The Great Depression, redux...

[pinkpomelo]

Read some really gloomy news this morning. I have friends working in many of these companies. Its heart-wrenching. But you know, fortunes are lost, but fortunes are also made during times of financial crises... let's all pray that we're on the winning end, yeah?

http://news.bbc.co.uk/2/hi/business/7852484.stm
GLOBAL JOB CUTS
Caterpillar - 20,000
ING - 7,000
Philips - 6,000
Corus - 3,500
Home Depot - 7,000
Pfizer/Wyeth - 20,000
Texas Instruments - 3,400
Sprint Nextel - 8,000
General Motors - 2,000

http://www.bloomberg.com/apps/news?pid= ... refer=news

http://www.eweek.com/c/a/IT-Infrastruct ... urces-Say/

http://www.straitstimes.com/Breaking%2B ... 32181.html

[egerandi]

Oh my goodness, that's just awful. I'm lucky to be working at a place and in a position that I don't have to worry about getting laid off anytime soon, but I do feel the effects as well. Looking at my 401K report the other day made me really mad - I promised myself last time that I won't do it until things stabilize, but yeah, curiosity... I'm supposed to be saving for retirement and all the speeches about putting money away and it's going to grow... I lost a lot (about 20% of its current worth) since the crisis started. I'm not retiring tomorrow, and trying to stay positive, but still, not good
I'm just a bit wary of the whole investment thing, I can't stop thinking I could have used that money to pay off student loans and start saving towards a house (congrats Karen, BTW!) just in a regular savings account.

[JenW]

I try not to look at our situation, either. I am just thankful that DH still has his job. I am not totally certain his job is safe, but it looks good for now. I just try to cut corners where I can and still try to remember that people are more important than money.

It is scary to think of so many losing their employment. I know of many families in our area who are moving on due to layoffs. You really do have to look at it as an opportunity to make a new beginning, even if that beginning doesn't take off very quickly.

I know many of us have been blogging about or reading some great money saving tips. Perhaps we can share some here. Here are a few of mine.


1. I mentioned that we get most of our movies and books to read from the library rather than purchase them. I literally go 'shopping' on Amazon.com and put the items on hold at my library. Most of the time it works well.

2. We never carry a balance on a credit card, so it enables us to take serious advantage of the cash back offers. If you don't have the cash for it, don't buy it. Also, don't miss a payment. Most cards charge around $30 for a missed payment, and your rate goes up.

3. The high gas prices last fall made me realize I make too many extra trips places. I tend to run errands less, which keeps spending down.

4. Charities are very hard hit in times like these. Try to find ways to continue to support your favorite chatrities.

(If I think of any more, I will add them!)

[marina16]

Good idea, Jen. Here's one of my great saving tips I found to work wonders: Plan meals ahead of time, buy only what you need at the store (I usually stick to the things only on my list). I went shopping last sunday, bought about $80 worth of groceries and it lasted us this whole week. I haven't been to the store in 5 days now! I'm starting another shopping list for tomorrow, which is saturday, just to buy stuff we ran out of. I noticed that way we don't waste food. My two kids tend to get a little picky but during times like these we can't afford that! I noticed as long as I have some pasta, rice, potatoes, and some kind of meat (my husband loves chicken), and canned vegetables, you can make almost anything. Oh, and instead of buying a movie I've been waiting for to come out, I started renting them. Since most of the movies I buy we watch only once or twice anyways. I wonder if I can sell all these dvds laying around? LOL

[egerandi]

Yes, you can actually sell your DVDs. I've done that before with my textbooks, I think I used half.com, but you can try Amazon as well.

When I shop online (which is mostly where I shop), I make sure to go through ebates.com and get all the coupons and cashback offers I can get. I also try to do big orders to save on shipping. It's only the two of us with like 0 pantry space, so I can't shop in bulk, but planning weekly meals makes it easier still. Farmers markets have good deals on produce (lucky to live in California and have fresh stuff even now), and I actually enjoy cooking a lot. Got the BF to eat leftovers finally too

I try to make my own household cleaning stuff and use microfiber cloths instead of paper towel when I can - laugh all you want, but shamwow is cool, hehehehe. Better for the environment too. I also rent books too, and have a friend at work who reads a lot and can afford to buy his books, and he lets me borrow anything. I don't mind used books, CDs or DVDs either.

And yeah, I'm so grateful to come across SN, and have all the pretty stuff I want for a way better price. There are things a girl just can't give up, and fortunately I don't have to

[pinkpomelo]

I like this tip about buying store brands vs name brands.

Oh and I buy and sell used xbox360 games and DVDs on ebay. I save on shipping by doing meet ups with sellers/buyers. Of course this means I don't buy/sell outside of Singapore, but so far its worked out for me.