Did you curb your spending?

[Zephyr]

Did you curb your spending? Do you buy only the essentials or you spend like before? Do you use your credit card as often as before?

[bullish]

No I haven't cut my spending at all. I don't think the Canadian economy is in a bad shape and I'm sure that we'll have a mild recession at most.

[Steven]

Yes, I have. I'm not going out to eat that frequently anymore and I've stopped buying useless expensive stuff. Increasing my savings is a top priority for me now, and it will be for the foreseeable future.

[lanaa]

No I haven't cut my spending at all. I don't think the Canadian economy is in a bad shape and I'm sure that we'll have a mild recession at most.

Don't you read newspapers? The Canadian economy may not be in bad shape comparing to the US economy at the moment but our economy is very dependent on the US. We export mainly to our southern neighbor. The consumer confidence has dropped in Canada and the holyday spending will drop dramatically comparing to past years. I think it is a good idea to have some cash just in case.

[mary1]

I think it is a good idea to have some cash just in case.

Cash, who has cash? Earn it-spent it. I can barely pay my bills. I use my credit card all the time. What am I supposed to do? The only difference is I started to shop at cheaper retailers.

[Canadian]

Cash, who has cash? Earn it-spent it. I can barely pay my bills. I use my credit card all the time. What am I supposed to do? The only difference is I started to shop at cheaper retailers.

Well at least you have to have an emergency fund, which can cover your expenses for at least 3 months. Otherwise you'll be in a serious trouble if you are out of work even for a short period of time. This is the main reason payday loans exist - because people don't have any savings and any disruption in their paychecks or an emergency sends them to payday loan lenders.

[trent]

I haven't lowered my spending, but I don't have any debt so I'm not affected much by the credit crisis so far.

[canfra]

I think it is always a good idea to cut your spending. Especially in times like this. True that the Christmas season is not a good time but I will try this year to spend less on gifts and to be actually able to pay for them rather than putting everything on my credit card.

[Canadian]

I think it is always a good idea to cut your spending. Especially in times like this. True that the Christmas season is not a good time but I will try this year to spend less on gifts and to be actually able to pay for them rather than putting everything on my credit card.

I always pay for everyday purchases with my credit cards, however I never keep balances on the cards, and I repay everything borrowed at the end of the month. It's hard to save money around Christmas I know :), but it's the prudent thing to do in my opinion.

[sunshine]

I have cut my spending. I don't buy things that I can do without. I used to buy clothes almost every week and my closets are full to the top with clothes I don't wear... I guess every one of us can cut his spending and this is not a bad thing.

[Steven]

Yes, frugality is a word that many people will have to learn in the coming years.