FOX 5 MONEY

[Anonymous]

I'm a Consumer/ Money Producer at Fox 5. We would like to know how the economy is affecting our viewers. Where are you cutting corners? What are your concerns? How are your friends and family members being affected? If you have any personal stories you would like to share, ideas or suggestions, please send me an email: [e-mail].

We're here to help protect your pocketbook.

Thanks in advance,

Katy Adams

[Anonymous]

My husband and I went out to a nicer Italian restaurant last weekend and from the crowd of people in there dining and drinking, one would never guess that the economy had tanked. I think the down-turn is pretty strongly industry specific.

[Anonymous]

We just canceled our comcast hd cable w/ on demand and signed up for netflix (sorry - typing w/ 1 finger). $150 vs. $17 per month.

I haven't bought any new spring clothes. Baby needs it more than I do.

DH hasn't been golfing and has turned down 3 bachelor parties. We actually aren't going to two of the weddings.

Stopped buying beer and liquior but did stock up on Trader Joe's Charles Shaw $3 wine.

Stopped buying the dogs Iams and now feed them costco brand.

Aren't re-doing the garden this spring. What we have will do.

Cancelled the fitness first memberships.

Cancelled Sirius radio.

Using the fireplace more to cut the $300 pepco bills.

Stopped my weekly trips to the bookstore for new books.

Still go to Starbuck's daily but now only get black coffee not a latte.

We basically do not eat out anymore at all. Last year this time we ate out at least 8 meals a week between brunch, lunch, and dinners out.

I could go on, I'm sure there is more we've cut back on.

[Anonymous]

Totally feel it.

Much more aware of driving, trying not to when possible.
Grocery shopping with a calculator so we don't go over budget.
Forgoing organic milk ($7 a gal at safeway) unless I can get Trader Joe's organic ($5+ per gal, but its organic-ness is questionable)
Not eating out, except cheap pizza once a week.
Not buying wine or expensive liquor (bye bye Grey Goose)
No more starbucks
Not buying new clothes for myself, delaying the trips to the consignment shop for the kids' clothes as long as I can
Setting the thermostat to 68 during the day (when we are home), 62 at night
We are not doing our garden this year.

I'm sure there are many other things that we are cutting back on. While it doesn't feel punitive, we are in the first stages of cutting out the extras. We are moving toward giving up cable, the Y membership, and our twice monthly cleaning service.

[Anonymous]

I think a lot of the gloom and doom about the economy is emotional hysteria lacking substance to justify the panic. Just a few days ago The Drudge Report had some absurd headline about a 1920s style modern day “Great Depression” it was enough to send anyone into an instant panic attack, but I bet Drudge got the clicks he wanted! However, we have seen prices go up in terms of gas, health care costs, and food. My husband got a raise in pay this year that is hardly realized due to the increases. To be cautions we have done the following:



Pulled from savings to pay off all debt
Try not do drive around unnecessarily (consolidate trips)
I try to be careful at the grocery store, however I love to cook so it is hard for me to stay away from the specialty items I often need for my recipes
I purchase my meat products in bulk from local farmers, a half of a pig is coming in June and I will spend a weekend processing it into sausage and thing of such for the deep freezer
We have a pellet stove and focused on using that for most of the winter instead of turning on the oil, this saved us hundreds.
We have cut down on eating out to 1x/per week
I would like to get rid of the Direct TV, but hubby won’t hear of it, we hardly watch it, so it’s a waste anyways.
We need a new car, but are waiting for at least another 6 months after the current car payment we have now is over. Then we will trade in our other 12 year old car for a new one.


However none of the above are qualified hardships, there is much more fat that can be trimmed. All of the above points are just our family behaving more responsibly. It is a good exercise for Americans to take a look at their wastefulness and try to put a clamp on some of the excess. I just returned from a month long trip to Mozambique and Americans have a LONG LONG way to go before we are suffering and “doing without” in comparison to the majority of people habiting the planet.

[Anonymous]

All the talk of global warming, and the Pope's latest additions to the list of sins has got me working toward leaving a smaller footprint. So, I am trying to consume less and have succeeded, somewhat. (Oh, not Catholic - I just like the pope's message on this one. Fits in well with our responsibility for Tikun Olam)

The changes in the economy haven't had any direct effect on our income.

[Anonymous]

Everyone is being affected. Housing prices have dropped in our affluent neighborhood, so no more home equity loans for improvements. We are seeing it as our business is closely linked to seasonal/garden retail.

Changes we are making this summer:

Taking a mini week at the beach, not a full week.
Repainting the trim on our home ourselves.
Mulching the garden ourselves
Had been shopping for a newer car - now not.
Unplugging electronics at night. Kids used to leave all six computers running - already noticed the difference in just one month (about $58.00)
Used book store instead of Barnes and Noble
Library when necessary
Only meal out per week starting two months ago. (Saves us about $80/week - it's the biggest single savings)
Clothing. Just not doing that shopping - NOT.

