Are you spending or saving money?

R

Rollin

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So at last the Governor of the Bank of England has admitted UK is in Deep Depression.

In order to save jobs what is needed is for people to spend money. Sadly fear may discourage you from doing this.

My husband and I are retired and had planned and provided for our retirement but with 0% interest rates looming ..do you think we will be big spenders?

Would a change of Government restore your confidence or do you think they are all the same?
 
I personally want our present goverment out!! i never voted them in anyway as i do not like them.

I am spending small portions of money, obviously house hold goods and horsey goods but i am not stopping from spending almost £100 on my ball of wool for my new cardi nor am i going to stop spending on my new veg patch, hen house or my 300 or so leylundii!

i am however holding off from buying my new car
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I kinda think just let everything stop for the week, nobody spend a thing, then when we are all very desperate, start spending jump start the econemi (SP) and lets get back to life as it was
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If only
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I spend on my vedgey patch too. Makes a change from mucking out.

Agreed we need to jump start the economy perhaps the bankers shouldl jump first? They have their bonuses to spend.
 
We aren't big spenders anyway, but are definitely trying to economise on day to day expenses. And on the horse's lifestyle! I don't think a change of government would make any difference as this is a global depression.
 
Well Americans think their new President might change things. Billions more being used to pup prime the economy and the world looks to America. I think it is 'when America shivers, the rest of the world catches a cold' might not be a correct quote.

'Feel good' makes people spend and customers make jobs. It IS tough when you are struggling to keep your much loved horse.

Sadly not much feel good anywhere in the world right now.
 
I would hope a change of goverment would help.. however not sure if cameron has the guts to sort things out.. seems wet to me, it needs strong and painfull medicine starting with goverment waste and red tape , unafordable unfunded public sector pensions , welfare costs etc , we will see, guess almost any thing will be beter than this lot of self serving 3rd raters, at least the torys have proper business people on board not a load of wanabe peers.. well hopefully
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Oh and in answer to the post.. paying what i can off asap like personal loans, and spending on things which will be an investment like the house and land not on fancy lorrys and cars like i have in the past
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Politicians have very little influence on the economy. Consumer and business confidence is very low and no amount of governments throwing our money around will fix that.

The current crap interest rates discourage me from saving, but I refuse to spend just because our unelected Prime Minister wants us to. Currently I am investing (I paid 98% of my mortgage off last summer so I am generating a lot of spare cash) in my mattress!
 
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Politicians have very little influence on the economy. Consumer and business confidence is very low and no amount of governments throwing our money around will fix that.

The current crap interest rates discourage me from saving, but I refuse to spend just because our unelected Prime Minister wants us to. Currently I am investing (I paid 98% of my mortgage off last summer so I am generating a lot of spare cash) in my mattress!

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Um sadly they do.... adding taxes and red tape takes the steam right out of the economyand the stupid thing this governent has done is borrowing more than we produce to waste on a ever growing non produtive public sector and non jobs for the boys, we have bleed ourselves almost dry on the EU experiment too... any idea how much ted heaths folly has cost us,
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and how little we have benifited from it???
and this credit crunch wouldent be anyway as bad if the banks had had proper regulation Oh and thanks in part to now president obarma who when a senitor called for more lending to the poor so they could get on the housing ladder... well done mate glad you have your own mess to clean up..pity it screwed us as well
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I am spending more as the intrest rates come down my morgage does so i have more money to spend. I work for nhs in mental health so my job is safe, though OH has is own buisness which is worrying. On econmany wise i dont think any goverment will change my spending.
 
I'm afraid the rich are getting richer and the poor poorer, and its going to get worse. The divide will be so great that thats when the next revolution will happen.......and bring it on I say
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I'm afraid the rich are getting richer and the poor poorer, and its going to get worse.

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How did you come up with that conclusion?
 
Well currently I spend very very very little money and what i do i spend on horses, however I am in my finaly few months at uni
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I think in principle people do need to carry on spending if they can and it would help people stopping losing jobs and therefore help the people that were spending in the long run.

I do believe that if we hadnt been told to stop spending in the first place we would not be in such as a mess
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Because everytime we fall on hard times, usually the people who have money can survive. Okay they may lose a bit in interest or profits but thats it, but the poor may lose their house, their job, their business and end up with bad credit because of bancruptcy or IVAs, then when the economy has an up turn the people with money buy up all the reposessed houses etc and the people who have bad credit can only rent. The rent will get higher and higher. It is a viscous circle that will keep repeating itself until the divide will be massive.

I have a glass ball dont you know I can see the future
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Because everytime we fall on hard times, usually the people who have money can survive. Okay they may lose a bit in interest or profits but thats it, but the poor may lose their house, their job, their business and end up with bad credit because of bancruptcy or IVAs, then when the economy has an up turn the people with money buy up all the reposessed houses etc and the people who have bad credit can only rent. The rent will get higher and higher. It is a viscous circle that will keep repeating itself until the divide will be massive.

I have a glass ball dont you know I can see the future
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You are mixing "rich and poor" up with "prudent and imprudent". Idiots (whether rich or poor) who lived beyond their means and lived on credit will go bankrupt, and deservedly so. Those who lived within their means and did not take out credit will still suffer, but will survive. I just hope that no idiot politician suggests that the prudent/solvent/sensible should have to bale out the imprudent/insolvent/stupid!

If people made bad decisions and make themselves homeless from their stupidity, they should live with the consequences.
 
Yes but if they lost their jobs through no fault of their own, then that would have the ripple affect I was talking about.
Not everyone who is poor is living beyond their means. Maybe poor is the wrong word I'm using, I dont know.

A lot of people are lucky to get a job let alone it pay enough for them to have savings for a rainy day or if they happen to lose their jobs. Theyre not stupid they are just trying to survive.
 
I dont disagree that are being affected, but the impact of that affect of their lives will still probably not be as bad than for someone who has little money to start off with.
 
I'm neither spending nor saving. My mortgage is fixed rate for another year and I don't earn enough to put anything aside for savings (or retirement for that matter, even though it is 30-odd years away).

I have taken on another job to pay for competing but my main wages run out approx 8 days after I get paid (direct debits for mortgage, loan, bills etc) and we have to live on fresh air for the remainng 3 weeks of the month
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We've turned the heating off and don't go shopping at all barring one supermarket shop on pay day (~£60)
 
We are pretty much the same as Gamebird. Luckily, (or unluckily now rates have come down so much),our mortgage is fixed until 2011. Both me and OH work full time, and I have a part time job to pay for the horses.
 
I have the T-shirt. I know how hard it can be to make ends meet. 25 years ago I used to work to pay the taxman and for childcare what I earned on Friday afternoon was mine!!

As always those who will suffer most are the helpless victims of others bad decision making.
 
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I am spending more as the intrest rates come down my morgage does so i have more money to spend.

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Yes, but your house is worth less so you are not really better off... Depends when you bought it, of course, but I was quite shocked to see a feature in the Mail on Saturday with a couple who had bought a house a couple of years ago (peak of property boom) and were now busily celebrating the drop in interest rates by spending on holidays etc. It didn't seem to have occurred to them that they must have negative equity and would be better off overpaying the mortgage.
 
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