How close to the brink are you? poll discussion

Natalie6999

I have voted as a 5, with the interest rate cut we are a bit better off, & if the government cuts taxes as they are rumoured to be doing we will be even better off.

When the Civil Service finally gets it's finger out I am due a pay rise backdated to June 2008, I'm not holding my breath.

When you are on a low income like we are, including benefits, I don't think that the "financial crisis" is as much of a problem as for anyone on a much higher income as we are used to budgeting & economising anyway.

By following Martin's hints & tips I have reduced our weekly food bill by £24 per week & halved our house insurance.

All I want now is to get my bank charges back, when the appeal court delivers its verdict.

Paulgonnabedebtfree

I went for a 6 though I'm probably 5 - 6 rather than 6 - 7. That could change though.

nillhouse

Its quite easy for my family to answer at No 1, we don't own anything, so havn't got anything to lose from this, unless the housing association has money in Iceland....

ceridwen

nillhouse wrote: »

Its quite easy for my family to answer at No 1, we don't own anything, so havn't got anything to lose from this, unless the housing association has money in Iceland....

Errrmmm....unfortunately....unless one has a silver spoon in the mouth....or you're literally "out on the streets" anyway there is ALWAYS something to lose. Even in that sort of position - one can lose a job and end up on benefit. Even on benefit - benefit rates might get cut. I know....I know....it literally isnt physically possible to cut benefit rates as much as one single penny more than they already have been....as they arent enough to survive on now. That wouldnt necessarily stop the Government cutting them.

The time the Government gets seriously bothered about the plight of "yer ordinary person in the street" will be when a critical mass of people with the standard set of "middle class expectations" of life find they cant fulfil those expectations. We must be heading in that direction now I would have thought - as I would imagine quite a few people who expected to own their own home by now are still living in rented accommodation and/or their parents' homes. Another time when things are at risk of becoming distinctly "unstable" in our modern Western societies is when a critical mass of people with the standard "I will retire at retirement age" expectations reach that age at once - and find they cant afford to retire due to no fault of their own...

One can only push people so far....I recall when I had several job losses in a row (with resultant unemployment) - back at a time before I had been able to buy my own home. I went further and further "left" with each job loss - and turned round and said "When is this going to stop? One more job loss and even someone like me (ie described previously as a "natural conservative") might end up going so far left that we turn communist" - as I had nothing to lose.

Maybe someone somewheres was listening......as I then got a job again....and my house and my pension....so I DO have something to lose now and a certain "vested interest" in things not changing too much...;) :cool:

soco1

I voted No.1.
I have a secure job, never been in debt, (although I will have £18K student loan by next July I don't think of this as unmanagable) I use 1 credit card (Asda for cheaper fuel) and the balance is cleared every month - wouldn't need it for anything except the fuel if places still took cheques so now everything goes on it!
I have never bought or borrowed beyond my means and I have never relied on anyone elses money to live my life.
I have never been overdrawn and I have only paid interest on the credit card once - many years ago I made a large purchase knowing it would take 2 months to pay off.
When I had personal loans in the past they never went full term.
As a consequence I shall be mortgage free in 10 months with just a student loan to clear which I intend to do within 2yrs. I'll clear it by paying what I was paying on the mortgage (£750/mth) as it is racking up over £50/mth in interest.
I enjoy long haul holidays and I also buy brand new cars outright every 3 yrs - I know there's a lot of depreciation but I like getting exactly the spec I want and I like treating myself to this one indulgence. Can't take the money with me when I die so may as well enjoy it now!

I've always had these rules:
Control your money and life, don't let money control you.
Never borrow beyond your means and never buy something if you don't already have the money gathering interest to pay for it. The exception to this is if interest free credit is offered - although the money is already in the savings account so it means it gathers even more interest!

AND NEVER BORROW MONEY TO PAY FOR XMAS - make do with what you have, love is far more important than the latest game/gadget/designer clothes etc.
IF YOU DON'T HAVE THE MONEY THEN DON'T COMMIT TO BUY ANYTHING - WALK AWAY.

Why do we constantly see families on TV that are supposedly destitute but they have the biggest plasma TV going and they all smoke and drink! Get the priorities right and no-one should need to vote No.9.

People these days seem to want everything now rather than work and save for it. (and no I'm not an OAP, I'm 40). Too much greed in society for my liking.

kkgree1

I voted 3 as we can tighten our belts if need be.
We are not currently affected by the recession (apart from savings rates going down!) but things could change in the future. My husband works in recruitment for the construction industry so if he lost his job things would be tight. Luckily I bought my house before the boom in 99 and we could manage on my income (just!). I work in education which I believe is as safe as it can be at the moment.
I'm 30 and I do feel for friends who have bought in the last couple of years and are now heading towards negative equity. We were looking to move ourselves 18 months ago and I'm so glad we didn't.


K

coffeehead

We are at no 5 and have been for several months. As a family of DD X 3 and OH I can't say it is easy at the moment. It's been a constant spiral of debt from bank o/d charges which push us over the edge and then we take money from c/cards to float account again. Yes I know this is an absolute no no but otherwise we would have been done.
Currently 22K credit cards, 40k loan 130K mortgage and about 1k light every month. Husbands job is safe but take home pay has dropped about 4-5k this year because so quiet, which in turn has had a massive impact on family funds.
As previous posts have said, we've made cutbacks on food by using Aldi and Lidl, kids don't seem to mind. No haircuts for me. No new clothes etc for me since early this year. Making DD shoes last longer and buying cheaper brands. Walking instead of car. Cutting DD swimming, using less heating. Cutting all excess insurance. Swapping c/cards. Using vouchers & ideas from MSE.
Thanks to loads of cuts, me starting work p/t eves in 1 week time and this website, we will make it, we have to.

Natalie6999

coffeehead wrote: »

We are at no 5 and have been for several months. As a family of DD X 3 and OH I can't say it is easy at the moment. It's been a constant spiral of debt from bank o/d charges which push us over the edge and then we take money from c/cards to float account again. Yes I know this is an absolute no no but otherwise we would have been done.
Currently 22K credit cards, 40k loan 130K mortgage and about 1k light every month. Husbands job is safe but take home pay has dropped about 4-5k this year because so quiet, which in turn has had a massive impact on family funds.
As previous posts have said, we've made cutbacks on food by using Aldi and Lidl, kids don't seem to mind. No haircuts for me. No new clothes etc for me since early this year. Making DD shoes last longer and buying cheaper brands. Walking instead of car. Cutting DD swimming, using less heating. Cutting all excess insurance. Swapping c/cards. Using vouchers & ideas from MSE.
Thanks to loads of cuts, me starting work p/t eves in 1 week time and this website, we will make it, we have to.

Yes I'm getting good at colouring my own hair & can now do my own nail extensions ( I went on a course a couple of years ago) where I used to have them done every three weeks at a cost of £25. I have a card for my local hairdresser's suppliers & buy all my shampoo, conditioner, hair colour & nail products at a discount.

These may be hard times but if you feel that you don't look too bad it often stops you going on mad spending sprees.

I can spin a hair cut out tom at least 4 months by trimming my fringe & any straggly ends myself, also if I do go to get my hair cut I just have a dry trim which often saves two thirds on the cost of a cut & blow dry.

I bought a set of clippers & now cut both my husband's & son's hair myself, yet again saving money.