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Old 01-03-2013, 09:22 PM   #16
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If it's not a big deal to you, do you want to pay my portion, too ?



But you ARE cutting back SOMEWHERE. You will be getting less money. So, you will HAVE less money. You might be cutting back on savings, but it is still cutting back. --Katie
No, we're cutting back on nothing. Savings is increasing. Payment to cc are increasing. We planned for this. It was a tax holiday, not a pay increase.
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Old 01-03-2013, 09:24 PM   #17
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I won't have to cut out anything. When they stopped taking that 2% of my income for social security, I put it into my retirement savings. Now that the government has decided to take control of that money again, they can put it aside for my retirement instead of me. Whether I actually trust them to do that is another story.
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Old 01-03-2013, 09:29 PM   #18
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No change for me. It was a temporary thing so i added it to savings. I am going to see how the budget works out and may actually try to continue the higher savings.
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Old 01-03-2013, 09:29 PM   #19
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My point was no one should be surprised.

We aren't cutting back anywhere.
I'm going to beat this dead horse one more time, and then I'll let it go. You are cutting back SOMEWHERE. You will have less money. Whether that is less money to spend, less money to save, or less money to sit on as a "cushion" (I would call that saving), it's less money, and you are cutting back. I'm guessing that people who say they aren't cutting back don't really do a budget. With a budget, you put money into categories until it is all gone. Some of those categories are for spending, some are for saving, but with a budget, every last cent is accounted for. Now, you will have fewer of those "cents", and you will have to decrease your budget in one or more categories. SO, you will be cutting back somewhere, whether you're aware of it or not. Unless you're planning on charging an extra $100-$200 a month on your credit cards to keep up with your current standard of living/spending/saving. Then, I guess you wouldn't be cutting back. --Katie
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Old 01-03-2013, 09:37 PM   #20
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Did people honestly not know it was reverting back?

It shouldn't have been a surprise.
There are probably a lot of people like our DS who had never worked [a full-time job] yet before 1-1-2011 who just started earning an income and never knew the 6.2% rate existed, and in fact were taken by surprise of the reverted rate.

To the OP, we will be foregoing the set-aside of the FICA tax holiday money that we began when the holiday did. It has been ear-marked for DD's wedding funds, so; sorry DD, it's over.
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Old 01-03-2013, 09:41 PM   #21
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There are probably a lot of people like our DS who had never worked [a full-time job] yet before 1-1-2011 who just started earning an income and never knew the 6.2% rate existed, and in fact were taken by surprise of the reverted rate.

To the OP, we will be foregoing the set-aside of the FICA tax holiday money that we began when the holiday did. It has been ear-marked for DD's wedding funds, so; sorry DD, it's over.
LOL, I bet your DD was hoping it would last another year or two !! --Katie
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Old 01-03-2013, 09:43 PM   #22
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Quote:
Originally Posted by ekatiel View Post
I'm going to beat this dead horse one more time, and then I'll let it go. You are cutting back SOMEWHERE. You will have less money. Whether that is less money to spend, less money to save, or less money to sit on as a "cushion" (I would call that saving), it's less money, and you are cutting back. I'm guessing that people who say they aren't cutting back don't really do a budget. With a budget, you put money into categories until it is all gone. Some of those categories are for spending, some are for saving, but with a budget, every last cent is accounted for. Now, you will have fewer of those "cents", and you will have to decrease your budget in one or more categories. SO, you will be cutting back somewhere, whether you're aware of it or not. Unless you're planning on charging an extra $100-$200 a month on your credit cards to keep up with your current standard of living/spending/saving. Then, I guess you wouldn't be cutting back. --Katie
Your parents tell you that they're going to give you your share of oil money from a lease on family land. Your cut comes out to $200 a month. You know the oil lease won't last.

The oil runs out 2 years later. It's not unexpected.

If you were smart you did something "extra" with that money, something not in your budget.

So from that perspective, the smart cookies aren't "cutting back" they're just not getting the extra they got before, because they never included it in their budgets to begin with.
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Old 01-03-2013, 09:46 PM   #23
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We're going to be losing around $190-$200 a month as well. What an awful surprise this was on our paychecks today! I doubt most of the politicians in Washington realize this, but $200 a month is a BIG chunk of change for the average middle class family.
But the average middle class family earns around 50K per year and therefore is not losing $200 per month.

I understand that it is a percent and all relative and I certainly feel for those who have very little wiggle room after paying for bare necessities. On the other hand, I find it funny that so many with incomes more than double that of the "average middle class family" are having such a hard time finding something to cut from their budget.

