Sarah and I went house shopping over the weekend. With home prices dropping like a rock, we figure this would be a good opportunity to add more real estate to our investment portfolio. On our way home, we stop by Whole Food to pick up some grocery and couldn’t believe how packed the place was. It made me question if there really was a recession going on.
Now, you can say everyone needs to eat but even among luxury stuff, I still see a lot of consumption happening. For example, the Vancouver Canucks hockey team still sells out every home game even after losing eight in a row. The malls around here are still packed on weekends and trying to find a parking spot in Yaletown is an exercise in frustration on a Friday or Saturday night.
All the economic reports indicate that we are spending a lot less because of the recession. But I want to know, are YOU spending less? That question was put out as the Twitter Question of The Day. The answers were enlightening to say the least.
As for me, I have not reduced my spending. If anything I will be increasing it. However, how I’m spending has changed. Because the recession creates an open window of opportunities, the majority of my spending this year will be going to investments. As Warren Buffet said, “Be fearful when everyone else is greedy and greedy when everyone else is fearful.” It’s time to get greedy!
@JohnChow Not really, as my spending is a lot less than what I earn anyways.
@JohnChow we should actually be spending to help businesses, but if you don’t secure some funds now, what would you do if you lose your job
@JohnChow… I’ve increased spending. It’s payed off for the most part.
@johnchow – I actually welcome the economic slap in the face to bring my spending back into control!
@JohnChow Yes the recession has made me reduce spending on things for myself but I still buy the same, if not more for all my animals!
@JohnChow I spend the same but I work harder to achieve same results as I used to achieve before with less work
@JohnChow No…I choose to ignore the recession and create my own financial reality 🙂
@JohnChow Temporarily, but now my business is picking up contracts from companies not affected, so my income is actually higher!
@JohnChow The recession has made me more cheap than I previously was… and I’ve always been pretty damn cheap!
@JohnChow spending pattern has changed to accommodate a new baby – some spending has been reduced in some areas to keep overall spend stable
@JohnChow hasn’t just made me rethink – but I’ve notice my social group haven’t been organizing as many nights out to fancy restaurants, etc
@JohnChow: Yes it has made me a miser in monthly bills or rather on anything that I could save except while hunting out for cheap assets!
@JohnChow Absolutley., I think twice about fast food..I am cooking at home more
@JohnChow No choice but to reduce spending…hubby works/ed for the automotive industry.Any surprise he is now unemployed?
@johnchow the recession has not reduced my spending in fact i have actually been making more money! www.buzzafied.com
@JohnChow Umm.. Not really. But yes, it has effected me. Never mind, I’m all cool about it 😉
@JohnChow The recession HAS caused me to put off big-ticket purchases for a few months, until I see how the stimulus works.
@JohnChow only a little. I am trying to position myself to take advantage of the eventual recovery.
@JohnChow I have reduced my spending. I cut back to one dedicated server, and culled out some of my underperforming domains
@JohnChow Nope. I wasn’t spending much before, and I’m not spending much now. I don’t make enough money for it to matter.
@JohnChow Not yet, but in South Africa we’ve been relatively shielded from it so far. Things are taking a definite down turn now though.
@JohnChow if you have a 2 year old son, is it even possible to decrease spending?
@JohnChow Yes to some degree. Not so much because I have to but more that seeing so many others in a bad way reminds me frugality = good.
@JohnChow nope but perhaps that’s because I lean towards frugality (sounds better than being cheap don’t you think).
@JohnChow Recession, what resession? I’ve decided to sit this one out. I’m just doin’ what I do every day and loving it.
@JohnChow No, but spending for me is not recreation. I will spent to support my business and for travel to trail heads to backcountry ski.
@JohnChow It’s probably because I pretty much have a fixed income that I find myself spending as much as I usually do. Might change soon?
@JohnChow yes it definitely has! business is starting to get slower…
@JohnChow the recession has planted feelings of job insecurity in my mind which has in turn reduced indiscrete spending on extravagance.
@JohnChow of course i have to reduce my spending. but unfortunately, when i’m eager to buy something, i will buy it. so shame on me +.+
@JohnChow Recession, plus football season being over, has forced me to reduce my advertising rates to get 100% of ad slots claimed.
@JohnChow definitely yes. Recession has decreased our earnings and so the spendings. 🙁 Obama… do something !
@JohnChow yes!!!! kinda hard to live on $400/mo unemployment… 😉 needless to say, notsomuch shopping lately.
@JohnChow I’m also naturally frugal, but not cheap. I’ve never lived near, at, or beyond my means. I’m my Govt’s worst nightmare!
@JohnChow For food, yes I do plan more. I map that store like Gen. Patton.
@JohnChow Definitely. I was retrenched in Novemeber 08 and now work from differently. I have less expenses, & less chance to impulse buy!
@JohnChow The recession hasn’t affected my spending, because I’m naturally frugal anyway. Saving is like earning – http://tinyurl.com/dyrz2f
@JohnChow oh yeah for sure mate. spending much less of stuff like gasoline
@JohnChow No, from what I see around me Montreal has been spared from the recession -so far.None of my local peers are in need of work
@JohnChow I have reduced spending big time, since I got laid off. It sucks to be dependent on someone for money. I’m going to change that
@JohnChow No reduction in spending here. Just going with my day to day expenses, and will be investing in some stocks now since they are low
@JohnChow To say the least yes it has. I can’t buy equipment for my hobbies (ie HD camcorder), I need to focus on just the essentials.
@JohnChow Yeah I’ve been trying to cut back on anything frivolous plus having a baby made me want to save more.
@JohnChow No I didn’t have a job before the recession because I’m only 15 and no way to get tothe job. So in short, I was poor before it.
@JohnChow Yes, reduce on the spending that was not necessary to begin with. I still spend on what I have to though.
@JohnChow My reduced spending is due to lack of a job, which was not due to the recession, but the end of my specified term.
@JohnChow No. In fact my spending have been increased since January 2009
@JohnChow It has changed my business spending more than my personal spending…
@JohnChow I am a student and get normal pocket-money! No recession for me! I still spend same amount.
@JohnChow The recession has affected my spending. My 2nd job has stopped getting me jobs. I have had to look elsewhere for money and save.
@JohnChow that would imply ppl were overspending before the recession. We weren’t, so our spending has not changed.
@JohnChow No, like Warren Buffet said "When people get greedy be fearful, when people are fearful get greedy"
@JohnChow I have reduced spending because I’m concerned that things will get worse and I don’t want to struggle if it does.
@JohnChow hmmm.. does planning a wedding, a trip to easter island and las vegas count as "reduced spending"?
@JohnChow re: recession — i reduced spending on WANTS but increased with NEEDS. we gotta drive the economy.. w/o spending, it wont happen
@JohnChow absolutely; we’re thinking twice when it comes to non-essentials