Shine Money Poll: Are you spending and saving less?

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Women are not spending or saving as much in this tough economy, but most say they are not taking on additional debt to deal with rising prices, which are gobbling up what so unrealistically and charmingly called disposable income.

That's good news, especially since consumer prices shot up in June faster than they have in a month since September 2005, when energy prices rose in Katrina's wake. Energy prices jumped 6.6 percent -- that's 6.6 percent -- in June, thanks to what seemed like daily hikes in gas prices at the pump and a continued rise in home heating and oil prices.

A survey by Country Financial found that 3 in 4 women think their financial security will not improve this year, though they are doing their best to adapt to rising expenses:

69 percent have cut back spending and 65 percent have put less money in their savings or retirement accounts to handle steeper costs
Nearly half (45 percent) have tapped into savings and 29 percent are relying more on credit cards
Only half say they follow a budget, and of those who do, more are cutting back on spending (70 percent)

By now, we all know the drill. When expenses rise, we need to look for places to cut. Extras go first -- eating out, movies and other entertainment. But you also need to take a look at current expenses that could be cut -- energy use at home, phone service, cable or satellite service. But is it enough?

For today's Shine Money Poll, tell us how you're handling the economy's squeeze play:

Are you spending less?
Are you tapping into savings?
Are you taking on more debt?

From the Community…

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Posted by Joi Wed Jul 16, 2008 12:07pm PDT

I budgeted before the economy began to go downhill, but now, I don't spend as much as I used to. And forget about eating out now:(

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Posted by nheatpromos Thu Jul 17, 2008 4:28am PDT

Since I started my 401k with my current company I have borrowed a total of three times. i started it several years ago, but because of the way the economy has went, have felt it necessary within the past few years to borrow against it.

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Posted by Sweet T Thu Jul 17, 2008 7:22am PDT

I am going through a breakup, and I put myself in "retail therapy" for a couple of months, but now I'm tightening the belt and ready to kiss my spending goodbye! I'm still saving the same amount, though. And I'm with Joi...forget dining out! It's a fast way to empty the old wallet, and not worth it to me! I'd rather spend the money doing an activity or shopping than eating at a restaurant.

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Posted by catikner Thu Jul 17, 2008 8:45am PDT

IT'S BEEN HARD. I'VE CUT BACK ON MY SPEDNING AS WELL. I USE TO SHOP AROUND EVERYDAY DURING MY LUNCH BREAK BUT NOW, I ONLY SHOP IF WE NEED SOMETHING AT HOME. I'M SURE EVERYTHING WILL GET BACK TO NORMAL SOON.
EVERYONE KEEP YOUR HEADS UP, CHANGE IS COMING.

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Posted by mama nance Thu Jul 17, 2008 9:32am PDT

I have stopped going to Starbuck's. I now get coffee at the truck near my office for one dollar. I cut back on my cell-phone plan and my cable as well. I buy only items that I need and are on sale. The only expense I can't eliminate is babysitting. I couldn't go to work without care for my son.

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Posted by thundernreign29 Thu Jul 17, 2008 9:44am PDT

I spend only when their is an awesome sale going on. Try to eat out a lot less and keep putting money in my savings account. I also, have a budget that I look at daily. I keep cash for groceries, gas and fun money and when those envelopes are empty-that's it, no more until payday. My kids get frustrated sometimes about not getting to do certain things that require driving the car far places, but I think they are learning to adapt to "play" nearer home. With school about to start, I have 3 kids to buy supplies for and this year they get one new outfit each and a pair of shoes. BUDGET, BUDGET, BUDGET...that's all I can say. Oh and I took another bloggers idea on gas: I put no more than $30 a week in my car, which is what I was putting in it to fill it up at $3.50 per gallon. This has helped me be more conscieneous of how much I drive, combine my trips and knowing when to say "no" to additional driving. I've been doing this for 3 weeks now and I can really make $30 last a full week (7 days). Challenge yourself to do something similar and see where you can save additional money!

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Posted by thundernreign29 Thu Jul 17, 2008 9:46am PDT

Mama Nance..I feel you on the childcare! My youngest starts Kindergarten in the fall and I will save $400 per month once he starts...there is a light at the end of that tunnel!

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Posted by zaned76 Thu Jul 17, 2008 5:17pm PDT

Sold the car and got a scooter,
found a church and friends closer me, so now i not only have more money but also more time. oh, and i started gardening. Lately ive paid moreattention to sales and discounted stores, though that could be a double edge swoard cuz its tempting to buy stuff just in case because its so cheap.

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Posted by allpropertyneeds Thu Jul 17, 2008 6:44pm PDT

Among the most challenging difficulties most people face is overcoming the "entitlement" mentality, which is, stated bluntly, socialism or someone ELSE taking care of them.
During Soviet times, people learned to become more proactive, actively looking at what they THEMSELVES could do as a sense of sheer survival. Walking worked wonders. Learning both what to save and how to save could mean the difference between starvation and the next meal. In Russia, they had one word that worked great, nyet. In the United States, however, we failed to interpret what "Yes, but not yet" was supposed to mean.
What is the difference? "N'yet" can serve as an abbreviation for "not yet", also known as "Delayed gratification." The United States has probably the very greatest time-tested, time-proven system that works second to none, opportunity. What we so often teach, however, is "Go to school, get an education, then get a good job."
When does the cost difference between NOT "supersizing" a fastfood meal simply ONCE PER MONTH for 7-to-8 months equal $250+? When one knows how interest works and knows how to apply it. It's called "delayed gratification", which translates "N'yet" rather than "NO!"

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