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Reader Poll: Surviving in the New Economy


During the Great Depression, consumers changed their spending habits out of necessity -- and it wasn't just temporary. Those who lived through that era, many now in their 80s, have maintained lifelong habits of thrift and frugality. Somewhere over the years, our consumer economy discarded these old habits and values in favor of a somewhat more hedonistic philosophy, epitomized nicely by the VISA commercial with the musical refrain, "I want it all, I want it now!"

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?

Your Name

City, St

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When The IRS Offers Tax Advice, It Pays To Listen

Got a tax refund coming? You probably can't wait to get your tax return in the mail. Well, if you hire someone to do your taxes, make sure they know what they're doing. And if someone starts talking about all the money they can get for you as a refund, watch out. The IRS says it's on the lookout for people who try to cut corners, and suggests you choose a tax preparer with as much care as you would a doctor. Read more...

Going Up

All of a sudden oil prices have started climbing again, up from their lows in the high 30s to the high 40s. Economists say that's not such a bad thing, since it indicates the market doesn't think we're going to have another depression. We can be thankful for small things. Still, motorists are noticing slightly higher prices at the pump in some places. Read more...

We've Heard Of Liberal Return Policies, But...

Carmakers are pulling out all the stops to persuade consumers to buy a new car. Some are offering cash back and financing incentives. Hyundai is cutting right to the heart of consumers' reluctance to take on a car note right now — the fear of losing their job. Hyundai's new ad campaign tells consumers that if they lose their income within a year of buying the car, they can bring it back. Normally a deal is a deal. Sometimes, salesmen even see a deal where none exists. Read more...

California Blocks Refund Anticipation Loans

Tax preparation giant H&R Block has agreed to stop selling high-cost refund anticipation loans as "early tax refunds" in California. The agreement settles a 2006 suit that took issue with the way the company marketed and sold income tax refund anticipation loans and a related product called refund anticipation checks. Read more...

The Tax Man Cometh

Now that it's January, don't procrastinate when it comes to filing your taxes. The exception to that advice is if you're going to owe additional taxes over and above your withholdings. In that case you want to wait until April 15th to file. But if you've got money coming back from the IRS, file your return as soon as you can. Filing online can also save time. If you're itemizing deductions, get everything organized now, so that when your W-2 arrives, you'll be all set. And filing early is always a better idea than applying for a "refund anticipation loan." Read more...

2009: The Year Of The Piggy Bank

Forget Wiis and iPods — the old fashioned piggy bank was apparently a favorite Christmas gift this year. While sales of everything were down at most retailers, stores that sold the money hogs apparently did a brisk business. The trend toward savings is a going to come in handy for many consumers, because they aren't going to be able to use their credit cards like they have been. Read more...

Goodbye To 2008

Consumers spent the first half of the year spending ever-larger chunks of their pay checks at the gas pump, and the last quarter of the year terrified that Great Depression II was headed this way. So we hope 2008 won't be greatly offended if we say we're happy to see it ride off into the sunset. 2009, of course, could be just as vicious, so it might be a good time to review your retirement plan. Read more...

This Might Explain A Lot

With Detroit going down the drain, you might expect the automakers to pull something pretty spectacular out of their bag of tricks. A cheaper hybrid technology, for example? Maybe a gasoline engine that adds another 10 percent or so to its mileage rating? Something like that. So it was a bit stunning this week when Ford announced it's been working on a car that parks itself. Stunning, but maybe not too surprising, now that you think about it. Read more...

Navigating Through The GPS Offerings

So, Santa didn't bring you a new GPS navigation system for your car like you asked and now you're heading out to buy one for yourself. Before you do, better check our guide to the ones what will get you home safely, and those that might not. Read more...

Cheap Stimulus Plan

When the government starts talking about stimulus plans, hold onto your wallet. Chances are some taxpayer money is about to be spent. But the end of 2008 is providing some unintended stimulus amid the economic wreckage. Gasoline prices have plunged since July, hitting the lowest point in about five years. At the same time, interest rates are coming down, meaning homeowners who qualify can refinance their homes and potentially save hundreds of dollars each month. So far, the evidence suggests they're doing just that. Read more...

Year Of The Scam

With Wall Street's meltdown and various segments of the economy lining up for government bailouts, both stockholders and taxpayers might be forgiven for feeling they've been played in 2008. Then along comes the Bernard Madoff scandal to put an exclamation point on the year, underscoring the old adage — "if it sounds too good to be true, it is." The current economic woes play a role in our annual Top 10 Scams of 2008. Read more...

A Deal On Wheels

New car sales have tanked since October, as consumers have avoided not just American cars but the Japanese imports as well. But let's face it, you have to get from point A to point B, and the bus doesn't always go everywhere. Not to fear — here are our picks for the best used car values. Read more...

Spirit of Christmas Thrives, Even in Hard Times

The poorest among us are often those with the most generous spirit, as our Lisa Wade McCormick found when she went in search of Christmas angels in Kansas City and St. Louis. Read more ...

The Times They Are A-Changin'

Yes, it was a pretty dismal holiday shopping season, but a couple of points are worth noting, and may suggest that some fundamental changes are afoot, changes having little or nothing to do with a tanking economy. While most major retailers couldn't give away merchandise, Amazon.com reports this was its best holiday shopping season ever. Are people who shop online not worried about the economy but people who don't fear for their jobs? Computer sales are also up, and for the first time, more people are buying notebooks than desktops. Read more...

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

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Consumer News

January 6 2009

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