Topic: 76% of Adults are Making Lifestyle Changes to Prepare for a Potential Recession - page 3. (Read 618 times)
October 21, 2022, 11:52:21 AM
I am surprised, to be honest, that the vast majority is trying to prepare. I thought the majority wouldn't do much because of being unable to do that. I must say, the choises the Americans make aren't fully understandable to me, though. A home or a car is usually a kind of thing people buy because they feel the need for it, not as a whim. And if a person now has the money for such a purchase, why not make it before the prices skyrocket and inflation makes the money less valuable? As for debts, I think it depends on whether it's adjusted to inflation or not. I remember hearing that some deals in the US are actually fixed and aren't adjusted to inflation, so starting a mortgage before the inflation hits can actually be a way to win.
October 21, 2022, 09:59:38 AM
That is actually a good thing because prevention is better than cure. It's better to prevent the mishappenings due to recession rather than feeling guilty later.
Whether a recession happens or not, the steps taken now to prevent it will only benefit us in the next few months.
I would say it's better to have at least a year's expenses worth savings aside just in case things go haywire.
Whether a recession happens or not, the steps taken now to prevent it will only benefit us in the next few months.
I would say it's better to have at least a year's expenses worth savings aside just in case things go haywire.
October 21, 2022, 01:52:53 AM
They always say that you get used to good things very quickly, and it is almost impossible to break the habit. But it sounds beautiful for wealthy people. In 2008, when the crisis was raging, my brother living in America wrote that he felt that instead of 5 sneakers for his son, he was forced to buy 3 or 4.
Today, times have become tougher, but people who had the previous experience have already been able to change. Yes, products are becoming more expensive; gasoline, gas, and so on; but we must come to terms with the fact that it will be for a long time, and as it was before, it will no longer be. Therefore, everything that is characteristic of a person, namely, adapting to forced conditions, should not cause panic, but, on the contrary, be a source of motivation for further development.
Today, times have become tougher, but people who had the previous experience have already been able to change. Yes, products are becoming more expensive; gasoline, gas, and so on; but we must come to terms with the fact that it will be for a long time, and as it was before, it will no longer be. Therefore, everything that is characteristic of a person, namely, adapting to forced conditions, should not cause panic, but, on the contrary, be a source of motivation for further development.
October 20, 2022, 06:21:01 PM
If government were able to recover the unaccounted money out of the politicians accounts, then this recession could be easily handled. What we see is a cyclic process. If there is no such recession people forget about the real value of money.
At some part of the world the recession have made a big impact. Being prepared will let us overcome the unexpected with ease. According to me, even if we're prepared we're gonna experience hard days as it is predicted to last longer time period.
At some part of the world the recession have made a big impact. Being prepared will let us overcome the unexpected with ease. According to me, even if we're prepared we're gonna experience hard days as it is predicted to last longer time period.
October 20, 2022, 05:03:59 PM
Please share your personal experiences on how people in your country are preparing for or dealing with a recession.
Well, in my country i'd say we're already in a recession, it is pretty bad and quite a lot of things have become unaffordable, especially for the common individual, i don't think citizens in my country had any special preparation for this, and now that we are in a dire situation, people are basically just seeking diverse other ways to make an additional income for themselves, but there is another problem, and that's unemployment, which is quite high over here, thus over the past few years in my country i've noticed an increase in the desire of individuals to get themselves acquainted with one skill or the other, and to learn more about the digital market and how they can channel it to be productive for them.Having said that, personally nothing changed for me, i've always lived a frugal life, i hardly buy more than what is necessary, and i take saving and long term investment quite seriously, thus i don't really have that much cutting down on things to do, i'll just keeping doing things as i've always done and hope my investments are ripe in year's to come.
October 20, 2022, 04:58:37 PM
It’s good to know that many already preparing for this and taking this seriously because in my country, they are still not planning and their spending habits are still the same. Personally, I’m already working with my emergency funds, I also delay some of major purchases and major renovation because I know, my country would be on the of the country to be more affected by the recession and increasing inflation rate. Paying loans right now is ideal, the interest continue to increase, you might also be affected by this if you delay paying it.
October 20, 2022, 04:43:43 PM
According to a new survey, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Below is the summary of the findings:
In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.
Do you mean more people will invest in crypto because it won't be influenced by the recession?- 24% are allocating more income to savings
In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.
If more people prefer to focus on savings, they will decrease the allocation for investment. People know that investment doesn't guarantee profits, especially crypto investment. It will risk their money if they put more of their money in crypto. Except they put their money in stable coins. But I doubt if they won't spend more in crypto during the recession.
October 20, 2022, 04:34:28 PM
Well we had pretty much 3 recessions since 2000. So people learnt that they obviously aren’t fun.
Many occupations get affected, maybe doctors is one that isn’t affected but many jobs are not recession proof.
