Have you cut your spending in anticipation of an Economic Recession? (insurance, debt)

[questioner2]

I like to watch the news on TV and I know that they like to report bad news to scare people but all I hear is talk about a recession. I have to assume the media will scare enough people that they will stop spending and create a economic slow down as a result.

I expect a severe recession so I am cutting down my spending to save enough money to get me over the upcoming period of unemployment. How about you?

[aaauger]

I'm financially conservative by nature, so I won't need to change my spending habits. And whenever I worry about being able to earn money, I think of all of the US retail with terrible customer service as employment insurance for hard-working individuals like myself.

[GreenMachine]

Yes, I have cut way back.

I already get a feeling that my business is slowing down.

[Anu2]

I do expect a recession early in 2008 and have been thinking this for about a year. Even though I am pretty financially conservative, I will not cut back on my spending because the more people cut back on spending the more likely it is that there will be a recession and the longer it will last. My thinking probably sounds dumb to other people but I figure every little bit helps (just like recycling, charitable contributions, etc.). However, my economic situation is pretty stable so I know that no matter what, I can make it through any tough times ahead.

[gardener34]

We have not cut back on our spending. It is just that we used to spend on the occasional luxury or frivolous item... like eating out or clothing. Now we are putting in the gas tank or sending it to the dentist or doctor.

Currently fairly stable, and both our employment looks to be stable... but that could change overnight. And we usually have always lived to expect layoffs to happen.

[brightdoglover]

My job is about as stable as it gets, and my hospital already downsized in the 1990s while others closed. I am working on paying off low-interest debt and maxing out my 403b, so can't see spending less, as I haven't been spending much at all (only hobby being adopting dogs, and that does cost a bit for their care, but they're my family).
I guess I haven't been that much help to the consumer economy overall, except for my vacation blowout last August.

[gardener34]

Yeah, I know what you mean about the dogs. We just lost ours last year (boo hoo). And with the cost of everything going up. We're afraid to adopt another as they are a luxury that can get expensive fast.

[katzenfreund]

I am not so much cutting my spending, just spending more on gas/heating oil, more on food and less on non essentials. Have been wanting to get a new Mac, but will put that off for a while. We are however moving the end of the month and will purchase a big soapstone woodstove to help heat the house. And we will be buying lots of paint etc.

[tallrick]

I cut my spending in 2001 in preparation for the recession. While it never came my income growth slowed. I refuse to spend money I do not have and will never want to go into debt.

[ayannaaaliyah]

I've always been fairly frugal however I have become moreso now. Learning to do some container gardening