Is the current economy affecting your...

[des1954]

The main theme of this downturn economy is the housing situation and all the foreclosures. The vast majority of those foreclosures are because people bought houses they absolutely had no business buying and could not afford. Unfortunately, the government is gonna' come running in to save the day and once again, so few will learn their lesson and in a decade or so, something similar will probably happen like this again.

You are absolutely right about the banking industry making fool-hardy loans to people who had no business acquiring a loan on a bicycle, let alone a house double or triple what they could afford. I don't have that problem. My problem is that my DH lost his job last November and has not had any nibbles on the 75+ resumes & applications he's submitted. My savings account had a 3+ month reserve in case of an emergency, and we have had to start dipping into it. That puts me in a panic mode!!

In our area (Lakeland, Fl) the job market is bad, there is virtually no new construction, foreclosures are at an all time high, and housing re-sales aren't happening.

DH's unemployment runs out in mid-May, so I certainly hope something comes up job-wise between now & then. For now, we've had to cancel our FtW trips because I'm not going to use my reserve $$ & definitely not a credit card for something that is not (to me) a necessity.

 

[ynottony99]

We use to make a 3 night trip most months. Between the economy, and a d-i-v-o-r-c-e, I have had to cut back, and think twice about the number of trips.

 

[proudmomof4]

I really couldn't choose any either.... we have not felt any hits from the economy yet, DH works for the police department so as long as there are criminals he will have a job. I was layed off in May 2006 from a bank and did not work for 9 months, which we survived with my severance package, but I went back to work a year ago. We try really hard to save money to finance our trips to FW and do not use the credit cards, even though we live in Tampa we do not do to WDW all that often due to DH's work schedule (he hardly ever has weekends off), so when we do go, we like to stay a week or longer.

 

[stacktester]

My thoughts, exactly. Don't get me wrong. God himself has blessed me and my family as He always does. I work hard, try to make good financial decisions, and I don't run a balance on a credit card (if I have to make payments for a trip, some clothes, or a video game, I don't get it).

Here's how the economy is affecting our plans this year.
1. We bought APs this year since it's cheaper than two one-week vacations. We just got back from an 11 night trip and are planning a December trip and another January trip.
2. The December trip will easily be covered by that "stimulus package" we'll get this spring. Thanks, GW.
3. We sold our house back in November. We're renting right now before we build this summer. I bought a 7-month CD with the capital gain from the house. Not a whole lot but the interest will easily pay for the January, 09 trip.
4. The home we're building this summer. Nothing extravagant and absolutely no interest-only, balloon, or any other hocus-pocus mortgage designed to get us into a house we can't afford.
5. Since the interest rates are dropping like a hot rock and are predicted to continue to drop (again, to stimulate the economy), I'm hoping we'll get a mortgage rate in the 4% range. Thanks GW.

DO NOT think I'm tooting my own horn here because I absolutely ain't. The good Lord can taketh just as quick as He has giveth. What I'm trying to convey here is there are boatloads of opportunities out there to make DW trips and other things possible if we just make good decisions. The main theme of this downturn economy is the housing situation and all the foreclosures. The vast majority of those foreclosures are because people bought houses they absolutely had no business buying and could not afford. Unfortunately, the government is gonna' come running in to save the day and once again, so few will learn their lesson and in a decade or so, something similar will probably happen like this again.

