The recession

Sapphire

I think a little bit of worry is good, because you tend to prepare more than if you just hide your head in the sand (which many people are doing).

However, worrying too much is counter-productive. It won't bring about a change in the way things we as individuals cannot control. Just make sure you are as prepared as possible.

For your info, I am also very worried. I have lived through recessions before and barely noticed them. However, this one seems very different, perhaps because no one really knows what is around the corner. There is trillions of pounds-worth of debt (taken on by foolish and greedy people, who were taken in by even more avaricious people supported by our dear government) swilling around in the ether, and that has to be eliminated somehow. Our manufacturing base is almost non-existent, thanks to our dear government making financial services the most important money-earning industry in the country. Instead of training people to work in a variety of professions (including the sciences), and encouraging apprentice schemes, our dear government propels all and sundry into getting a degree. Many of these degrees are in useless subjects, such as media studies, and educational standards have generally dropped to a massive degree (for various reasons). Consequently, this country is ill prepared for a time of huge economic constriction.

From what you say, though, you seem to be in a better position than many people – so don't worry yourself into the ground about the situation. Your husband sounds like a go-getting kind of person who would do everything in his power to make sure his family was OK – more than can be said of many partners these days. And stop watching the News! :eek:

StevieJ

nilrem wrote: »

Yeah right!

This is from the person who said

So I would not take too much notice from someone who does not even know the difference from saving and gambling on a horse yet is in touch apparently with the way the country is going! :eek::rotfl:

You are not taking him seriously are you?

StevieJ

pumpndump wrote: »

And this from the person who said:

"As far as I am concerned ones savings are safe even if one has over £35K in Icesave, people are getting paranoid about this issue IMHO based mainly on hearsay and rumour!
I have more than £35k with Icesave and I do not intend moving my cash from them unless a better offer comes along that makes it worth moving. "

It is not my fault you lost money in Icesave. It is 100% yours. And I am not responsible for your reckless behaviour.

As for reality, sucker. I kept all my money, and augmented it. You lost yours.

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

Your taxes are making sure that not one Icesave customer loses a penny.

nilrem_2

StevieJ wrote: »

You are not taking him seriously are you?

Lol, Not really.:rotfl:

moanymoany

Primrose has given you excellent advice.

1. You have your mortgage and there is nothing you can do about that.

2. Buy your child a second hand bike. There is plenty of time to get one and do it up.

3. Get over to Money Saving Old Style and get into frugal living.

4. Save every penny you can. This will have a twofold effect - you will see the amount growing nicely and you will be getting to grips with a frugal life.

The recession is going to be a serious one BUT as primrose says we have lived through them before.

It sounds to me that you are depressed and the anxiety about money is making you sick. Go to see your doctor, they will be able to give you the help you need. Look at the depression board on here.

YOU WILL GET THROUGH IT - how well depends on your mental state. I bet your OH is worried about you and finding the situation a difficult one to deal with.

dealing with your end of the finances will give you more of a feeling of control. You will find inspiration on Old Style. Start a thread saying how you feel and you will get a lot of practical support.

Good luck - living in fear is so much worse than being hard up.

[Deleted User]

I would add to moanymoany`s excellent post

Don`t watch the news. The media are scaremongering like nobody`s business. We will get through this and for companionship and excellent ideas, log onto the thread posted earlier on: the tougher thread on the os board

Oblivion

Consumer40 wrote: »

You have to remember that, like most of us, journalists have targets. They write stories that are designed to catch our attention and increase circulation/viewing figures. Often this results in exaggerated and misleading reports that are unduly worrying. When Northern Rock was nationalised, some newspapers claimed that it would cost every one of us thousands of pounds. Well that was only true if all the Northern Rock mortgage customers stopped paying their mortgages and then all their houses were repossessed and found to be valueless. Not very likely and so far my tax bill has not gone up by thousands.

The financial markets also tend to over-react. Internet technology offered some exciting opportunities but, during the dot-com boom, companies that were unlikely to ever make a profit were massively over-valued. During the more recent commodities boom some analysts could see no end to rising prices - at best prices might stabilise for short periods before resuming their upward spiral - now oil prices are tumbling.

The markets are crashing and the news is very bleak but chances are the downside is being over-stated just as the upside was.

Some people will lose their jobs. Some homes will be re-possessed but the government will not allow this to happen on a massive scale - it would be daft to have large numbers of new homeless families and large numbers of repossessed empty houses. If necessary schemes can be devised for the government to buy the reposessed houses at rock bottom prices and then rent them back to the original occupants.

Most commentators don't think the next few years will be as bad as the 1970s. Back then we faced endless strikes - most notably the coal miners strike that led to the 3-day week and routine power cuts (I still have a copy of the power cut rota - there was a rota to ensure that the suffering was spread equally and that we knew when the power would be off).

TV closed down early - I think the BBC and ITV alternated between 10:30 and 10:40 to ensure that everyone did not switch the kettle on at the same time and overload the power stations even more!

The oil crisis resulted in the issue of ration coupons for petrol (in the event they were not used) and a 50 mph speed limit on all roads. We were told to heat only one room and famously a government minister suggested we clean our teeth in the dark!

But grim as all this was, we did not starve and most of us were not made homeless, nor were we desperately unhappy. Instead of complaining about speed cameras and stealth taxes, we complained about the lights going out! The point I am making is that even if it is as bad as the 1970s, most of us, you included, will adapt and be OK.

Really appreciated that post, perhaps because it was a trip down Nostalgia Lane, so I make no apologies for quoting it in full.

I'm a great believer in the benefits of the cycles of fortune in life. Wars are not nice to live through, but each one has brought its own benefits for the next generation. And in the same vein, cyclical downturns in our economic situation can bring about change for the better.

I remember well the days of power cuts and food shortages. For the vast majority, they didn't mean the end of life ... quite the opposite. It brought the nation together in a common cause to make our world a better place again. Neighbour looking after neighbour ... sharing what we had, and truly appreciating what little money we had could buy for us.

I honestly believe we need a real downturn like this from time to time ... to make us appreciate what is truly important - life itself ... not the stupid trappings of a supposed better world where everyone wants what they can't possibly afford on credit ... that's just an unsustainable myth.

Don't be afraid of what the looming recession will bring ... embrace it and make the most of it. It may just change your lives for the better.

Dave.