Uncertainty means no big purchases
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Anonymous
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We had plans to buy a new car this spring, and to sign a contract next month for a home renovation and expansion that is a major expense (50% of the cost of the home 5 years ago). Now we are not doing either because who knows what is going to happen with one of our fed jobs, and the other is connected to the international aid community through an NGO.
We will make it through the next four years (or longer) - the money we'd been saving for the renovation is a healthy buffer. But I'm sad because I've been looking forward to both these things, and that's money that could help support businesses that we'll hold onto instead. I suspect we are not alone here - anyone else pausing big spending? |
Anonymous
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You should probably get the new car soon because the prices of all cars is going to go up soon due to the tariffs.
In terms of the home improvements, there may be a labor shortage in the future, so there is that as well as prices going up on imported materials. You should probably wait on any unnecessary spending if you think you will be laid off. |
Anonymous
| I don't really get renovations for cosmetic reasons. Everyone wants the trendiest kitchen, the latest this or that...And then it becomes obsolete, and repeat. It's a waste of money and materials. Most of the world does not do any of this. |
Anonymous
| I have a family member in the automotive business and it's been slow this month -- that's traditional but I suspect it's not going to get better due to a lot of anxiety over job losses/income and putting big purchases on hold if they are not absolutely necessary. The entire market is going to suffer from white collar to blue collar all around. |
Anonymous
| In mid December we spent a lot on biz class plane tickets to London for a trip next fall. It's not the end of the world, but if I had it to do it over again, I'd plan a much cheaper domestic vacay, or maybe Caribbean. |
Anonymous
So don't renovate your kitchen. Once a kitchen/bathrooms/home hits 20+ years, it's nice to renovate. Why not enjoy where you live?!?! Assuming you can afford it. |
Anonymous
| We are putting things on ice as well. Too much uncertainty. Holding on to cash that was set aside for a major remodel. |
Anonymous
| Sounds like you regularly overspend and aren't conservative with money. Save and pay cash for those things or you don't need them. |
Anonymous
Did you not read the original post? OP said they saved the cash for it. Sounds like you have reading comprehension problems. |
Anonymous
| Not the same scale, but I have put off buying a new rug that I want, will cost about $3k. Still deciding what to do. |
Anonymous
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Spouse and I have had a similar conversation about a planned trip this summer.
But we decided we have enough cushion to absorb the trip costs even if we did lose income for a while, and also, the value of having a happy experience on the trip is probably even more important if we otherwise have a bad year. But i definitely am feeling more cautious with all other expenses. |
Anonymous
| Definitely being more cautious. Was going to do an addition to the house but no way as tariffs will cause building supplies to go up in price. Not going to renovate the bathrooms for the same reason. Just going to keep saving that money. |
Anonymous
Well yes, obviously. Someone starting this thread is not someone who can afford it easily, as in 50k doesn't matter. That's the point. Of course rich people can remodel endlessly. But you CAN enjoy your home without remodels. |
Anonymous
| I went thrifting yesterday for clothes (Unique if FC -- what a huge, weird place). First time I've been in a thrift store in probably 25 years. I've lost a lot of weight and need new clothes. If I were done losing, and not just halfway to my goal weight, I'd probably just buy new clothes and not worry too much about the money, but knowing that these clothes are temporary I can't justify spending much now. Did find some stuff. |
Anonymous
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I thought this was going to be a post about things that you need -appliances, new hvac, new roof, new windows and other budget-buster items.
Not about cosmetic preferences. So wasteful anyway. |