Jamie I think that's great that you've been so "blessed" but I know people that work in factories that have saved money and been frugal and the mill close and them be left jobless. There are paper mills and other places in little towns that basically that mill is the town. When you're in the middle of no where and the next city is 100 miles away it's hard to find another job paying $30 an hour. It goes a lot deeper than GW believe me. GW is doing what he can to save what little reputation he has before he leaves the White House. Had 9/11 not happened I think he would've been a much better president had the not had terrorists to deal with. Unfortunately we will never know what he could've done. This recession would've been in our backyard 4-5 years ago had the home loans not been given. I'm not saying that was an answer to the economy. It was a band-aid that we should've not done to begin with. Unfortunately our good production jobs have gone overseas. Just think what Disney alone could provide in our economy if it would open a plant to make all the junk they get made in China. If you think GW is giving you free money, think again. You'll see that $1,200 on next years tax return that you won't be able to deduct. All it is, is an advance. I'm not trying to say you're wrong but I'm calling a spade a spade. You're lucky that since municipalities seem to think they have an unlimited bank account you're job as a ff is pretty safe. How many customers in your side business do you think may have to drop you this year because of job losses or financial reasons and think if that was you're full time job how that would affect you. I'm not trying to start a nasty thread here but if somebody else has made good choices on savings and done exactly what you've done and they still struggle are they wrong? No. Circumstances are different for everybody. It just kills me when somebody says god blesses me. I'm a god believer but I don't think he sits up there and says ok you're gonna get this and you're not.

I wanted to add that my reply is just my opinion and not meant to challenge you. It's respectfully submitted. I'm sure you've seen the furniture industry that NC is famous for decline in the last years because once again they can't compete with the Pacific Rim sending cheap junk over here. The U.S. is it's own worst enemy unfortunately. My belief will always be that these huge Fortune 500 companies that provide a lot of our families a good living should be either very low taxed or tax exempt. Until you've worked within a factory it's hard to understand what these big co.'s do for our economy. Believe it or not there's still a working man out there.

 

[LONE-STAR]

What's so bad about the economy ???

I have to agree. My only complaints are $3.45 a gal. for diesel and how much groceries cost now. Oh yeah and $90 a night for FW.

 

[stacktester]

I have to agree. My only complaints are $3.45 a gal. for diesel and how much groceries cost now. Oh yeah and $90 a night for FW.

Hopefully that was a joke.

It's scary to see Fortune 500 companies filing bankruptcy. I know the media has fueled a scare for all of us. When that happens we all know what happens 1st. People hold their dollars because they're scared if they spend it they may lose their job and then need that money back. The building material industry is taking a killing right now. The price of fuel amazes me. Not how expensive it is, but the roads are still packed. I really don't think it can get high enough to stop people from driving.

 

[stacktester]

We are absolutely feeling it here in Michigan. We are in the title search field and not many people are buying houses these days !! My poor DH is driving 800-900 miles a week doing searches all over the state so we can keep paying the bills. We are still going to FL next month, but we aren't swimming with the dolphins like we had planned. We can do it another time. We are still planning to go to FW next December too, but I may have to opt of out of DDP.

So the answer for us is....we are still going on our vacations, but we aren't spending as much $$ on extras.

Does this mean momma's cookin dinner now?

Just buy a Costco size box of mac & cheese for the kids and call it good. I'm kidding but I'm sure you're going to see a lot of people doing the same thing. I bet there will be a few more golf carts sittin around the fort too. I've been making meals lately that I can have for lunch the next day. I commented earlier that WDW would run some specials. I saw something about free water park and something else on the top of Disboards. Sounds like Uncle Mickey is feeling the crunch.

 

[des1954]

I have to agree. My only complaints are $3.45 a gal. for diesel and how much groceries cost now. Oh yeah and $90 a night for FW.

I don't know what's going on in your area, but here in FL, plumbers (and anyone in any area of construction) are feeling the hurt as much as anyone else. There's little to none new construction and that leaves a glut of plumbers to vie for repair/refit business. But ya know, "when you gotta gusher & can't flush-her", you call your neighborhood plumber!!!

I am glad things are going well for you. This is the first time in my 34 year marriage I've ever been concerned over $$$.

I agree about the $90/nite at FtW!! Kinda insane, if you ask me!

 

[LONE-STAR]

I don't know what's going on in your area, but here in FL, plumbers (and anyone in any area of construction) are feeling the hurt as much as anyone else. There's little to none new construction and that leaves a glut of plumbers to vie for repair/refit business. But ya know, "when you gotta gusher & can't flush-her", you call your neighborhood plumber!!!

I am glad things are going well for you. This is the first time in my 34 year marriage I've ever been concerned over $$$.

