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Old 01-04-2013, 11:56 AM   #76
Jenny3
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We would have been okay by cutting out things like eating out and non-necessary expenses and couponing more. But today, DH got notice that his employer is cutting pay by 5% across the board and taking away all paid sick days. Now I'm worried. It's like a double whammy
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Old 01-04-2013, 12:05 PM   #77
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We aren't really cutting anything. It was extra discretionary money....used it once in a while and some months it just rolled over. We try and live as far below our means as possible so that these things don't put us in the poor house. We have BTDT and it's terrifying, honestly. Do we eat or put money in the car to get to work? Never, ever again....

My raise each year is between 5 and 6% and DH is up for a nice one, too. So it offsets this, anyway. *knock on wood*
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Old 01-04-2013, 12:07 PM   #78
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Surprise or not, it's happening, and every working american is going to have to cut back somewhere. Whether you figured out where that was months ago, or you're figuring out that now, it's a fact. The thread didn't ask if people were surprised, it asked where people are cutting back. --Katie
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Old 01-04-2013, 12:42 PM   #79
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I have not received a raise in several years. Cost of living keeps going up, but not my paycheck. Now, I will be receiving less.
One of my cutbacks in spending is not have my hair professionally highlighted anymore. My sister is doing the same thing. Our hairdresser hated hearing this as we were both regular clients of hers!
I am planning on making a lot more cuts as I don't foresee my paycheck increasing anytime soon.
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Old 01-04-2013, 01:53 PM   #80
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We would have been okay by cutting out things like eating out and non-necessary expenses and couponing more. But today, DH got notice that his employer is cutting pay by 5% across the board and taking away all paid sick days. Now I'm worried. It's like a double whammy

that sux! I am so sorry.
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Old 01-04-2013, 02:14 PM   #81
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Originally Posted by Shelly F - Ohio View Post
Before you run off to your payroll dept and ask to opt out of paying into SS please understand that paying into SS is not an option available to those of us who are public employees. Which also means we can not draw SS benefits. We have to pay into a dedicated retirment plan for public employees (OPERS).
To be honest I was thinking
"I thought you had to be Amish to get out of SS... "
I had no idea that states could make separate arrangements for their employees- good for them

I'd call that a good example of the power of the state government vs. the federal.
And, no I won't be making any requests.
I learned a long time ago that public employees should keep their heads down, work hard, and keep their official opinions to themselves...
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Old 01-04-2013, 02:14 PM   #82
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If you are not cutting back on anything how are you making up for the lost income?
It isn't lost income from my perspective. It was a windfall. If you got an unexpected christmas bonus one year, and the next year you didn't - would you think of yourself as "cutting back" without the bonus? I see the tax situation as a holistic thing instead of a weekly-paycheck issue, and that's still in a fair amount of flux.

My husband is a consultant, so we've developed the pattern of keeping fixed expenses low and having more variable expenses. When he works a lot, we have more income and more expenses. When he works less, we have less income and our expenditures decrease.
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Old 01-04-2013, 02:23 PM   #83
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I have to say while I certainly was following the news and understood what would be happening, I was definitely surprised when I saw DH's direct deposit amount today. The change was significantly more than I was expecting.

Our health insurance contributions went up and are a contributing factor in the overall difference but I have to review all of the changes to get a full picture.

The added money last year was offset for us by the higher gas prices. I had to commute a lot last year for my job and that combined with higher gas prices hit our budget right away. The additional increases in groceries were certainly felt as well.

I will start by trimming at the supermarket as much as possible and stay out of the stores. I find I do mindless shopping that often isn't necessary so today's review is a good wake up call for sure.

I don't spend frivolously but as soon as I save in one area it seems something else (namely teenagers) offsets in another!

Best of luck to everyone with the changes they are making.
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Old 01-04-2013, 02:33 PM   #84
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Frankly, the cut never made sense to me since the social security system is in need of money. I understand they did it to "stimulate" the economy. However, it definitely affects the social security retirement system.
This seems to be a point of mis-information for many people.

Just because the payroll deduction was cut by 2% does not mean that the SS fund was underfunded by 2%. That 2% was still given to the SS fund, it just came from the general fund instead of payroll taxes.

So SS was fully funded, just as if we were all paying 6.2% all this time. What the payroll tax cut did, however, was help increase the federal debt.
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Old 01-04-2013, 02:54 PM   #85
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I am not sure what/how it will affect my husband’s pay until the end of the month LES comes out but he was getting a 130 dollar increase in BAH and a small raise so I think that will cover whatever extra money we will be taken out for taxes and the decrease in our COLA which we get because of the city we live in. I think it stinks that we get to pay more money on top of what we already do and this year we have to write a check to the IRS when we usually break about even at tax time. I thought the tax increases were not going to affect the middle class but help us and it seems that in fact is not the case at all.
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Old 01-04-2013, 03:18 PM   #86
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Odd...I never noticed a big change 2 years ago in my paycheck. lol I just calculated the difference of the 4 and 6 %. An extra $50 a paycheck will be taken out. crap. Since I am saving for my house downpayment, I am on a rigid budget. I will just cut out our weekly eating out to twice a month. I think that will be fine.
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Old 01-04-2013, 03:37 PM   #87
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My husband gets paid every other week so 26 pp. I just saw his pending deposit in our checking acct. and it is about 115 bucks less than normal. So I guess that equates to about 3000 less a year. Of course we all know...this would not last forever. He won't get his LES for a week or so. He is a federal employee so he will get small raise, but our healthcare premiums usually go up though. LOL I don't know if the raise kicked in and if so...then our amt. would be more than the 115. I won't get my pay check for another week...so we shall see.
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Old 01-04-2013, 03:38 PM   #88
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I was drawn to this thread just to get some ideas for cutting expenses--thanks OP!

For us, I have been in school for a couple of years and am only starting to work again in 2013, so we won't be negatively affected budget-wise. At least I hope I will be working more than the 2% that will again be withheld from my husband's pay!
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Old 01-04-2013, 04:01 PM   #89
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I doubt we'll have to make any cuts. We live fairly simply as it is. We are closing on our mortgage refinance next week and will save roughly $500 a month, so that should more than make up for what we will "lose" with the payroll tax cut expiration. We can easily spend over $100 a month on eating out, so if I had to cut back anywhere it would be there.
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Old 01-04-2013, 04:06 PM   #90
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Originally Posted by crjack View Post
I will start by trimming at the supermarket as much as possible and stay out of the stores. I find I do mindless shopping that often isn't necessary so today's review is a good wake up call for sure.

I don't spend frivolously but as soon as I save in one area it seems something else (namely teenagers) offsets in another! Best of luck to everyone with the changes they are making.
Crjack, that is what I call the "murphys law of money". It is almost a certainty in my life. As soon as we save up a pretty comfortable cushion in our savings an appliance will break, a car will break, the dog will get sick and have a 2000 vet bill or a college tuition bill will come due. It's almost as if there is some secret triggering mechanism on my savings account.

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