So people are holding back and preparing which is smart. Very crazy how back in 2000 and 2008, everybody was caught by surprise but now everybody is preparing for the recession. The way it’s looking it seems there might not even be a recession.
People have no choice actually but to face the truth that the world is set to experience another economic recession in the years to come and that people should always be ready for it, otherwise we will all suffer from poverty and starvation. And for me, that would be better to change our lifestyle from a luxurious one to a simple and plain one. After all, we don’t need everything in the world, we just need to be happy and satisfied in everything we have. Many occupations get affected, maybe doctors is one that isn’t affected but many jobs are not recession proof.
So people are holding back and preparing which is smart. Very crazy how back in 2000 and 2008, everybody was caught by surprise but now everybody is preparing for the recession. The way it’s looking it seems there might not even be a recession.
October 20, 2022, 04:24:31 PM
I have made a good amount of change in my lifestyle because of inflation already, don't know if I can handle recession following this as well. It is a bad period to be in, and I feel like it’s not going to really end well for me neither. It’s going to be obviously a hard period for all humanity, but it’s not just economically bad neither, it’s going to be psychologically bad too.
I am going to end up with both living a smaller lifestyle because of this period, but it’s going to be psychologically hard to just live poorer and poorer to make sure that I am not in big debt. How smaller can we get? I earn a decent amount and yet still not live a comfortable life.
I am going to end up with both living a smaller lifestyle because of this period, but it’s going to be psychologically hard to just live poorer and poorer to make sure that I am not in big debt. How smaller can we get? I earn a decent amount and yet still not live a comfortable life.
October 20, 2022, 03:50:01 PM
- Dual-income families should save at least 3 months’ worth
- Single earners should put aside 6 months or more
- Entrepreneurs should set aside 1 year of expenses
Me? I'm not doing much of anything to prepare for a recession, but that's only because I've got so little money to work with. But for argument's sake, if I did I'd be stocking up on non-perishable foods and other household consumables (like shampoo, soap, and the like) to hedge against inflation. And I'd do that right now, because inflation is already getting bad. Christ, a little thing of cream cheese is over $5, and that's outrageous!
October 20, 2022, 01:27:27 PM
I won't say that today is too late to change our lifestyle and start saving, but all those who didn't realize that they needed to take some of the steps from OP at least one or even two years ago are facing a very difficult challenge. Given the inflation that has realistically increased the price of many basic products by at least 20% (and much more), how will someone manage to save anything when there is not enough even for basic living expenses?
Immediately after the Covid-19 pandemic, it was glaring that this would never be the same again. My income was no longer enough to take care of the family. I discussed it with my family and we agreed that we needed o make some costly adjustments. We had to move from our house which was located in an expensive area to a cheaper one. When we compared my wife's salary as a teacher and the amount we spend on children's school fees, we discovered our children can get quality homeschool education if my wife resigns from her job and we would save more money. We had to get the necessary permission from the government and today we are homeschooling them.
The family has also substituted expensive imported products with cheaper local food. We are also planting vegetables on our land and raising some local birds, just to cut expenses.
October 20, 2022, 12:40:15 PM
In my country people suffered from high inflation lately. Therefore they changed their behaviour more than usual. Normally one family could afford kilos of vegetables and fruits weekly but nowadays it's really hard to afford it for most of them. Some of them wait to closing time of bazaar and they collect from bazaar area. These are most likely considered bad product from the seller and they left it as trash. In my country people already ready for the recession even they made a lot exercise 
October 20, 2022, 12:23:32 PM
Big white elephant.
It's caused by the bumble fucks who elected the buffoons into office.
If we had a real president none of this would of happen. It's a situation created to hurt people on purpose. Just follow the facts.
It's caused by the bumble fucks who elected the buffoons into office.
If we had a real president none of this would of happen. It's a situation created to hurt people on purpose. Just follow the facts.
October 20, 2022, 12:05:11 PM
Of course, we had already been warned, and if you followed the economy a little, you could see that at some point in the near future we were going to have another crisis, regardless of the war that is happening, because the solutions to the 2007 and 2020 crises were a flight forward by the central banks by flooding the markets with liquidity.
This is also what Germany did after World War I. They were hit by sanctions so they printed money and created big inflation and recession, which is why Hitler was able to give people purpose and create jobs, even when the purpose of these jobs were to make war machines and munitions.
Lots of similarities between that time and now with what Putin is doing. Reduction of country's population and giving people an enemy to fight usually works against recession.
October 20, 2022, 08:11:43 AM
According to a new survey, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Below is the summary of the findings:
If ever a recession hits, there is likely to be a downsizing-i.e., a lot of workers are most likely to lose their jobs. Experts have suggested that emergency savings would act as a financial cushion. Here are their recommendations below:
In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.
Please share your personal experiences on how people in your country are preparing for or dealing with a recession.