I agree about the $90/nite at FtW!! Kinda insane, if you ask me!

The area I live in, there is actually a shortage of plumbers. Our company is open 7 days a week. We rarely do new construction. We are mostly maintinance and repair. We take care of most commercial property in the area and we still do residential work. Plus my wife has a good job but she drives 120 miles a day. Thats why I am tired of diesel being $3.45 gal. I always worry about money but thats just because I am cheap.

Glad I could give you a laugh Stack.

 

[bradisgoofy]

I couldn't answer either, I work in a steelmill and haven't seen a slow down in many years ( have been working there for 30 years ). As of last year we have paid off everything, no mortgage, no car payments, just the regular household bills. My problem too is, I only get 4 weeks vacation and we are working almost 7 days a week, ( I get out of work at 7am Saturday and return at 7pm Sunday ) not a lot of time off. For the first time we are thinking of going twice in one year to WDW, but we will be flying down for just a week and using our DVC points. Usually we use the summer vacation time to plan trips with our Harleys.

I think buying into DVC has turned out to be our best investment since the value has increased and you can use them almost anywhere in WDW including FW. For what we pay in dues each year is offset by the fact I can stay on property in a delux resort ( read FW here ) cheaper then using even Pop Century rooms.

Even though we are doing well, I too would go into credit card debt to have a WDW vacation, because everyone needs time away from work and to be with the family.

 

[lawnspecialties]

You'll see that $1,200 on next years tax return that you won't be able to deduct. No you won't. That's been a common misconception since it's usually been done that way in years past.
How many customers in your side business do you think may have to drop you this year because of job losses or financial reasons and think if that was you're full time job how that would affect you. So far, I've gained a few and lost none for this year.
I'm not trying to start a nasty thread here but if somebody else has made good choices on savings and done exactly what you've done and they still struggle are they wrong? I agree 100%. My comments certainly don't pertain to everyone. But how much more assistance could our government offer those folks if they weren't bailing out those "keeping up with the Jones'" home buyers?
I'm a God believer but I don't think he sits up there and says ok you're gonna get this and you're not. I agree again, but I will give Him credit where it's due.
I wanted to add that my reply is just my opinion and not meant to challenge you. It's respectfully submitted. I'm sure you've seen the furniture industry that NC is famous for decline in the last years because once again they can't compete with the Pacific Rim sending cheap junk over here. The U.S. is it's own worst enemy unfortunately. My belief will always be that these huge Fortune 500 companies that provide a lot of our families a good living should be either very low taxed or tax exempt. Until you've worked within a factory it's hard to understand what these big co.'s do for our economy. Believe it or not there's still a working man out there.

I think we agree quite a bit on this topic. But again, I reiterate, how much more could folks who have truly fallen on hard times and bad luck be helped out by others if the pot wasn't so watered down from this housing mess? On all sides, we've made this bed and now we must lie in it.

 

[stacktester]

Glad I could give you a laugh Stack.

I was quoting what brad had said about what is wrong with the economy. Not about $3.45 diesel lol.

 

[stacktester]

I think we agree quite a bit on this topic. But again, I reiterate, how much more could folks who have truly fallen on hard times and bad luck be helped out by others if the pot wasn't so watered down from this housing mess? On all sides, we've made this bed and now we must lie in it.

About the only good thing about it is at least it's not illiegal residents we're bailing out lol.

 

[clkelley]

Disney World Ft. Wilderness are the trips we don't give up. I didn't vote in the poll because that is one of our budget items and unless one of us suddenly isn't working, then we are fine. We actually don't pay much for our Ft. Wilderness trips at all. I do points programs and survey programs and that usually gets me enough in gas cards for a trip to the Fort and our credit card points over the course of a year pays for a two-week stay. So, we're really only paying for our Annual Passes and food.

What we do give up is eating out like we used to and we cut back on going out on Friday nights to the local bar.

