Send to Printer Visit Yahoo! Canada Lifestyle
Print:
Back to Post

Family budget makeover: Finding ways to cut back

Posted Mon, May 11, 2009
POST A COMMENT »
A recent study conducted by the US-based Pew Research Center's Social and Demographic Trends Project indicates that families are making major lifestyle adjustments in order to get by in tough times.

Household items that parents and kids once considered necessities have shifted to the luxury goods lists.

"No longer do significant majorities of the public say a microwave oven, a television, or even home air conditioning is a necessity," report researchers Rich Morin and Paul Taylor on the Center's website. "Instead, nearly half or more now see each of these items as a luxury. Similarly, the proportion that considers a dishwasher or a clothes dryer to be essential has dropped sharply."

Chopping household spending has also become a top priority.

  • Six in ten adults report shopping in discount stores more frequently or reducing their reliance on name-brand products.
  • One in four say they've cut back on their cable or satellite TV service or pulled the plug entirely.
  • One in five say they're handling more home repair tasks themselves rather than contracting them out to others.
  • One in five say that they plan to grow their own vegetables to reduce their family's grocery bill.

Canadian families are experiencing job losses, wage cuts, and other fallout from the recession. Even those who haven't been directly impacted by the fallout are being extra cautious with their dollars. What is your family doing to get through these tough economic times? Are your summer vacation plans likely to be affected by what's going on with the economy these days? Are you still finding ways to take care of yourself and each other, despite having fewer dollars to spend?

Leave a comment

2 Comments

  • 1. Posted by Cinnamon on Sat, May 23, 2009

    Indeed it is tough economic times! I carefully plan and budget my meals. We only eat out once a month. I do not skimp on milk, fruit and vegetables as it is costlier in the long run if you do. Our grocery stores are all close so I browse the flyers and shop the sales- as they say- cycle the sales as they will come up again later. I know it is possible to do this and work also, as I work 7:30-5:30 many days. Planning ahead is the key to saving money always! Don't be caught at the last minute to have to make a purchase. We also have amazing second hand shops and yard/garage sales so buy then. I needed a love seat for the living room and decided to wait until spring before purchasing from the furniture store. Two weeks ago I found a brand new futon/love seat at a garage sale for $40- it doubles as sleeping accommodations in a pinch. I joined Canadian sites where I can hear first promotions and deals in my area, copy coupons from save. ca. We browse kijiji. My home is tastefully decorated and people compliment me on my clothing "style". Determine to live within your means before it is too late because of the credit card debt you have incurred. It does catch up eventually.

    Report Abuse

  • 2. Posted by allie on Mon, May 25, 2009

    hmm, we havent done much cut backs at all, unless you consider eating steak twice a week instead of 3 or 4 times a week an actual cut back. we have not cut back on cable, we actually just upgraded our service package. we are moving into a bigger house to accomodate the mastiffs we just bought, and I recently got a new car. yeah we see the effects of the economy but without any debt and both of us having solid jobs we dont really feel it ourselves.

    Report Abuse

LEAVE YOUR COMMENT
character(s) remaining

You must sign in to leave a comment