How is everyone dealing with their finances in this economy?

[malcolmk14]

Originally Posted by Zary's-Mustache

I will just lay everything on the table. I have no idea how people are surviving out there. I am married with 2 kids and make approx 90k after taxes. Wife doesn't work.

My mortgage is pretty low at 150k. I can't seem to save any money at the end of each year. Feels like I'm working just to stay afloat. I do save some but it definitely isn't enough for any kind of retirement. I don't have any benefits or a pension plan.

Having said all that I know lots of people are even in worse situations making less and it always boggles my mind how people can even afford these big mortgages. I have a friend who makes as much as me but his mortage is 3 times mine. I really don't understand how he does it.

Inflation is insane. Grocery shopping is insane. Feels like everything is over priced. I counted 12 strawberries the other day for $7. My kids eat 12 strawberries a day.

This is more of a rant and don't really know the point other than how are people getting by out there?



go on big family vacations every year.

I actually agree with the budget part. A lot of people don't know how to or don't care to. I'm in the latter category.

I could budget a lot better but I don't care to honestly and that's my own fault I guess. I spend a lot of money on unnecessary things like travel and going out for dinner but to me I feel like if I'm not traveling or going out for dinner then what's the point of even having a little bit of money?

As god as my witness as I'm typing this my wife is looking at the Flipp app and just said "how do people afford to shop at sobeys".

This is honestly a crisis. There is no way the majority of families can afford to feed their family healthy food or even unhealthy food right now.

Many people with wife and kids still don't get to split any bills.

I guess your original post was rhetorical and you weren't looking for suggestions. You seem to be content to just spend the money you make and not save anything.

Wife doesn't work, don't care to make a budget, spend a lot of money on "unnecessary things like travel and going out for dinner and $1200 a year on haircuts"

Families are getting by on a lot less and they are cutting out these things in order to do it. They're budgeting and keeping a close eye on their finances and often have two or more working people contributing.

Lots of good suggestions in this thread - your original post made it sound like you were struggling and asking for ideas. The rest of the thread you've made statements like, "Who said I was struggling?" If you haven't gotten to the point where you're cutting down on haircuts or travel or dinners out then it sounds like you're doing just fine.

[Scroopy Noopers]

Just keep swimming, just keep swimming.

We don’t go out to eat or drink, or to events. Shoestring budget, monitored closely. We have a 3 year old and spent about $250 a week on groceries. I typically only buy meat that is half off, and nothing pre-made (with the exception of a couple items for the kid, in case of urgent food emergencies). All ingredients to prepare food ourselves. Just keep swimming.

My wife and I should be out of our school debts in our early 40s…

[Winsor_Pilates]

Originally Posted by Zary's-Mustache

Nope. Women do $500 haircuts/colors all the time.

Thankfully my wife doesn't but lots of her friends do them once every 6 months or so. Which isn't bad considering a guys haircut is like $45 every 2 weeks. So we probably end up paying the same over the year.

Yeah, that's correct.
It's cut & colour and she does it max 3-4 times a year; but that's still insanely expensive.
I think the salon owner is friends with the Kardashians so of course I'm paying extra for that privilege

[Zary's-Mustache]

Originally Posted by CliffFletcher

You started this thread and called it “How is everyone dealing with their finances in this economy?”

Claim to spend $30k a year on groceries. $8,000 a month on baby formula. Haircuts every two weeks. I get the feeling you’re having a laugh.

I never claimed I spend 30k on groceries. Don't know how you read that from my posts, that was another poster who said that, not me. Also not $8000 a month on formula. About $650 a month and that was for first year.

Yeah started the thread saying prices were out of control and how was everyone doing it...mainly people making less with high mortgages. I never said I was struggling to pay anything. Struggling to save for retirement yes.

[Sliver]

Originally Posted by Zary's-Mustache

I never claimed I spend 30k on groceries. Don't know how you read that from my posts, that was another poster who said that, not me.

Yeah started the thread saying prices were out of control and how was everyone doing it...mainly people making less with high mortgages. I never said I was struggling to pay anything. Struggling to save for retirement yes.

Even if you're doing well it's still notable that it's noticeable at even high income levels just how expensive everything has become.

We've been on a tear lately of consolidating phone bills/plans, cancelling streaming services, not buying extra crap and I'm even selling a bunch of stuff on Marketplace just to make sure we're being as efficient as possible with our resources. If something is sitting unused in my garage for going on a couple years, it's now for sale.

At the very least it's a good exercise for my kids to see what needs to be done when times get tougher, but it's also important to feel the pinch of this changed economy so as not to become too out of touch with the broader experience people are having.

If you can put yourself in the shoes of making changes I think it helps empathize with people for whom the difficulties are even greater and stakes are higher. I notice our changed grocery bills. I can see every little thing is more expensive and how it adds up. And I also know salaries aren't keeping up. I'd hate to be ignorant to that.

