Crisis and us

[nina2]

It's been a while now that "the crisis" has hit everywhere around the world, and I wanted to know if we could discuss the actual repercussions in our every day lives, and come up with some positive insight that would benefit others also, not only for the here and now but for the future, since it is supposed to last a while...

Maybe, for those already feeling the "money crunch", and who already made some changes in their lives because of it, we could share ideas etc... or suggestions/tips on practical topics like:

- Do you have any ideas on how to stay afloat during this crisis? Suggestions on budgeting, cutting back, ideas for the home, children, recreation, etc.?

- Do you have any positive personal experiences to share? Perhaps about the effect the economy is having on you and your family, an experience of divine intervention, the refocusing of values the situation has caused?

- Do you have any helpful or inspirational thoughts or insights on the economy?

OR have you asked yourself some questions like:

- Do we define ourselves based on our monetary value? What's the alternative?

- Moving from a consumer society to a planned buying society?

- Realignment of communal and personal values?

- Experts: They didn't foresee this calamity. Do we need them?

- Faith: Huh! How? In this climate?!

- Reexamining your relationship with your spouse after you've/he's/she's lost your/his/her money?

- The global village; how interdependent we are?

- What do we tell kids?

[giantsdodie]

- Do you have any ideas on how to stay afloat during this crisis? Suggestions on budgeting, cutting back, ideas for the home, children, recreation, etc.?

ooh boy....


#1 PAY OFF YOUR CREDIT CARDS !!!! and LIMIT their use...

Your credit card interest rate affects you more than anything else. The mistake most people make is paying the minimum/. NEVER pay the minimum.. even if you pay 10 dollars over you are paying it off faster and credit card companies report everything.. when you pay over the minimum this is in your favor.

Especially in todays economy banks are doing two things.. RAISING interest rates to get more money.. and REDUCING your credit limit.. this is especially dangerous for those close to the credit limit.. if they REDUCE your limit you will pay overage fees for EACH month you are over the limit...

Some people are saying dont use credit cards at all. This is unwise and I will tell you why. You need a credit history. The World runs on credit. A good history will help you.. also if you stop using credit totally that can be seen as a negative and it can drop your credit score. I recently had a card I had paid off and hadnt used in a year cancel my card which made me furious because they never told me they were doing so and even after the reinstated the card they gave me a $500.00 credit limit.. I was like what do I need a 500.00 credit limit for The card had a 7.99 rate which is why I got it in the first place... but basically they werent making any money....

My credit score dropped 20 points because of their mess..

Also keep up with your credit score at least once every two years if not every year...

Stop eating out.. cook meals its cheaper...

Bring Lunch to work with you.. Its cheaper..

Take Public transportation whenever possible.. Its cheaper..

Check your bills.. see where you can reduce expenditures.. Do you need a cell phone AND a home phone... you need the cell phone plan with a gajillion minutes and all the bells and whistles..
Do you really need HBO, HBO 1, HBO 2, HBO Black, HBO Latino etc etc and every Starz package under the sun on your cable TV bill

If you pay electric use flourescent they consume less power and turn off them lights...

- Do you have any helpful or inspirational thoughts or insights on the economy?

Seek the Lord ad use wisdom of how to handle your finances in this time.

The main thing is DONT PANIC... Plan for success !!!

[kitty]

Hey Guys,
I agree with the cable deal....

I haven't had cable tv in almost 8 years.... As a student I simply don't watch tv that much to justify having it. I am however a member of net flix for just $13 dollars a month and I enjoy that much more... Plus I can still rent all of the shows that are on cable though netflix... I'm just one season behind... I can live with that! LOL

I think we will still have go back to living within our means... I agree this mean not eating out as much. Cooking at home... makes all the difference in the world.

Giants I had the same thing happen to me with the credit cards... I paid off one card and then they dropped my limit down to $500.00. I was really truly surprised! Then they claimed that the reason was based on my dealing with a different credit card that I had been having problems with... Between student loans, and past credit cards my credit rating is shot. I am now figuring out that if I can pay at least $20 dollars on ly student loan while I am still in school it will cut down in my interest rate in the long run...

I know I'm going to have to simply live within my means for the next 2-3 years... Hopefully I would have cleared up my credit by the time I look to try to buy a house.


Kitty