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Reader Poll: Surviving in the New Economy

Well, those days appear to be over for a while. Consumers will need to adapt to the old fashioned values of thrift and frugality in order to cope with our "new economy." It's not going to be easy, but it can be done. For example, we recently heard from a consumer who said he and his wife had always used a cash system for day-to-day expenses. Each week they would go to the bank and withdraw a set amount of money, and divide it up for groceries, gasoline, and out-of-pocket expenses. When the money was gone, they stopped spending. It was a sure way, he says, of staying on a budget.

Do you have similar experiences that might help other consumers? Tell us about them.

Reader Response

Chris of San Diego, California: The first thing I have done is stop using my credit card, and use an atm debit card for all my purchases. I have 3 different acts - one that my paycheck goes into monthly, one that is just for internet purchases, and one for atm/debit purchases in town. I put a set amt of money in each for the month, and then carefully watch my purchases - as my balance goes down, I seem to be much more careful about what I buy. The 2nd thing I am doing is planning all my out of town errands, and chores, and even workout around my work driving schedule - it is amazing how much gas can be saved with a little foresight and planning.

Jim of Castle Rock, CO: I was born in 1935. Parents were victims of Depression. Put a kid through college on a teachers salary. Saved in U.S. Govt bonds averaging about 5% and CD's. Never had a Credit Card Balance. Paid off my Mortage. Modest lifestyle and we enjoy traveling. So many people said you are stupid for not reaping the rewards of the stock market. Still think we must help those less fortunate that us and am glad we now have an administration that feels that way.

Cork of Hilton Head, SC: As publishers of the Island's sole alt-news and nightlife monthly, we have to opine that any budget plan would be a waste of time as the local economy progressivly dwindles here on this small, once upscale, tourist driven community. With the exception of spending for the basics only, no preconceived budget plan would work for long because the bottom is nowhere in sight.

To merely say that it's an interesting social study would be flippant and condescending, but the air of fear and uncertainty is palpable and we have to believe that its Nation wide. For the curious that have never seen anything like this, it is interesting to note how different personalities are dealing with it.

What do you think?

How do you plan to stay within a budget this year?

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Graphics by Marisa Lisante. Photos, unless otherwise noted, by iStock.

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