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#1Stunner

Has the looming COVID economic crisis changed your plans? Spending?

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I'm not sure that the COVID Economic Crisis has fully hit yet.   I hope it isn't as bad as some are saying it will be.

Even with high unemployment, most people have received the higher unemployment payout. . . .

 

I'm simply curious if any of you have been "prepping" for the possibility of a massive economic depression over the next 1-2 years.  

If so, what?

 

(1) Increased your savings?   Increased your cash on hand?

(2) Built up your food storage?

(3) Put off a major purchase?  Driving the same old car?   Didn't buy a new house?   Refinanced to get a lower rate?

(4) Other?

 

You guys take any steps to prepare?

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3 minutes ago, #1Stunner said:

I'm not sure that the COVID Economic Crisis has fully hit yet.   I hope it isn't as bad as some are saying it will be.

Even with high unemployment, most people have received the higher unemployment payout. . . .

 

I'm simply curious if any of you have been "prepping" for the possibility of a massive economic depression over the next 1-2 years.  

If so, what?

 

(1) Increased your savings?   Increased your cash on hand?

(2) Built up your food storage?

(3) Put off a major purchase?  Driving the same old car?   Didn't buy a new house?   Refinanced to get a lower rate?

(4) Other?

 

You guys take any steps to prepare?

Hording cash and positioning myself to take advantage of low real estate prices sometime in the next year (if they happen).

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Going to save me a lot. No way the wife and I are going to travel to see family for the holidays. Cancelling all of the races we were going to run. Vacations cancelled. Saving a ton of money on football season. The list goes on and on.

On the down side, our grocery bill is quite a bit higher. We eat pretty clean, but we're eating a LOT more since we're working out more.

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Bought the youngest a used pickup...bought a house in a college town where my oldest goes to school a year ago.  Won’t be traveling to watch my oldest play college ball or to watch the Pokes play.  May spend some money on some fall hunting/camping trips.

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Since I started telecommuting, I've saved about $300 a month on gas from my usual commute.  Don't buy groceries as frequently, but usually stock up more so that could be a wash.  No 2-week vacation overseas or out to the coast, so saved that chunk of change.  Been working on the property more, so the lumber yard / hardware store has seen more of my money.

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Have 50lb of rice and 8 lb of peanut butter stockpiled, started a garden with plans for more next year. Bigger savings account. Don't really want to hold a lot of money because I get the feeling we're going to try to inflate our way out of this; same reason why I don't want to pay down too much debt at the moment.

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Had to cancel trips to Puerto Vallarta and Ghana this summer, and most likely canceling a trip to the Philippines next spring. Saving for a house purchase next year too.

Otherwise, we still enjoying going out a lot and exploring Denver now with masks and social distancing so not saving anymore money than I'm used.

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Our checking account seems to be climbing. My biggest regret is we can’t travel to see our grand children for who knows how long. I’m appreciative we are in a decent financial position to hopefully weather the storm. I feel for those that are less fortunate. We try to help by donating to the food bank. 

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Changed a lot of our plans that will end up saving us money. Was going to Chicago for Thanksgiving, not going to happen now. My Dad, brothers, and I were wanting to set up a Puerto Rico trip for this year or next, but we aren’t going to begin to plan that until this is all over. My wife was wanting to go to Hawaii (she’s never been), but that obviously isn’t going to happen any time soon. 
 

Instead we are saving as much as we can to put us in a position to buy a house next year.  

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Saving saving saving! This is the most money I've saved in a long time and will continue to save. My wife and I have enough money in the bank to put money down on a new house, but like others we are waiting to see what the housing markets will look like in the next year or so. My mother-in-law sold her almond farm just before the housing market crash in 2008. She managed to buy a house in an upscale neighborhood from the bank at a rock bottom price. 

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Financially, we are better off.  Spending about the same, savings continues to climb.  Actually planning to put some money into the house.  My commute is now 10 feet, which not only save about 200 a month in gas, but wear and tear on my old Corolla.  Taking no vacation sucks, but that has as much to do with the wife changing jobs in April and having no PTO.  My employer has arguably benefitted from the situation, and wife works with kids who are high risk in this environment, so job concerns are few.  And there's never been a need to do any stockpiling.  Although if anybody can point me to some Clorox wipes...

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