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I was reading an article in Money that was basically saying that now, people like "us" who have been working to pay off debt, curb spending, save for emergencies etc... are kind of trendy. I got a laugh from that. The article said to enjoy it because soon enough there would be a backlash and people would be spending again and we would be "weird" again.
I am actually glad I started getting my finances in order when I did. I mean, the account I opened to start saving was getting over... yes... over 5% interest... that was less than 2 years ago!!
Just curious what everyone thinks... do you think most people will now stay on this road or start spending again once things get a little better?
When we're out of debt I'm sure we'll start spending more but not living beyond our means. Does that make sense?
I mean all of us weird Dave Ramsey folks, or just in general - all the excess money is going towards debt rather then spending in other areas. When the debt is paid off and emergency funds established then I'd assume you'd spend more - but not in credit cards or other debts but in cash. So I kind of see the logic. If everyone is buckling down and paying off debt I'm sure eventually people will start to spend again - but hopefully wisely and not in a live beyond your means kind of way that got us into this mess in the first place!
Proud Mommy To My Princess (5)
Watching over us -- August 2005, March 2010, October 2010, July 2011
I think some people will go back to putting on CC but I think we have got some people that are going to stay on our side so when the economy does swoop down again they won't be in so much pain. We just need to think positive about this economy and hope it goes up from here.
I lucked out and got myself out of debt (minus the house) before the economy went to crap. And I haven't looked back We do spend more now-but we do only spend what we have (and thats after our "us" bills-like retirement/etc). But I'm glad to see that people are starting to stop the debt cycle more now---I HOPE it continues.
I think that a lot of people are doing it cause they're scared of the economy, not really cause they're planning for their futures. I think those people will regress soon and be back in their origional position.
"Disability is not a brave struggle or ‘courage in the face of adversity.’ Disability is an art. It’s an ingenious way to live."
I agree with the PP, people are doing this because they're scared. Once everything is "alright" again they'll go right back to their bad spending habits. Heck, I have several friends who are still in denial and keep spend, spend, spending! One is even going to Europe for a few weeks (and I KNOW she can't afford it).
I'm glad DH and I got out of debt a few years back and can just focus on saving for our future and what-not now. It's such a great feeling!
DH and I are definintely the odd balls in our circle of friends. Most of our friends don't care about saving for retirement or their childrens future. We took our tax refund plus DH's overtime money and put it in our Roth IRA's. Other guys DH works with were going to buy motorcycles and boats and go on trips. We're dorks! But we have our kids colleges well under way to being paid for and we max out our retirement savings according to tax limits etc. We're pouring as much money into the market as we can right now because everything is "on sale" - it will turn around and go back up and when it does we'll make a killing!
Most young people will continue to not think about the future - they may curb current spending but they are not future looking....unfortunately.
"Children too are a gift from the LORD, the fruit of the womb, a reward."