[Anonymous]

Here is a good one.

DH went from making a good salary to making nothing, and has been unemployed for seven months.

I make my own pizza for pizza nights. (those three years I spent working at a pizza shop, really paid off)

I had to get a job, but am only pulling in less than $100 wk after of daycare costs.

Got rid of my Verizon bundle, and switched to cable. Much cheaper, and actually better quality everything.

Got pre-approved for food stamps, utilities assistance, daycare assistance, welfare....... Still haven't gotten it though.

We had to cash in our investments, because we needed the money to live.

We wish we could sell our house, but there are repairs that need to be done first, and we can't do them because we don't have the money. Also, there are three other houses for sale in a one block radius. Though we can offer ours at $100,000 less, and get what we paid for it.

Between our mortgage, health insurance, and child care we are paying out $5k, that doesn't include utilities, groceries, gas or anything else.

I try not to drive, except for work, where I get reimbursed for mileage.

I am a diet coke addict, and haven't purchased any in a long time, I can't afford it. Water and coffee (made at home) will do.

Instead of buying new work clothes, I bought some new, clearance jewelry, so that I can make a different look for the same outfit.

I stop free-cycling, because I need to sell children's toys and double stroller, and old clothes. I need the money.

Considering cashing in our 401k, just so we can live in our house for another six months.

[Anonymous]

It hasn't affected our spending one bit. My husband and I are still employed and receiving the same salary (plus raises and cost-of-living adjustments) as when the economy was good. So there has been no need to cut back. We're not getting the same returns on our investments, but these were always thought of as long-term investments anyway.

A lot of this recession seems to be a self-fulfilling prophesy. People feel less secure in the economy, so consumer spending goes down, which has a negative impact on the economy.

[Anonymous]

Anonymous wrote:

DH went from making a good salary to making nothing, and has been unemployed for seven months.

I had to get a job, but am only pulling in less than $100 wk after of daycare costs.

Just out of curiosity, why do you pay for daycare when your husband is at home unemployed? If my DH were unemployed and the kids were at daycare, he would work somewhere, Costco, or something...There is employment out there, maybe just not the type that your husband finds appealing, but when you're in a welfare/food stamp situation I don't think its the time to be picky.

[Anonymous]

Because he is in school and interviewing several times a week.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

DH went from making a good salary to making nothing, and has been unemployed for seven months.

I had to get a job, but am only pulling in less than $100 wk after of daycare costs.

Just out of curiosity, why do you pay for daycare when your husband is at home unemployed? If my DH were unemployed and the kids were at daycare, he would work somewhere, Costco, or something...There is employment out there, maybe just not the type that your husband finds appealing, but when you're in a welfare/food stamp situation I don't think its the time to be picky.

Oh, and trust me, those jobs aren't hiring either. He is not above working anywhere "below" him, but he gets the "your over qualified" line. I had multiple offers, but my skills are not as specialized.

[Anonymous]

I posted earlier but also wanted to mention I am a SAHM so I have no income. My husband's salary has been cut because his portion of health insurance has gone up by $500. His company's attempt to save money and jobs. The company is also not giving out raises at this time. This hurts us but also helps us as I suppose he could potentionally be out of work if they didn't make these cuts. It sucks and it does hurt us and force us to make cuts but we are hoping it is short term. If I went back to work my salary would be about $50,000. You would think that would be plenty for daycare and such but after childcare, insurance, commuting and taxes I would be making about $600 a month. Why I stayed home in the first place.

[Anonymous]

PP - I strongly disagree with you. The collapse of the housing market (which was grossly inflated) is going to impact every single person in this country.

Our money is worth less on the global scene, which means everything is getting more expensive (or don't you drive?). The Fed is now PRINTING money like it is monopoly money, and no one says a word!

The fools are planting corn instead of wheat to make a quick buck and the price of flour is up at least 40%.

Just because it isn't you today, doesn't mean it won't be you tomorrow. I'd take a cold hard look at your so-called "long term" investments as well.

If you are a government contractor or employee (i.e., cost of living adjustments???) - just wait.

[Anonymous]

Our family hasn't felt the pinch-but I know my husbands housing rentals have decreased in value. He had plans to sell them, but is now going to continue to rent them. Our own house has lost some value, but we have no intentions of moving. Our jobs are secure, or at least I thinks so for right now. We pay more for gas but we both drive "green" cars. My husband plans for these tragedies to happen. We don't live extravagantly, except we tend to eat out often, but at moderately priced restaurants. I feel so sorry for the families that have been touched by our weakened economy.