Colin
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Registered: 4th Apr 02
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Now that its been officially declared we are in recession, How long do you think it will last?
Previous blips in the economy have lasted around 3 years & some 'experts' have predicted this time around we could be in for a 5 year stint before any sustained economic growth can occur.
I know alot of folk on here are of the thought 'its done me no harm so far', but were only at the begining of this downturn, no one knows the full extent of what will happen.
5 years is a long time of uncertainty.
I plan to stop reading the papers, watching the news reports of the 'credit crunch'. I hate those words, sounds like some kind of breakfast cereal. I'll carry on spending according to my means as I always have & if I loose my job, be prepared to take any job going to pay the bills!! As I have before!! If everyone freezes their spending it will just make things worse.
Thoughts?
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CorsAsh
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Registered: 19th Apr 02
Location: Munich
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My aim at the moment is to pay off my English debts, I've no issues here but I need to clear what's left of the bill for my rebuild etc.
Don't want to be left with that if the worst happens and we end up with cutbacks.
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Adge
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Registered: 28th Aug 04
Location: Lancashire
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"its done me no harm so far" but like u said, u hear that much about it,
it does play on the mind alittle, being a homeowner aswell worries me, if i lost my job i wud obv lose my home as i have no saving!
i will still carry on spending my wage every week tho, as i have no choice about that lol!
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corsa120
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Registered: 4th May 02
Location: Northamptonshire
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my thoughts exactly colin not gonna change my spending pattern at all, my job seems secure at the mo we are just in middle of having a new 3 million pound building being made and my boss just brought x2 new cnc machines costing 1.5 million a piece so company seems to be going ok far as i know..
but im treating life as if its not happened and will do any job like you to make ends meat.....
my only problem is i want conservatory on my house and dont think ill be lent the money but ohh well thats life..
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Colin
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Registered: 4th Apr 02
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Ideally I would like to have moved house this year into something bigger, realisticly I cant see it happening for another 18-24 months (if all is ok job wise).
I think it would be a good idea to retain a small mortgage through these times.
All other spending is continuing as planned. Holidays, cars, going out food shop, everything really.
[Edited on 25-01-2009 by Colin]
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Carl
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Registered: 9th May 04
Location: Jimmy Bennett's la la land.
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As you said Colin, I'm carrying on as normal, eating away at the debts I have, (all interest free) Saving up for a new car before my mot runs out in Sept, whilst doing the usual stuff like a holiday to Gran Canaria on Thursday. My new job is a year long contract, but that just gives me more motivation to do it well and make sure i'm an asset.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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Remember the media black out for Prince Harry going to Iraq/Aghan? I think they should have done the same about the UK economy. If they had lied, and said we aren't in a recession (i.e. growth had increased) general consumer spending would have undoubtedly increased for the better.
How does it affect me? Well, I'm "financially stable" at the moment because I'm a student and have minimum Maintenance Loan plus live at home. But my struggle is going to be finding a job when I graduate in May/June.
I know it won't be easy but luckily 1) I have over 1 years experience essentially doing what I want to do, therefore 1 year ahead of most graduates 2) I'm in the field of Marketing, Marcomms, PR etc. Whilst redundancies are being made and companies aren't necessarily recruiting, where is the logic is not employing your marketing department, when it's their job to find new openings etc etc.
I'm hopeful of employment, but it will be tough. The effect of not being employed just means I won't be able to spend as much, nor start saving to get really financially stable and take the big step for a mortgage.
We'll see what happens.
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N3CRO
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Registered: 12th Apr 07
Location: Sandy, Bedfordshire
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My dad has lost all his overtime now so thats like taking a 40% pay cut. Its starting to affect us a little now.
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corsa120
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Registered: 4th May 02
Location: Northamptonshire
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i know its hard but you should never rely on overtime as an income, before this economic problem even was about i was doing 50-60hours overtime like ur dad gettin upto 40% extra and it basically stopped almost instantly not because of economic problems because they emplyed more staff......
but the overtime cut never affected my life so to speak because i never let it become part of my income so to speak......
we get a quaterly bonus at my place which is paid by profit/attendance etc and the amount of people in my place who rely on the bonus to live is silly and they hate the company if they had few days of sick because they lose that months bonus, yes its a pain but fact is there not taking away your wages, dont ever treat it as gospel is what i say tbh
mere fact people lose there overtime and struggle to me says you started living by your means which is not good when overtime is not fulltime
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N3CRO
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Registered: 12th Apr 07
Location: Sandy, Bedfordshire
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They're making alot of people redundant where my dad works, they're trying to cut costs so they're shutting down machines hence why he's lost the overtime. He's never relied on it for income, its just that he's been doing lotsa overtime for years so losing it and the money he earned, it is gonna take an effect even if a slight one.
[Edited on 25-01-2009 by TheNobleOne]
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Ellis
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Registered: 11th Sep 07
Location: Aberdeenshire
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The only thing that concerns me at present is the oil price, if affects my career - ideally I would want it to be around $70 a barrell so some decent projects would get the go ahead!
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mwg
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Registered: 19th Feb 04
Location: South Lakes
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my thoughts are the media should shut the hell up about it
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