However, I will say, we used to be the "put it on the Mastercard" type folks, and we did cut that out

 

[BigDaddyRog]

Me and my family are feeling the economy slide and its giving me a rash!!! Man, business has declined steadily at the club since 9-11.....Im making half of what I used to make......AT the time I bought my home I could CERTAINLY afford it, but I now wish I had something smaller with a lower note. My CCards had been maxed out for the last couple of years until recently...we've been concentrating on getting them up to par this year. We used to take one tank trips and rent cabins at least once or twice a month, now we havent been to a campground since the Fort in December.
I took this as a lesson to teach me to calm down with the pointless frivolous spending I had gotten so used to, but I thought I had it made....I never saw it comming to such an abrupt halt like it has. Im still doing better in this business than I could if I quit and went back to book-keeping, or welding, or bartending, or any one of the other dozens of jobs Ive had in my life...but there's not a day that goes by tha I dont mention to someone about how good business at the club USED to be.
That being said, I have to say that I agree with some of the other posters here....Im going on as many vacations as I possibly can.....Id rather cut back on some of the things I'd gotten used to but can certainly live without..... like drinking 150 bucks of booze a night at work, and other stuff in that same neighborhood....I havent had a new vehicle in a couple of years(except for my golf cart, and it aint even new)....we still go out to eat once or twice a week, but its your avg neighborhood grill type joints. Right now, Outback Steak House is saved for special occasions, when we USED to be there every other week. YEPPERS....we've certainly changed our lifestyle to cater to the economy. Its gotta get better though,.......right?

 

[akamom]

We are absolutely feeling it here in Michigan. We are in the title search field and not many people are buying houses these days !! My poor DH is driving 800-900 miles a week doing searches all over the state so we can keep paying the bills. We are still going to FL next month, but we aren't swimming with the dolphins like we had planned. We can do it another time. We are still planning to go to FW next December too, but I may have to opt of out of DDP.

So the answer for us is....we are still going on our vacations, but we aren't spending as much $$ on extras.

Ditto that! Michigan is NOT doing well in our "thriving economy".

 

[Tent Camping Mom]

I think I spoke too soon. I just got an email stating that there may be a 13% budget cut where I work. Either that or raise tuition and I doubt they'll do that because our tuition is one of the highest in the state But I'm still going to count on my trusty Disney VISA to get us there twice this year. Plus we still have 9 days left on our 10-day non-expiring park hoppers. And using our points for the year should pay for the sites along with AAA discounts. Now if we can just do without gasoline...

 

[drafthorsecrazy]

Our local economy is terrible. A few yrs ago we had a GM, Ford, and Chrysler plant here. All 3 have now been sold off. People went from making over $30 an hour to under $15 for the same job. Some took buyouts but now find themselves unprepared for early retirement and are short on funds. We have a plumbing & heating business and this has affected us. Yes, we stay busy with repair and maintenance but the days of our customers doing major home upgrades are over. We have not done a new home construction in 2 yrs!! No one has the money here. For the first time in several yrs I had to cancel going to FW this winter. I have reservations for next Jan/Feb. but will spend a few weeks at some Fla. state parks along with FW to lower costs of a winter vacation.

 

[clkelley]

I think I spoke too soon. I just got an email stating that there may be a 13% budget cut where I work. Either that or raise tuition and I doubt they'll do that because our tuition is one of the highest in the state But I'm still going to count on my trusty Disney VISA to get us there twice this year. Plus we still have 9 days left on our 10-day non-expiring park hoppers. And using our points for the year should pay for the sites along with AAA discounts. Now if we can just do without gasoline...

Pleeeeeeese don't tell me they are going to raise tuition at UAH. I'm paying tuition there for my son. (Although he's looking at Alabama in Tuscaloosa for next year).

 

[Tent Camping Mom]

Pleeeeeeese don't tell me they are going to raise tuition at UAH. I'm paying tuition there for my son. (Although he's looking at Alabama in Tuscaloosa for next year).

I'm keeping my fingers crossed that they don't, we're all going to try and oppose it. Subscribe to the List Server newletter, Gary Smith keeps us well informed. Here's where you can get more info:
http://www.uah.edu/govrel/announcements.php