Due to my understanding of how things are because of the way we've made ourselves feel them, it motivates me to try to find ways to get more money to my staff. Right now my business is slower, costs are way up and I cannot get my margins to where they once were, which is affecting my ability to pay my staff more. I stress more about their finances than my own. I'm letting my office guys run things basically right now and I'm trying to find new ways to pick things up - not for me, but so I can dish out some raises, which I know people need.

Times are tough AF even if your own household is managing fine. We do live in a society, so it's definitely not all about Number 1. I like this thread. It's good for everyone to see how we're all approaching things.

[BlackArcher101]

Originally Posted by CliffFletcher

You started this thread and called it “How is everyone dealing with their finances in this economy?”

Claim to spend $30k a year on groceries. $8,000 a year on baby formula. Haircuts every two weeks. I get the feeling you’re having a laugh.

Plus got a few couches delivered.

[Zary's-Mustache]

Originally Posted by BlackArcher101

Plus got a few couches delivered.

Yeah because my basement flooded and old couches were ruined.

Besides, what's the point of your post? That people can't buy new couches when there is inflation?

[BlackArcher101]

Originally Posted by Zary's-Mustache

Yeah because my basement flooded and old couches were ruined.



Besides, what's the point of your post? That people can't buy new couches when there is inflation?

Buy used if you are struggling to save anything.

I too need a couch but prices of new furniture are so off the wall that I recognize maybe that's not the best choice.

[Zary's-Mustache]

Originally Posted by BlackArcher101

Buy used if you are struggling to save anything.

Insurance paid for them.

[BlackArcher101]

Originally Posted by Zary's-Mustache

Insurance paid for them.

My apologies then, thought you were lavishly spending.

[cam_calderon]

Originally Posted by Sliver

Times are tough AF even if your own household is managing fine. We do live in a society, so it's definitely not all about Number 1. I like this thread. It's good for everyone to see how we're all approaching things.

I think this thread is a pretty good indication that especially when times are tough, you do only look out for No.1, especially all the posts from the single parents and guys living on their own. Maybe not because you don't have empathy but because you're solely focused on keeping above water.

[squiggs96]

Here is the advice that I gave PIMKing, aka Ian Demler. https://forum.calgarypuck.com/showpo...7&postcount=15


There is lots of other great advice in the thread.

[Strange Brew]

We spend too much money on eating out. It just feels kind of wasteful.

[MoneyGuy]

Originally Posted by Cecil Terwilliger

You get your hair cut every two weeks? What?

Give the guy a break. He also has to keep that ‘stache neat and trimmed.

[cam_calderon]

Originally Posted by squiggs96

Here is the advice that I gave PIMKing, aka Ian Demler. https://forum.calgarypuck.com/showpo...7&postcount=15


There is lots of other great advice in the thread.

That thread. What a ride. Gotta be my favourite thread.

[Sliver]

Originally Posted by cam_calderon

I think this thread is a pretty good indication that especially when times are tough, you do only look out for No.1, especially all the posts from the single parents and guys living on their own. Maybe not because you don't have empathy but because you're solely focused on keeping above water.

Yes, unless you aren't struggling in which case you do what you can to alleviate pressure on others.

[cam_calderon]

Originally Posted by Sliver

Yes, unless you aren't struggling in which case you do what you can to alleviate pressure on others.

And that's very altruistic. Understand if you want to keep it private, not sure if it's public knowledge, but what's your company?

[activeStick]

Originally Posted by Zary's-Mustache

Never said I was struggling to pay anything. Living comfortably and getting a haircut every 2 weeks. While some people like to spend money on alcohol and tobacco I like to get my haircut every 2 weeks! It's not as uncommon as you think for people with short hair. I know some guys who can not go for haircuts for 3 months but that's not me. My hair is short and I keep sides short.

Yeah, when you wear a style that has short sides, like a fade for example with number 1 on the side and a longer top, every 2-3 weeks is needed to stay fresh as the sides will grow out within that time and depending how your hair grows, may stick out and require a trim frequently.

[topfiverecords]

Originally Posted by cam_calderon

And that's very altruistic. Understand if you want to keep it private, not sure if it's public knowledge, but what's your company?

He runs a doggy daycare.

[Sliver]

Originally Posted by cam_calderon

And that's very altruistic. Understand if you want to keep it private, not sure if it's public knowledge, but what's your company?

Honestly, it's not altruistic. If my employees can't afford to live and are unhappy it completely fks my company, so I definitely don't need pats on the back.

I think most business owners are nicer people than they get credit for. We're generally not out to screw our staff. A. that's just the right thing to do, and B. it is actually to our benefit to be good to the people who work for us.

P.S. It's definitely private. Was public with CP discounts at one point until some a-hole gave my company a 1-star review saying 'the owner hates dogs; don't shop here' or something like that. Just a total clown move.