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Old 08-11-2020, 11:18 AM
5,114 posts, read 6,084,776 times
Reputation: 7184


Well we have sped up some spending that we were thinking about for the next year or so. Getting the roof replaced and replacing a fence that could have lasted maybe another year or so. Some other maintenance decided it didnt like being ignored so we replaced the water heater when the expansion tank sprung a leak.

As far as the stimulus money we decided we didn't want the house cleaner coming in right now for the twice monthly cleaning but know she has lost her other job in a local restaurant right now. So we figured we would use the stimulus money to keep paying here for the time being but may have to rethink that soon.

Old 08-11-2020, 11:38 AM
5,989 posts, read 6,774,520 times
Reputation: 18486
It's not just middle class people. Tremendous injection of money into lower classes. Stimulus money, plus enhanced unemployment, plus no need to pay rent or utilities, has led to greatly increased spending by lower classes (who consider money that comes into hand as needing to be spent immediately, or else it will have to go to some friend or relative's need - there is no such thing as saving). They'll deal with the eviction a year down the road, all the utilities have some kind of "good neighbor" program that would enable a person to get service even if they owe scores of thousands of dollars, and they're essentially judgement-proof, since they have no savings and no regular job with wages to garnish. Those households right now have more money than they've ever seen before in their lives.
Old 08-12-2020, 10:53 AM
Location: SoCal
20,160 posts, read 12,750,608 times
Reputation: 16993
Yes, savings went up even though I’ve been buying lots of things like peonies and seeds online. Net worth went up hugely.
Old 08-12-2020, 02:50 PM
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,551 posts, read 81,085,957 times
Reputation: 57744
Yes, working from home saves us over $250/month, then not eating out another couple or 3 hundred. We have been able to buy a few things, like new sofa and recliners, pay an extra $200/month on our mortgage principal, and put some into both savings accounts.
Old 08-12-2020, 02:52 PM
2,391 posts, read 1,403,354 times
Reputation: 4210
Yes! We haven’t stayed in a hotel or eaten restaurant food since March, which for us = big savings.
Old 08-12-2020, 03:03 PM
Location: NJ
31,771 posts, read 40,672,588 times
Reputation: 24590
spending is around the same place if you take out the pool that i put in during the coronavirus apocalypse
Old 08-12-2020, 03:09 PM
6,340 posts, read 2,889,808 times
Reputation: 7273
Yes - a LOT. I used to travel a lot to concerts and spend tons on gas and car repair. I'm saving at least $700 a month. When I'm sure I'm not losing my job I should use it to get new siding for my house.
Old 08-12-2020, 03:55 PM
Location: Phoenix, AZ
20,364 posts, read 14,636,289 times
Reputation: 39406
I was planning my wedding and it was going to be much bigger and more costly, than it ended up being. We still got married, but instead of the big thing with a hundred people and the pro planner and the semi-famous officiant and all those bells & whistles, we had an "isolation wedding" where we rented a remote vacation home and just had a few very close friends invited. And of those friends? One had wedding planning experience, one was a gourmet chef and musician, and another was a photographer, another is a massage therapist...I've got a pretty talented pool of friends.

In the end, even losing money on some of the cancellation costs that they wouldn't let me "force majeure" out of, we still spent about half of what I thought we would before COVID changed everything.

Then there are several other trips, conventions, concerts, etc that we didn't do, that we had planned pre-COVID.

On top of that, though my job has become a work from home gig now, my company is doing well, and I've had the opportunity to work a lot of overtime, which I've been doing. My husband is an essential employee and actually got more hours because they furloughed some of his coworkers, but not him. My gas costs are nearly nothing, we aren't eating out much, though we order delivery now and then... So between higher earnings and lower expenses, and a few other windfalls including the stimulus money, yeah. We're doing pretty well.

Also, my young adult kids are finally moving out. I am going to save a lot once they're gone, too.

I have paid down debt and started savings. I haven't been charged interest in a while, and I've been earning interest and rewards, and that's nice. My investments are doing well.

Rather than "spending money to stimulate the economy" (spending it on what? I don't need anything) what I have done is identify, periodically, local organizations or struggling family members or friends, who need contributions, and I...well...contribute. Donate to an art museum, or the zoo, or the public library, or my Mom. I've signed up to support a couple of my favorite creative people on Patreon.
Old 08-12-2020, 10:35 PM
18,249 posts, read 16,904,903 times
Reputation: 7553
"U.S. savings rate hits record 33% as coronavirus causes Americans to stockpile cash, curb spending"

Old 08-12-2020, 10:57 PM
Location: Niceville, FL
13,258 posts, read 22,822,968 times
Reputation: 16416
Originally Posted by Jill_Schramm View Post
Yes! We haven’t stayed in a hotel or eaten restaurant food since March, which for us = big savings.
Same here. It's kind of making me rethink about how much of that restaurant food was often mediocre.
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