No one likes to have less money. I am unhappy about many of the rising costs that have reduced our disposable income (especially rapidly rising insurance costs - health, car, house, life). However, I choose to be grateful for the 2 year "break" that we received.
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Old 01-03-2013, 09:47 PM   #24
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We won't be cutting back on anything per say, BUT, Dh got a raise in November, it will cover the tax increase, so it is like we just never changed our take home pay (by much anyway.)
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Old 01-03-2013, 09:48 PM   #25
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Originally Posted by ekatiel View Post
I'm going to beat this dead horse one more time, and then I'll let it go. You are cutting back SOMEWHERE. You will have less money. Whether that is less money to spend, less money to save, or less money to sit on as a "cushion" (I would call that saving), it's less money, and you are cutting back. I'm guessing that people who say they aren't cutting back don't really do a budget. With a budget, you put money into categories until it is all gone. Some of those categories are for spending, some are for saving, but with a budget, every last cent is accounted for. Now, you will have fewer of those "cents", and you will have to decrease your budget in one or more categories. SO, you will be cutting back somewhere, whether you're aware of it or not. Unless you're planning on charging an extra $100-$200 a month on your credit cards to keep up with your current standard of living/spending/saving. Then, I guess you wouldn't be cutting back. --Katie
It isn't a difficult concept to understand.

We are not cutting back on anything. We don't use a budget and have no credit card debt (so that not-so-subtle insult went right over my head ).
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Old 01-03-2013, 09:53 PM   #26
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But the average middle class family earns around 50K per year and therefore is not losing $200 per month.

I understand that it is a percent and all relative and I certainly feel for those who have very little wiggle room after paying for bare necessities. On the other hand, I find it funny that so many with incomes more than double that of the "average middle class family" are having such a hard time finding something to cut from their budget.

No one likes to have less money. I am unhappy about many of the rising costs that have reduced our disposable income (especially rapidly rising insurance costs - health, car, house, life). However, I choose to be grateful for the 2 year "break" that we received.
You do realize its where you live and your cost of living right? Where we live 50K would mean you "might" be able to afford a 1 or 2 bedroom apartment and then you couldn't afford much else. Apartments run over 1K/month. I earn more than 50K working part time (32 hrs/week) and my DH makes more than twice what I do. We're pretty average for our area. We do have a large home, but we are also in our 50's. Middle class varies.
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Old 01-03-2013, 09:54 PM   #27
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LOL, I bet your DD was hoping it would last another year or two !! --Katie
LOL, she would if she knew it existed. She doesn't know that I've come to grips with the fact that she may get married while I'm still walking the planet, much less saving money for it.
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Old 01-03-2013, 09:57 PM   #28
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I'm going to beat this dead horse one more time, and then I'll let it go. You are cutting back SOMEWHERE. You will have less money. Whether that is less money to spend, less money to save, or less money to sit on as a "cushion" (I would call that saving), it's less money, and you are cutting back. I'm guessing that people who say they aren't cutting back don't really do a budget. With a budget, you put money into categories until it is all gone. Some of those categories are for spending, some are for saving, but with a budget, every last cent is accounted for. Now, you will have fewer of those "cents", and you will have to decrease your budget in one or more categories. SO, you will be cutting back somewhere, whether you're aware of it or not. Unless you're planning on charging an extra $100-$200 a month on your credit cards to keep up with your current standard of living/spending/saving. Then, I guess you wouldn't be cutting back. --Katie
We aren't putting anything on our cc's because of the holiday expiring. We're very aware of what we're doing. Our current standard of living won't be affected at all. As of this month, car paid off. i was paying extra on it so the payment was $910/month. No more. That more than makes up the $200 that is expiring.
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Old 01-03-2013, 10:01 PM   #29
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You do realize its where you live and your cost of living right? Where we live 50K would mean you "might" be able to afford a 1 or 2 bedroom apartment and then you couldn't afford much else. Apartments run over 1K/month. I earn more than 50K working part time (32 hrs/week) and my DH makes more than twice what I do. We're pretty average for our area. We do have a large home, but we are also in our 50's. Middle class varies.
Of course I do. I live in a suburb of Chicago.
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Old 01-03-2013, 10:07 PM   #30
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Of course I do. I live in a suburb of Chicago.
Couldn't tell from your lack of location, but Chicago suburbs aren't as expensive as DC suburbs. Average only means something to those that are in the average pay. We live in the wealthiest county in the US. My youngest son (26) makes just over 50K and needs roommates to pay rent. He's getting married in the spring and he and his fiance will be able to rent a small townhouse My point is, it doesn't really matter what the "average" is. The more you make,the more you will see taken our of your paycheck. It's a percentage issue, not a $ amount issue. Whether it's $50/mo or $200/mo isn't what's important.
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