Has the recent recession affected you either financially or personally?
The recent recession has put a damper on my wild spending. It used to be a hobby of mine to go shopping about every other week and proudly display what I purchased even though I really didn't need it. Now I think twice before spending any money and rarely buy anyting that is not on sale. Coupons used to annoy me, but now I actually use a few. Also, I started a square foot garden which has become my new hobby and it is quite satisfying eating fresh vegies almost daily. It also made me appreciate what I have more.
Yes, the recent recession has affected me profoundly. I run a small vending machine business. I sell snacks, pop and coffee via vending machines in Chicago, IL. a major metropolitan area.
My costs from my suppliers continue to rise with every invoice I receive. I need to raise prices, but you can only raise them to a certain extent. There is only so much that the market can bear.
When a customer buys a bag of chips or a candy bar, they don't always know what they are buying. They are not always buying the simple cost of the product. In addition, there is my cost of taxes which includes sales tax to the local, city, county, and state entities.
In addition, I pay unemployment insurence; FICA for both myself and my employee; accounting fees; repairs for machines; business
insurance; incorporation fees; internet and marketing; and supplies such as cups, straws etc.
With all these costs, I can no longer stay in business.
I managed to set up my business just before the recession started! Great timing!
However, in a strange old way, I think it has done me a favour as I'm working so hard to make things work that i really feel that we'll be in a strong position when the recession ends.
I know some of my competitors are going out of business and blaming the recession, but we are growing month on month despite it - fingers crossed that it continues!
Yes to both. I am making apx. $350 a week less than I was about seven months ago. Creditors have been on hold while we look for a less exspensive place to live which where we live is not easy. I am buying my meds weekly which can lead to missing a day- not the healthiest arrangment. Any assistance we apply for we miss qualifying by about $100. In other words we make too much for help, not enough to get back on our feet. My depression has been an issue because my new doctor discovered I have not been properly medicated (which explains alot). This has led to regular appointments (that I can not pay for), change of meds which cost more money, and limitations on my work schedual while we get it right. Not to mention a chunck of the credit that is weighing us down is due to the last year at my old job when the depression led to spending sprees that I still can not figure out why I would do because I understand full well that credit cards are not free money and cost alot more to pay back then if you squirrel away money and then go shopping. (If you do it that way you essentially get the same amount of stuff but for CONSIDERABLY less. See, I know how it works- but I fail when depression plays its games.)*Deep Breath*
Yah, the money issue is a big one in my life. While talking to a friend she said she probably would just jump off a bridge at this point but the bottom line is despite all this I am doing no worse than before the recession. I view it as survivable. Its life, you cope. When my depression, because of med issues, acts up the seriousness of the episode is no worse than before. It simply has a different issue to obsess over and try to win with. People have told my husband and I to file for bankruptcy but I refuse. Regardless of why or when the money was used- we spent it. It is our responsibilty and I have no intention of turning my back on that. The people from the creditors who call have actually been very patient with us. That does not mean that we will not end up in court if something does not come through for us soon. Yet, everyone is acknowledging that life is tough at this point. I look back on life before the recession and know full well that I have just exchanged one set of problems for a different set. One foot in front of the other. I could still live a healthy life now if it was not for the debt issue. The past can not be changed but I can find better solutions for the future. Can you tell I am properly medicated:)
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