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Old 01-03-2013, 10:22 PM   #31
EMAW_KSU
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Originally Posted by SaraJayne View Post
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 ).
If you are not cutting back on anything how are you making up for the lost income?
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Old 01-03-2013, 10:23 PM   #32
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If you are not cutting back on anything how are you making up for the lost income?
It's not lost if you planned for it.
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Old 01-03-2013, 10:27 PM   #33
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It's not lost if you planned for it.
How do you figure that? If you income goes down $2000 per year it goes down $2000 weather you planned for it or not.
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Old 01-03-2013, 10:33 PM   #34
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It's not lost if you planned for it.
It is no longer there. The only people who can say they aren't giving anything up are those who put it into a retirement account. If they drop that, they could argue that $200 into ss or their ira are both retirement savings--similar, if not exactly the same, budget categories. Those who say they aren't cutting must mean they don't budget. They will get a smaller paycheck, so there will be smaller something (short term savings?) even if they don't notice it.
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Old 01-03-2013, 10:40 PM   #35
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No cut backs here either-the month to month carry over gets smaller thats all-this tax 'holiday' had to be one of the worst ideas in history. People got dependant on that extra income, which would go away at the end of the holiday and it screwed us all in the future.
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Old 01-04-2013, 01:05 AM   #36
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I can pick up an extra shift 8 hrs Every 2 weeks and be just fine. We have a nice emergency fund and I will be increasing my 403B in the next month. You have to look at all in the big picture.
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Old 01-04-2013, 05:16 AM   #37
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Since the payroll tax holiday was supposed to be temporary from the start, we didn't get used to having that extra money. We mostly just saved it anyway so now we'll just be saving that much less.
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Old 01-04-2013, 05:59 AM   #38
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It's only $50 for us. Given, that's $50 in a very tight budget. I'll probably do some extra work on the side to make up for it.
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Old 01-04-2013, 06:07 AM   #39
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Originally Posted by tasha99 View Post
It is no longer there. The only people who can say they aren't giving anything up are those who put it into a retirement account. If they drop that, they could argue that $200 into ss or their ira are both retirement savings--similar, if not exactly the same, budget categories. Those who say they aren't cutting must mean they don't budget. They will get a smaller paycheck, so there will be smaller something (short term savings?) even if they don't notice it.
Noooo. . .it was just never IN the budget. It was extra "play money." It was supposed to stimulate the economy and get us to buy things. I either chocked it into savings or spent it on things that I don't really need or spent it on charities. I figured one was good for MY eventual retirement stimulus and the other two were the purpose for which it was meant. The fact that we're not cutting back is BECAUSE we budget, and we always knew that $200 wasn't going to be there long term.

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No cut backs here either-the month to month carry over gets smaller thats all-this tax 'holiday' had to be one of the worst ideas in history. People got dependant on that extra income, which would go away at the end of the holiday and it screwed us all in the future.
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Old 01-04-2013, 06:23 AM   #40
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Nothing. I pretty much understood that the payroll tax was not permanent so I didn't start spending the extra cash. It went into my discretionary spending and some times my 401K so I'll just readjust that.
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Old 01-04-2013, 06:25 AM   #41
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Originally Posted by tasha99 View Post
It is no longer there. The only people who can say they aren't giving anything up are those who put it into a retirement account. If they drop that, they could argue that $200 into ss or their ira are both retirement savings--similar, if not exactly the same, budget categories. Those who say they aren't cutting must mean they don't budget. They will get a smaller paycheck, so there will be smaller something (short term savings?) even if they don't notice it.
I get what your saying but I disagree. I do budget but as others stated I knew the 2% was temproray so when I got the extra I left it in my discretionary savings. Since my discretionary spending has not increase I don't have to change my budget AT ALL. I've also been lucky also in that I've gotten a 3% raise over the year.

I guess when op said "cutting" I took that to mean a negative hit to my budget. That will not happen

I think the folks who are feeling it are the ones who changed their budget to reflect the increase and now have to change it again to reflect the loss.

It's like over time at my job, we advise people that it is nice when you get it but do not begin to budget it in because it is not guaranteed. And year after year we get people crying when the over time has dried up because they planned that money for some thing.
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Old 01-04-2013, 06:28 AM   #42
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Quote:
Originally Posted by snarlingcoyote View Post
Noooo. . .it was just never IN the budget. It was extra "play money." It was supposed to stimulate the economy and get us to buy things. I either chocked it into savings or spent it on things that I don't really need or spent it on charities. I figured one was good for MY eventual retirement stimulus and the other two were the purpose for which it was meant. The fact that we're not cutting back is BECAUSE we budget, and we always knew that $200 wasn't going to be there long term.
So many people seem to have forgotten that. Sounds like you are in a good spot.
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Old 01-04-2013, 06:40 AM   #43
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Quote:
Originally Posted by snarlingcoyote View Post
Noooo. . .it was just never IN the budget. It was extra "play money." It was supposed to stimulate the economy and get us to buy things. I either chocked it into savings or spent it on things that I don't really need or spent it on charities. I figured one was good for MY eventual retirement stimulus and the other two were the purpose for which it was meant. The fact that we're not cutting back is BECAUSE we budget, and we always knew that $200 wasn't going to be there long term.
I think people are just interpreting "cut back" in different ways... I think the OP just means where will this affect spending/saving habits... So in your case it will just be $200 (or whatever amount) not saved, not donated, or not blown. But others see "cut back" as now having to do without something because they counted on that money. Same outcome, just different connotations.

For us, we haven't budgeted (in the sense that I have everything pre-planned and expenses tracked) in quite some time, despite having a nice budget plan all set up in that pricey YNAB I bought we pay all of our bills, put money in savings, and then we make sure that we spend wisely and always have some left over. So I have no clue where we will "cut back" because I only have a general idea of where it was going in the first place. But since we will not go into debt and because I live to plan our vacations, it will most likely be "cut back" in groceries, unnecessary clothing, eating out. We are very fortunate that we shouldn't feel the decrease at all since we never counted on it, but it will still technically be something cut out of monthly expenditures/savings. One situation where not budgeting helps a little psychologically, lol!

Last edited by rnorwo1; 01-04-2013 at 07:01 AM.
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Old 01-04-2013, 06:42 AM   #44
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Maybe it's the wrong question being asked.

So maybe the true question is not what you are cutting but whether or not you have to "cut" some thing out of your budget.

seems to be two different views.
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Old 01-04-2013, 06:49 AM   #45
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Quote:
Originally Posted by SaraJayne View Post
Did people honestly not know it was reverting back?

It shouldn't have been a surprise.
This was never meant to be permanent. I can't ever remember when I paid less than 6.2% except for these past 2 years!
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