I wrote of that some time ago. We still haven't seen the full effects of 9-11, yet, either. I still believe we're 18-24 months away from a turn.

Always being somewhat of a contrarian, though, I just contracted for some new asphalt at my business and am doing some improvements on my barn, now, too. I agree things are bad and worsening, but these are things which need to be done. The barn improvements can translate into income if I'm lucky, so that eases my mind a bit.

Honestly, I've never seen my recievables as bad as they are right now. One thing I'm trying to do with some of these people is let them do some work for me to ease their outgo, too. (If any of you are thinking of doing anything like this let me add one word of caution. Make certain you get appropriate insurance coverage.)

-- Gary in Indiana (gk6854@aol.com), October 21, 2001.


Gary, I know you had discussed this before, I just brought it up because it is now OFFICIAL! Sometimes it seems the government is a little behind on what the rest of us already know!!

I am hoping that everyone is getting financially prepared because it does look to be a tough winter. If it were me this is not the time I would be accumulating any NEW debt, but maybe trying to re-finance at a lower rate, making extra payments, and putting back enough money to pay your bills for at least a few months. It is not always easy to find new work in a slow economy.

-- Melissa (me@home.net), October 21, 2001.


Around here things don't look too bad-we are in a tradtionaly low income area anyway, I guess we're used to it. Actually, this has been one of the best yielding harvest seasons we've had for quite some time, and being mostly agriculture here-thats great news.

I tried to refinance the house morgage but when we crunched the numbers I found out we wouldn't be any better off-we got our house morgage when rates were pretty low and we don't have that much equity yet, and yada yada yada but...We cut those pesky cards in half (save one EMERGENCY one and by emergency I mean there had better be blood involved) and rolled what amount we owed to one of those very low interest ones. No new debt and we have sold off some things we really didn't need-we had a truck that was costing us a fortune just in insuance. My husbands Grandpa has a perfectly good truck that we could borrow if we need-he's 85 and he doesn't need to be driving it that much anyway. (Just kidding) We've allways been pretty tightwaddish so I believe we'll be ok.

-- Kelly in Ky (ksaderholm@yahoo.com), October 21, 2001.


We live in a very insulated area that has seen little to no economic change as of yet. That's not to say we won't, we are just usually a lot slower than the rest of the country. My husband's job is secure, so there is not that worry. Fortunately, the company he works for is family owned and they believe in pay as you go. Even on a multi- million dollar project they will only start when they know they can pay for it. That said, I agree that just because you make it doesn't mean you should spend it. It is better to have what you need and maybe some you can share, than to just have so you can say you do!

-- Ivy in NW AR (balch84@cox-internet.com), October 21, 2001.

We live in Central Wa State and we just went to Yakima to go shopping.We have not seen that many people shopping for a long time. I think it looked like Christmas time. We went to ShopKo and Big R. Lots of traffic on the freeway too. Both stores were having good sales. The Seattle area will be having it hard with the Boeing lay-offs. We will have to wait and see here. We are a farming and college town. Interesting to hear what is going on in your State?

-- Jo (farmerjo@kvalley.com), October 21, 2001.


I am in Nova Scotia Canada and my husband is in the insurance industry. He came home last week looking a bit down and announced that we were in a full fledged recession and that business would be harder so he may have to travel more. His business expenses were cut back so the entertaining of clients he had planned for Christmas is now cancelled (I am not too sad, sheep manure etc is not exactly cocktail party conversation). This sounds frivolous but a lot of business relationships are forged through little things like that. So instead of throwing a cocktail party or dinner he will have to spend more time away from home...thats our hardship so far. We will see what will come .

-- Alison in N.S. (aproteau@istar.ca), October 22, 2001.

My DH works for a major consulting firm and thinks they will be laying off more people soon. He feels his job is secure but is taking on as much work as possible when it comes. This week we probably won't see him much and yesterday he worked all day which is unusual since Sunday's are usually the Lord's day for us and a day of time for family and rest. I am thankful for his job but I do have my concerns for many others whose jobs are in jeopardy.

Silvia

-- Silvia (organic_farmer@hotmail.com), October 22, 2001.


Other with the State problems everything else seems ok. As a state employee not getting a raise for two years and income tax going up it will really hurt my pocketbook. We are also having a state hiring freeze. I think they do that every year though.

-- mindy (speciallady@countrylife.net), October 22, 2001.

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