- 34% of Americans are delaying major purchases like a home or a car
- 29% are paying down debts
- 28% are planning to reduce holiday spending
- 24% are allocating more income to savings
- 24% are staying in a job they do not enjoy
If ever a recession hits, there is likely to be a downsizing-i.e., a lot of workers are most likely to lose their jobs. Experts have suggested that emergency savings would act as a financial cushion. Here are their recommendations below:
- Dual-income families should save at least 3 months’ worth
- Single earners should put aside 6 months or more
- Entrepreneurs should set aside 1 year of expenses
In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.
Please share your personal experiences on how people in your country are preparing for or dealing with a recession.
To get better at anything then learn from the mistakes it can be from your own in the past or from others with their history but slightly on the worrying sign since how it is going to be effective when majority of the people are prepared for it cause I feel it won't be felt even if there is a recession when people are prepared for it.
From the recommendation I agree that we should have 3 months or 6 months funds for emergency purpose but it shouldn't be in the form of fiat, keep it gold or something because fiat lose its value all the time.
October 20, 2022, 07:58:16 AM
I doubt majority of my countrymen even know what a recession is. They probably don't know what that means and whether that's coming or not. So preparation is definitely not done. Normal people don't really make economic forecasts. But the irony is that they are at the receiving end of all this. So they are definitely feeling it. They probably don't know what this is but they know very well that the prices are rising and the worse might yet to come. But they're seldom preparing.
As a matter of fact, saving is seldom done by many people in my country. Most are basically daily wage earners who cannot survive 3-6 months on savings alone. They're living on a one scratch, one peck basis.
As a matter of fact, saving is seldom done by many people in my country. Most are basically daily wage earners who cannot survive 3-6 months on savings alone. They're living on a one scratch, one peck basis.
October 20, 2022, 07:13:37 AM
preparations for the Recession should be done from now on. I myself continue to set aside money for savings and part of it is included in my investment in Bitcoin. in fact I continue to save these few months. because I see this economic crisis will not end quickly. and the peak could be in 2023. So this year is a time to prepare for a prolonged economic crisis. but maybe for some people it will be difficult to save today. because inflation makes people have to spend more money. because the prices of daily necessities continue to increase significantly.
so the steps that can be taken from now on are just trying to save as much as possible. and cut expenses that are not really needed. and the people around me have also started to make preparations like I did.
so the steps that can be taken from now on are just trying to save as much as possible. and cut expenses that are not really needed. and the people around me have also started to make preparations like I did.
October 20, 2022, 07:12:18 AM
In facing a recession, of course, we must be wise and mature in responding to how to survive in the midst of an economy that is completely shaky. Whether it's reducing unnecessary purchases or adjusting the investment portion not to exceed 20% cash funds. Indeed, many experts have been doing this for a long time and those who are rich should be aware that there is a recession or not the fact that they have to fulfill their basic needs to survive. I think that anticipation is important and indeed needs to be considered from now on. A recession will trigger an increase in the price of goods and services to become more expensive.
October 20, 2022, 07:10:30 AM
Yes, rising inflation and fuel prices are triggering lifestyle changes in my country too...
~ People are buying less fast food and eating out less than usual, because they simply cannot afford it any more.
~ The market for second hand vehicles are exploding and new car sales are going down.
~ People are buying less brand name goods, because the cheaper alternative is more affordable.
~ A lot of people are scaling down and buying a smaller house, because it reduce their taxes and their Bond payments.
So, yes.... I can see the impact in my country and also in the statistics reported in the media. (Tourism has gone down dramatically)
~ People are buying less fast food and eating out less than usual, because they simply cannot afford it any more.
~ The market for second hand vehicles are exploding and new car sales are going down.
~ People are buying less brand name goods, because the cheaper alternative is more affordable.
~ A lot of people are scaling down and buying a smaller house, because it reduce their taxes and their Bond payments.
So, yes.... I can see the impact in my country and also in the statistics reported in the media. (Tourism has gone down dramatically)
October 20, 2022, 07:04:51 AM
Delaying large purchases (presumably bought on credit) makes sense when the interest rates have tripled in the past few months. People aren't likely aren't new to seeing quotes imo and it'll have put people off getting those assets (especially since cars lose their value quickly).
I've always seen the 3-6 months of emergency funds being a recommendation in the past although it's a bit late to say it now if people can't save up that money quickly (the 3 months is possibly achievable before a recession hits - though with rising inflation that's probably unlikely). Its probably best for entrepreneurs to take on other employment too if they can't afford their business expenses from their income and have some time to take on something else.
Also depending on the figures being used, the US might already be in a recession.
I've always seen the 3-6 months of emergency funds being a recommendation in the past although it's a bit late to say it now if people can't save up that money quickly (the 3 months is possibly achievable before a recession hits - though with rising inflation that's probably unlikely). Its probably best for entrepreneurs to take on other employment too if they can't afford their business expenses from their income and have some time to take on something else.
Also depending on the figures being used, the US might already be in a recession.
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