The recession

alwaysworried_2

hello everybody,


This is my first post. Im sorry if im posting this in the wrong place.

Im really really worried about this recession. Im worrying to the extent that im not eating or sleeping. I know there is absolutely nothing I can do about it, but, it doesnt stop me worrying.


I know im very lucky to have savings, but, this doesnt stop me worrying about things. I worry incase my husband has to close his business, and then we fall back on our savings, and eventually, they run out.
What if things havent picked back up then, and neither of us can find work, and we lose our home.

I know may of you will be like "what is she all about", but, I know im like this because when I was growing up, my Mum used to always be in debt, and woudnt pay the rent, and there was always threats to get us evicted.

People will tell me im over reacting, and I probably am, but, I cant help it. Im so worried about this. All day I just sit and watch sky news for a little bit of positive news, but, there isnt any. Dh isnt worried, he says we just have to ride it out if the worse comes to the worse.

Ive hardly eat anything for a few days, so, today I had something, and I threw up.

Has anyone any idea how bad the recession will get, or how long it will last.

Primrose

Living through a recession is never easy. Adopting positive steps to try and survive will help you feel in control so hunt around on other sections of this forum (Saving Money Old Style) and all the other threads and you'll get lots of tips. Meanwhile take the following steps to reduce your expenditure and general living expenses.
Check fuel suppliers to see whether you can cheaper supplies elsewhere.Turn down your thermostat and start wearing an extra layer of clothes indoors (All of you !).
Reduce your Christmas expenditure by agreeing no presents for adults,
Note all insurance renewal dates and start looking for cheaper deals a month before they are due.
Write down a budget for weekly housekeeping. Draw cash and don't exceed it. If you can make savings, put into your savings account or pay off against your mortgage on a monthly basis if its terms allow you to do so.
Try and manage without your credit cards. Using cash will make you think twice about your spending patterns.
Could you take in a lodger? You can earn up to around £4000 p.a. tax free for renting a room out.
Buy your children's clothes from charity shops. If they're small, they won't know the difference.
Is your garden large enough to start up a vegetable patch?
Do you have any skills which would allow you to work from home?
If you have access to a library, borrow or buy a copy of "What colour is your parachute?" It's an excellent self-help book about finding a new job if made redundant, or reassessing your skills to start afresh and may give you some ideas for earning income from other sources.
I expect other people will have other ideas but hope this will start you off.
(You're not alone. We've survived three redundancies and two bad recessions in this household and are still here. Just never lose your sense of humour and keep pulling together.)

Bromley86

You're always worried. Sorry, couldn't resist that.

1. Stop watching the news and reading boards. All it does for someone like you is feed the worry. Get on with your life, trust you hubby to look after his work.

2. If that still doesn't work for you (because you're still worried the hubby will be out of work), start looking at part time jobs (or full time, if that's what you want) for yourself. That way, if the worst did happen, you'd be in a better position to get a job.

3. If the lack of eating and the vomiting continue, go and see your GP.

4. Your £80k savings are presumably safe (i.e. you don't have it all in one a/c). With that much in savings you're almost certain to be better off getting an offset mortgage as you'll effectively be getting interest without being taxed. The beauty of this is that if that bank goes under, your savings get offset against the mortgage (i.e. your mortgage is shrunk, although I think that this isn't the way it works for some building societies), which means you won't have to wait for the FSCS to pay out.

5. The other option is to put it all in your name and fill out R85s for the banks (so you'll get your interest without tax being deducted). Hubby might not like this though (and you shouldn't hold that against him - with the best will in the world you can't predict what's going to happen between two people).

6. Turn off the news channel. I know I said it, but that's your problem - you're obsessing.

Nomad25

Has anyone any idea how bad the recession will get, or how long it will last.

Welcome alwaysworried. I wish I could answer your last question, but nobody can - even the smart alecs.

Good advice from Primrose and I would reiterate about taking positive steps now, not because you have to, but because you want to. If you are pro-active it will help you feel more in control of things.

These boards have got so much information to help you. If you join any threads, you can voice your concerns, this one may be of interest:

http://forums.moneysavingexpert.com/showthread.html?t=147067

You will see from it a lot of people are preparing for 'if things get tougher' and are as apprehensive as you.

It may also be worth doing a spreadsheet of your finances, so you can keep on top of things. Hope this eases your mind a little.

Badger_Lady

I find it very hard to get worked up about the recession. Speaking as a single girl with 95% mortgage and working for a bank!

The way I see it, this is far from apocalyptic. However dented our economy may be, I'll always have a roof over my head and food in my belly, as will the people I care about. So I may not achieve great wealth and retire at 45 - who cares? We're all in it together

alwaysworried_2

Hello again,

Thanks for your replies.

My DH blew up at me a little while ago because the my oldest asked for a bike from Santa, and I told him Santa wouldnt be able to buy one.

DH totally lost the rag. He said "you would think we were on the brink of being evicted". later on he said he understood that I was worried, but, we would be okay, because no matter what, he would always be working. My DH would work anywhere, he hates not earning a living, and said he would find something.

I will try not to watch the news, or read any newspapers.

I just wish that we still lived in our old home, because that mortgage would have been paid off.
I love my new house, but, I just worry about losing it.

I wish I was one of these care free people who just went with the flow.

Swipe

Who is DH?

Nomad25

Sorry to sound unsympathetic this time, but reading your 2nd post, the words 'get over yourself' spring to mind.

Bromley86

Gee, that's helpful :rolleyes: .

Swipe: Dear Heart or Darling Husband?

Primrose

Tell your Dear Husband not to be too complacent. He can't promise he's going to have a job for life and he could well find that his earnings start drying up faster than he imagined. All the people who put their money in Icesave thought they had a nice safe savings account for life too !!
Your husband should be grateful that you're concerned and not just sitting on your butt and spending his hard earned money without a care in the world.
Tell him to "get real", stop being Macho, and start acting as though eviction could end up being a real possibility. That will concentrate both your minds on where surplus money you have now could be better directed to a savings account. Will your child die if he doesn't have a new bike for Christmas? Of course not. The age of "Must have everything" is OVER. This "spend, spend, spend" mentality is one of the things which has contributed to the present crisis and most people in this country have been living beyond their incomes. Could you buy a second hand bike instead, check out whether your local Freecycle organisation has one, or put a Wanted advert in your local paper. I don't know how old your children are, but bringing them up to get everything they wanted is not a good idea anyway. Stand your ground - one day your husband might be very grateful he has a wife who is prepared to economise. Better to do it now rather than start putting preparations in process when it's too late. The experts are all forecasting that this recession will be far deeper than anything we have previously experienced so I don't know where your husband has this clearvoyance that whatever happens he will always be able to earn sufficient money to pay all your bills. With unemployment forecast to hit 2 million very soon, even a lot of low paid jobs will dry up because companies will be laying staff off and reducing or freezing headcount.

Jonbvn

Avoiding the meeja is a good idea. Just remember good news doesn't sell!